Shelburne, Vermont-based FreshTracks Capital closed its third venture fund at $11.5m.
48 LPs backed FreshTracks III, which intends to invest in 10 – 15 companies over its 10 year life.
Led by General Partner Cairn Cross, and Managing Directors Tim Davis & Lee Bouyea, FreshTracks targets Vermont-based high growth companies that have an opportunity to grow, increase employment, and generate significant financial returns over time for founders, employees and shareholders.
Investments from FreshTracks I & II include EatingWell based in Charlotte & Shelburne (acquired by Meredith Corporation), Vermont Teddy Bear based in Shelburne (during a going private transaction in 2005), NEHP based in Williston (acquired by Critical Process Systems, which is headquartered in Colchester) and Quirky, which was founded by Ben Kaufman, formerly a Champlain College student, and which has gone on to raise follow on capital from Kleiner Perkins & General Electric.
Initial portfolio companies include:
– Budnitz Bicycles: Burlington, VT., provider of high-end city commuter bicycles
– Ello.co: Burlington, VT, an ad-free social network
– Faraday: Middlebury, VT, which uses machine learning to improve customer acquisition in the solar installation & energy efficiency industries
– GroupZOOM: Burlington VT, on-demand pop up travel networks
– Moscow Mills: Moscow, VT, precision manufacturing for automotive & aerospace industries
– SunCommon: Waterbury, VT, residential solar developer & installer