In this episode of the Startup CPG Podcast, host Hannah Dittman sits down with Elly Truesdell, founder and Managing Partner at New Fare Partners — a seed and Series A venture fund investing exclusively in food and beverage across the value chain. Elly brings one of the most distinctive full-stack perspectives in consumer investing: she spent nearly a decade at Whole Foods leading local brands and product innovation across the Northeast region and then globally, ran a co-manufacturing facility for 18 months, and co-founded Made by Nacho — a premium cat food brand launched with Bobby Flay that recently closed a successful acquisition. That rare combination of retail buying, operating, and founding experience is the backbone of what New Fare brings to its portfolio.
New Fare Fund 1 is a $20M vehicle (plus a couple of SPVs, bringing total AUM to around $25M), and the fund writes first checks of $500K to $1M at seed and Series A, with the intention of getting to know founders for months — and often years — before investing.
Hannah and Elly dig into what the Venn diagram between retail buying diligence and investor diligence actually looks like, how founders should adjust their pitch when moving from buyer conversations to investor conversations, and what the right team structure looks like when gearing up for a fundraise. They also tackle the question straight from the Startup CPG Slack community: what matters more — sales growth or profitability?
Listen in as they cover:
Elly's path from Whole Foods local brands and innovation to co-manufacturing to co-founding Made by Nacho with Bobby Flay to launching New Fare Partners
New Fare's fund structure, check size, stage focus, and investment thesis around the modern eater and premiumization
The Venn diagram between retail buyer diligence and investor diligence — where they overlap and where they diverge
How founders should adjust their pitch when moving from buyer conversations to investor conversations
The power dynamic difference: why your investor relationship should not look like your retailer relationship
What Elly looks for in founders — motivation, conviction, and why she wants to see a little pushback in term sheet negotiations
Portfolio spotlights: Lucille (senior nutrition), NARA Organics (infant formula), and Bachan's (Japanese BBQ sauce)
Team structure advice: two paths to building — formidable infrastructure from day one vs. lean and fractional with finance as the non-negotiable first hire
The Slack community case study question answered: sales growth vs. profitability — and why it's life stage dependent
Why the overcorrection toward profitability has not lowered growth expectations — the bar is just higher now
Consumer behavior and macro trends driving New Fare's thesis: premiumization, time collapse, and the shift in how people receive food
Whether you're a founder preparing for your first fundraise, an operator navigating the retail-to-investor pivot, or someone building in food and bev who wants to understand how the smartest investors in the room are actually thinking — this episode is a must listen.
Episode Links:
New Fare Partners: https://www.newfarepartners.com
Elly Truesdell on LinkedIn: https://www.linkedin.com/in/elly-truesdell-5106b65b/
New Fare Partners on LinkedIn: https://www.linkedin.com/company/new-fare/
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