Cleveland Avenue

Cleveland Avenue is a venture capital firm based in Chicago, founded in 2015. The firm makes investments across seed, early, later, and growth stages, with a focus on food and beverage companies, lifestyle consumer brands, AgTech, and technology businesses. It provides capital and strategic support to startups seeking to scale product offerings, expand into new markets, and build operational capabilities. As an investment adviser, Cleveland Avenue combines financial backing with hands-on guidance to help portfolio companies achieve long-term growth.

Matthew Wellington Burns

Senior Associate, Investments

Harry Coaxum

Managing Partner

Walker Cullinan

Investment Analyst

Ellen Federbush

Project Manager, Office of the CEO

Keith Kravcik

Chief Investment Officer

Mingu Lee Ph.D

Managing Partner, Technology Investments

Randall Lewis

Managing Partner, Agri-Tech Investments

Jason Mercer

Principal

Fabian Gosselin

Investor

Veronica Pierce

Director of Strategic Partnerships

Don Thompson

Partner

Ryan Tlusty

CFO

Robert Wietecki

Senior Associate, Investments

Taylor Williams

Senior Associate

Past deals in FMCG

Hero Bread

Series B in 2024
Hero Bread is a San Francisco-based company specializing in the production of nutritious baked goods. It offers a range of products including bread, muffins, and tortillas, all formulated with nutrient-rich ingredients, zero net carbohydrates, low calories, and no added sugar, allowing consumers to enjoy guilt-free meals.

Better Foods

Seed Round in 2023
Better Foods is a company focused on promoting alternative food products, specializing in plant-based options. It offers a range of products including plant-based meats and dairy alternatives such as milk, cheese, and sauces. The company aims to provide consumers with authentic flavors and textures of traditional meat products, while addressing concerns related to food additives. By emphasizing quality and taste, Better Foods seeks to cater to the growing demand for healthier and more sustainable dietary choices.

Iya Foods

Seed Round in 2023
Iya Foods is an African-inspired food business dedicated to providing authentic and nutritious culinary products. The company offers a diverse range of items, including spices, seasonings, savory simmer sauces, gluten-free flours, and dried hibiscus flowers and petals. Committed to delivering exceptional flavor and nourishment, Iya Foods ensures that all its products are free from MSG, gluten, preservatives, and other harmful artificial ingredients. This focus on quality and sustainability enables customers to enjoy wholesome foods while embracing the rich culinary traditions of Africa.

Hero Bread

Series B in 2023
Hero Bread is a San Francisco-based company specializing in the production of nutritious baked goods. It offers a range of products including bread, muffins, and tortillas, all formulated with nutrient-rich ingredients, zero net carbohydrates, low calories, and no added sugar, allowing consumers to enjoy guilt-free meals.

Somrus

Series C in 2023
Somrus is a producer of cream liqueurs that combines distilled rum, dairy cream, and natural flavors to create a diverse range of products. The company offers various flavors, including bourbon chai, raspberry mango cooler, urban bourbon lift, iced dirty chai latte, mango fizz, chairish toast, mango bean, and mango colada. Somrus aims to provide consumers with high-quality liqueurs crafted from natural recipes, ensuring a rich taste experience while maintaining affordability. Through its innovative approach to flavor and product development, Somrus seeks to enhance enjoyment without compromising on quality.

GOOD PLANeT Foods

Series B in 2023
Good PLANeT Foods LLC, incorporated in 2017 and based in Bellevue, Washington, specializes in producing premium plant-based cheese products. The company offers a variety of cheese alternatives, including shreds and slices in flavors such as mozzarella, smoked mozzarella, parmesan, cheddar, smoked provolone, garlic and herb, and hot pepper. Good PLANeT Foods aims to provide consumers with delicious and nutritious dairy-free options that replicate the flavors of traditional cheese, all while promoting animal rights and environmental sustainability. The company is dedicated to offering a healthy alternative to dairy cheese without compromising on taste.

AYO Foods

Seed Round in 2022
AYO Foods is a premium meal solutions brand delivering an authentic line of West African cuisine. It produces handcrafted ready-to-eat meals that celebrate traditional recipes and authentic ingredients and spices, offering convenient yet culturally rich dining options that promote appreciation for West African culinary heritage.

