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FreshTracks Capital Launches New Growth Fund
FreshTracks Capital has launched a new venture fund to help grow Vermont business. The FreshTracks Growth Fund will target investment in approximately 10 growing companies over the next few years.
While the first four of FreshTracks' funds were focused on local start-ups, this new fund is geared towards larger investments in growth-stage businesses that already have some traction in the marketplace and can benefit from additional capital investment to accelerate further growth. The FreshTracks Growth Fund has already invested in five area companies, DealerPolicy, Zero Gravity, Mamava, Caledonia Spirits, and Faraday and is looking for growth-stage companies in the area that could benefit from new investment.
Cairn Cross, co-founder of FreshTracks, commented, "Over the past couple of decades, we have worked with countless partners in the community to create a fertile environment for new business start-ups. The Vermont entrepreneurship ecosystem is thriving. What has been more difficult for area businesses has been to get to the next stage of growth, where they can scale up to become really impactful. We have seen many entrepreneurs go from start-up to a few million dollars in revenue, but it has always been a struggle for them to find enough investment capital to get to the $10-20 million level or more, where it takes significant investments in sales, marketing, technology and talent."
T.J. Whalen, FreshTracks Managing Director who joined the firm after a successful career as the Chief Strategy Officer with Green Mountain Coffee Roasters and Keurig, noted, "In addition to the financial capital we invest, we also like to work closely with company boards and management teams on company strategy and execution. We help them chart the right course for growth, build their competitive advantages, hire and grow their talent base, and create compelling sales and marketing programs that can fuel growth and win in the marketplace. It has been really rewarding to see so many of the companies we have already invested in and worked with become more successful. We're excited to have the Growth Fund available to help companies get to the next level with larger scale operations."
Lee Bouyea, FreshTracks Managing Director, added, "Similar to our prior funds, each of which has been $10-15 million in committed capital, the investors in the new Growth Fund are mostly Vermont entrepreneurs and business executives who have achieved a significant degree of success and want to help facilitate growth of the next generation of Vermont's business community. We have been fortunate to welcome participation in our funds from Vermont banks, insurance companies, foundations and community development organizations who align with our mission. We encourage anyone who has a growing business that could benefit from our investment and involvement to reach out to us."