Stride Consumer Partners Closes Debut Fund

Investment firm Stride Consumer Partners announced today the close of their first fund at $420 million to further invest in brands developing consumer products and services.

According to a press release, the fund was oversubscribed with the Massachusetts-based firm originally targeting a $300 million raise.

“We are grateful that such an exceptional and enthusiastic group of consultants, endowments, fund of funds, insurance companies, and pensions have entrusted us with their capital, and we continue to focus on building an outstanding portfolio on their behalf,” said Tim Burke, partner.

To-date, Strive has made three investments in meat snacks producer Chomps, Canadian skin-care company Skinfix, and clothing company Truewerk.

Stride’s three founding partners, Steve Berg, Burke and Juan Marcos Hill, came together after the founders of their previous employer, venture firm Castanea Partners, decided to retire, according to The Wall Street Journal. During their time at Castanea the trio were involved with food and beverage portfolio companies including FUZE, Yasso, Brew Dr. Kombucha and Jeni’s Splendid Ice Creams.

There’s other familiar faces at Stride as well. Former Castanea operating partners Sharon Fox, Tom First and Steve Richards now hold the same titles at Stride, while Michael Banu, Stride principle; Colleen Love, Stride CFO and COO, and Allyson Yorks, Stride’s executive operations manager, have also made the move from Castanea.

While the fund’s limited partners include the institutional investors that typically invest in such opportunities, the release noted that the group also includes more than a dozen founders and executives who have partnered with the Stride team in the past.

The firm typically writes checks ranging from $10 to $150 million in majority or minority transactions. Target companies have $10 to $150 million in revenue, though Stride’s website states that the firm invests across all company life stages. In addition to food, beverage, beauty and personal care, areas of focus include companies within the active lifestyle, multi-unit consumer services, or direct-to-consumer spaces.

“Many of us have spent twenty years helping founders and entrepreneurs pursue their visions and build their companies. So, it’s incredibly gratifying to have reached this milestone in Stride’s launch and development,” Berg said. “We successfully completed fundraising the same way we do everything – as a team. And we’re energized to continue helping build remarkable companies, including Stride.”