NotCo

Series D in 2022
Founded in 2015, NotCo specializes in developing plant-based alternatives to animal-derived products such as mayonnaise, milk, yogurt, dressings, and desserts. Utilizing artificial intelligence, the company creates food systems that mimic the taste and functionality of their animal-based counterparts.

Partake Foods

Series B in 2022
Founded in 2016, Partake Foods produces and sells allergy-friendly food products. It specializes in nut-free, gluten-free, vegan cookies, and non-GMO, kosher foods suitable for kids. The company's product range includes sprouted grain chocolate chip mini cookies, double chocolate chip mini cookies, sweet potato millet mini cookies, carrot oat mini cookies, among others.

Farmer's Fridge

Series E in 2022
Farmer's Fridge is a company that operates automated smart fridges, providing a variety of chef-curated salads, bowls, and snacks. Founded in 2013 and headquartered in Chicago, Illinois, the company addresses the challenge of accessing healthy and affordable food options, particularly for those on the go. The fridges utilize advanced technology to monitor demand and ensure fresh meals are available quickly. Additionally, any unsold items are regularly donated to local food pantries, supporting community members in need with responsibly sourced nutrition. Farmer's Fridge is committed to making nutritious eating simple and accessible for everyone.

Somrus

Convertible Note in 2022
Somrus is a producer of cream liqueurs that combines distilled rum, dairy cream, and natural flavors to create a diverse range of products. The company offers various flavors, including bourbon chai, raspberry mango cooler, urban bourbon lift, iced dirty chai latte, mango fizz, chairish toast, mango bean, and mango colada. Somrus aims to provide consumers with high-quality liqueurs crafted from natural recipes, ensuring a rich taste experience while maintaining affordability. Through its innovative approach to flavor and product development, Somrus seeks to enhance enjoyment without compromising on quality.

Somrus

Series C in 2022
Somrus is a producer of cream liqueurs that combines distilled rum, dairy cream, and natural flavors to create a diverse range of products. The company offers various flavors, including bourbon chai, raspberry mango cooler, urban bourbon lift, iced dirty chai latte, mango fizz, chairish toast, mango bean, and mango colada. Somrus aims to provide consumers with high-quality liqueurs crafted from natural recipes, ensuring a rich taste experience while maintaining affordability. Through its innovative approach to flavor and product development, Somrus seeks to enhance enjoyment without compromising on quality.

AYO Foods

Convertible Note in 2022
AYO Foods is a premium meal solutions brand delivering an authentic line of West African cuisine. It produces handcrafted ready-to-eat meals that celebrate traditional recipes and authentic ingredients and spices, offering convenient yet culturally rich dining options that promote appreciation for West African culinary heritage.

Hero Bread

Series A in 2021
Hero Bread is a San Francisco-based company specializing in the production of nutritious baked goods. It offers a range of products including bread, muffins, and tortillas, all formulated with nutrient-rich ingredients, zero net carbohydrates, low calories, and no added sugar, allowing consumers to enjoy guilt-free meals.

Farmer's Fridge

Series D in 2021
Farmer's Fridge is a company that operates automated smart fridges, providing a variety of chef-curated salads, bowls, and snacks. Founded in 2013 and headquartered in Chicago, Illinois, the company addresses the challenge of accessing healthy and affordable food options, particularly for those on the go. The fridges utilize advanced technology to monitor demand and ensure fresh meals are available quickly. Additionally, any unsold items are regularly donated to local food pantries, supporting community members in need with responsibly sourced nutrition. Farmer's Fridge is committed to making nutritious eating simple and accessible for everyone.

AYO Foods

Convertible Note in 2021
AYO Foods is a premium meal solutions brand delivering an authentic line of West African cuisine. It produces handcrafted ready-to-eat meals that celebrate traditional recipes and authentic ingredients and spices, offering convenient yet culturally rich dining options that promote appreciation for West African culinary heritage.

AYO Foods

Convertible Note in 2020
AYO Foods is a premium meal solutions brand delivering an authentic line of West African cuisine. It produces handcrafted ready-to-eat meals that celebrate traditional recipes and authentic ingredients and spices, offering convenient yet culturally rich dining options that promote appreciation for West African culinary heritage.

NotCo

Series C in 2020
Founded in 2015, NotCo specializes in developing plant-based alternatives to animal-derived products such as mayonnaise, milk, yogurt, dressings, and desserts. Utilizing artificial intelligence, the company creates food systems that mimic the taste and functionality of their animal-based counterparts.

Farmer's Fridge

Series D in 2020
Farmer's Fridge is a company that operates automated smart fridges, providing a variety of chef-curated salads, bowls, and snacks. Founded in 2013 and headquartered in Chicago, Illinois, the company addresses the challenge of accessing healthy and affordable food options, particularly for those on the go. The fridges utilize advanced technology to monitor demand and ensure fresh meals are available quickly. Additionally, any unsold items are regularly donated to local food pantries, supporting community members in need with responsibly sourced nutrition. Farmer's Fridge is committed to making nutritious eating simple and accessible for everyone.

GOOD PLANeT Foods

Series A in 2020
Good PLANeT Foods LLC, incorporated in 2017 and based in Bellevue, Washington, specializes in producing premium plant-based cheese products. The company offers a variety of cheese alternatives, including shreds and slices in flavors such as mozzarella, smoked mozzarella, parmesan, cheddar, smoked provolone, garlic and herb, and hot pepper. Good PLANeT Foods aims to provide consumers with delicious and nutritious dairy-free options that replicate the flavors of traditional cheese, all while promoting animal rights and environmental sustainability. The company is dedicated to offering a healthy alternative to dairy cheese without compromising on taste.

Somrus

Convertible Note in 2020
Somrus is a producer of cream liqueurs that combines distilled rum, dairy cream, and natural flavors to create a diverse range of products. The company offers various flavors, including bourbon chai, raspberry mango cooler, urban bourbon lift, iced dirty chai latte, mango fizz, chairish toast, mango bean, and mango colada. Somrus aims to provide consumers with high-quality liqueurs crafted from natural recipes, ensuring a rich taste experience while maintaining affordability. Through its innovative approach to flavor and product development, Somrus seeks to enhance enjoyment without compromising on quality.

Bhakti

Convertible Note in 2019
Bhakti, Inc. is a producer of chai concentrates, iced chai beverages, and dry tea products, with a focus on delivering authentic flavors through sustainably sourced ingredients. Established in 2002 and located in Boulder, Colorado, the company offers a range of products including iced chai available in six varieties, such as Original and Decaf, as well as concentrate products sold in quarts and gallons. Bhakti emphasizes the use of Fair Trade, Non-GMO, and organic ingredients, ensuring a high-quality beverage experience. Its products are widely accessible through various retail channels, including Whole Foods and Costco, as well as online platforms, allowing customers to enjoy both hot and cold tea blends made with real ginger, black tea, and spices. The company is committed to ethical business practices, aligning with B Corp standards to promote sustainability and social responsibility.

Farmer's Fridge

Convertible Note in 2019
Farmer's Fridge is a company that operates automated smart fridges, providing a variety of chef-curated salads, bowls, and snacks. Founded in 2013 and headquartered in Chicago, Illinois, the company addresses the challenge of accessing healthy and affordable food options, particularly for those on the go. The fridges utilize advanced technology to monitor demand and ensure fresh meals are available quickly. Additionally, any unsold items are regularly donated to local food pantries, supporting community members in need with responsibly sourced nutrition. Farmer's Fridge is committed to making nutritious eating simple and accessible for everyone.

Bhakti

Convertible Note in 2019
Bhakti, Inc. is a producer of chai concentrates, iced chai beverages, and dry tea products, with a focus on delivering authentic flavors through sustainably sourced ingredients. Established in 2002 and located in Boulder, Colorado, the company offers a range of products including iced chai available in six varieties, such as Original and Decaf, as well as concentrate products sold in quarts and gallons. Bhakti emphasizes the use of Fair Trade, Non-GMO, and organic ingredients, ensuring a high-quality beverage experience. Its products are widely accessible through various retail channels, including Whole Foods and Costco, as well as online platforms, allowing customers to enjoy both hot and cold tea blends made with real ginger, black tea, and spices. The company is committed to ethical business practices, aligning with B Corp standards to promote sustainability and social responsibility.

Farmer's Fridge

Secondary Market in 2019
Farmer's Fridge is a company that operates automated smart fridges, providing a variety of chef-curated salads, bowls, and snacks. Founded in 2013 and headquartered in Chicago, Illinois, the company addresses the challenge of accessing healthy and affordable food options, particularly for those on the go. The fridges utilize advanced technology to monitor demand and ensure fresh meals are available quickly. Additionally, any unsold items are regularly donated to local food pantries, supporting community members in need with responsibly sourced nutrition. Farmer's Fridge is committed to making nutritious eating simple and accessible for everyone.

Farmer's Fridge

Convertible Note in 2018
Farmer's Fridge is a company that operates automated smart fridges, providing a variety of chef-curated salads, bowls, and snacks. Founded in 2013 and headquartered in Chicago, Illinois, the company addresses the challenge of accessing healthy and affordable food options, particularly for those on the go. The fridges utilize advanced technology to monitor demand and ensure fresh meals are available quickly. Additionally, any unsold items are regularly donated to local food pantries, supporting community members in need with responsibly sourced nutrition. Farmer's Fridge is committed to making nutritious eating simple and accessible for everyone.

Farmer's Fridge

Series C in 2018
Farmer's Fridge is a company that operates automated smart fridges, providing a variety of chef-curated salads, bowls, and snacks. Founded in 2013 and headquartered in Chicago, Illinois, the company addresses the challenge of accessing healthy and affordable food options, particularly for those on the go. The fridges utilize advanced technology to monitor demand and ensure fresh meals are available quickly. Additionally, any unsold items are regularly donated to local food pantries, supporting community members in need with responsibly sourced nutrition. Farmer's Fridge is committed to making nutritious eating simple and accessible for everyone.

Somrus

Series B in 2018
Somrus is a producer of cream liqueurs that combines distilled rum, dairy cream, and natural flavors to create a diverse range of products. The company offers various flavors, including bourbon chai, raspberry mango cooler, urban bourbon lift, iced dirty chai latte, mango fizz, chairish toast, mango bean, and mango colada. Somrus aims to provide consumers with high-quality liqueurs crafted from natural recipes, ensuring a rich taste experience while maintaining affordability. Through its innovative approach to flavor and product development, Somrus seeks to enhance enjoyment without compromising on quality.

Somrus

Venture Round in 2017
Somrus is a producer of cream liqueurs that combines distilled rum, dairy cream, and natural flavors to create a diverse range of products. The company offers various flavors, including bourbon chai, raspberry mango cooler, urban bourbon lift, iced dirty chai latte, mango fizz, chairish toast, mango bean, and mango colada. Somrus aims to provide consumers with high-quality liqueurs crafted from natural recipes, ensuring a rich taste experience while maintaining affordability. Through its innovative approach to flavor and product development, Somrus seeks to enhance enjoyment without compromising on quality.

Bhakti

Series B in 2017
Bhakti, Inc. is a producer of chai concentrates, iced chai beverages, and dry tea products, with a focus on delivering authentic flavors through sustainably sourced ingredients. Established in 2002 and located in Boulder, Colorado, the company offers a range of products including iced chai available in six varieties, such as Original and Decaf, as well as concentrate products sold in quarts and gallons. Bhakti emphasizes the use of Fair Trade, Non-GMO, and organic ingredients, ensuring a high-quality beverage experience. Its products are widely accessible through various retail channels, including Whole Foods and Costco, as well as online platforms, allowing customers to enjoy both hot and cold tea blends made with real ginger, black tea, and spices. The company is committed to ethical business practices, aligning with B Corp standards to promote sustainability and social responsibility.

Farmer's Fridge

Series B in 2017
Farmer's Fridge is a company that operates automated smart fridges, providing a variety of chef-curated salads, bowls, and snacks. Founded in 2013 and headquartered in Chicago, Illinois, the company addresses the challenge of accessing healthy and affordable food options, particularly for those on the go. The fridges utilize advanced technology to monitor demand and ensure fresh meals are available quickly. Additionally, any unsold items are regularly donated to local food pantries, supporting community members in need with responsibly sourced nutrition. Farmer's Fridge is committed to making nutritious eating simple and accessible for everyone.
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