NewRoad Capital Partners

NewRoad Capital Partners Research Investment Thesis NewRoad Capital Partners is an operator-led growth equity investment firm based in Bentonville, Arkansas — the epicenter of the Walmart ecosystem. Founded in 2013 by Clete Brewer and Jeremy Wilson (along with Doug Degn), the firm invests in demand-driven businesses across Supply Chain & Logistics, Retail Technology/CPG Technology, and Marketing Technology. With $650M+ under management across four funds, NewRoad has backed 34+ businesses over its 10+ year history and currently holds 23 active investments. The firm's core belief is that capital alone is not enough — founders need partners who have been operators themselves. With 300+ combined years of operating experience across their team, NewRoad provides hands-on support including customer introductions, talent recruitment, strategic guidance, and board-level engagement. The firm only invests where it believes it can add specific, meaningful value beyond the check. Sector Focus NewRoad focuses on three primary verticals: Supply Chain & Logistics Technology: Warehouse and order management software Transportation management and freight procurement Supply chain design and optimization platforms Telematics and fleet management Ocean shipping and trade digitization AI-powered site intelligence and safety for logistics operations Retail Tech & Consumer Packaged Goods: Category management and inventory optimization Price optimization software Omnichannel customer experience platforms E-commerce and digital transformation for consumer brands Performance CTV advertising Marketing Technology: Data analytics and consumer insights Customer journey orchestration and automation Influencer marketing Digital performance marketing Driver interaction and contextual advertising platforms The firm is increasingly incorporating AI/ML into its investment thesis, as evidenced by recent investments in Voxel (AI workplace safety), Spangle AI (agentic commerce infrastructure), and Insite AI (AI category management). Stage Focus NewRoad is a growth equity investor, targeting companies with proven product-market fit that are ready for meaningful scaling. Typical investment stages: Series A - Early growth-stage with established customer base Series B - Proven revenue model scaling rapidly Series C and beyond - Late growth-stage or pre-profitability The firm does not invest in early-stage, pre-revenue, or pre-product companies. Their focus is on "demand-driven" businesses with validated business models and strong customer demand. Check Size Typical initial investment: $5M–$20M NewRoad often leads rounds in their core sectors They also participate in rounds led by other investors (e.g., 4screen Series B co-investment) Strong reserve strategy for follow-on investments in top performers Geographic Focus Primarily United States-based companies, with a strong orientation toward the Arkansas/Midwest ecosystem (Bentonville is home to Walmart, J.B. Hunt, and Tyson Foods). They leverage deep relationships in this ecosystem to provide portfolio companies unique access to some of the world's largest retailers and logistics operators. Selective international co-investments as seen with 4screen (Munich-based). Recent Activity (2025–2026) NewRoad Fund IV is actively deploying capital: January 2026 : Led Spangle AI's $15M Series A — agentic commerce infrastructure for ecommerce (joined by Madrona, DNX Ventures, Streamlined Ventures) June 2025 : Led Voxel's $44M Series B — AI-powered workplace safety for logistics, warehousing, and manufacturing (joined by Eclipse, HG Ventures, Rite Hite, Tokio Marine) July 2025 : Co-invested in 4screen's $21M Series B — driver interaction platform expanding globally (led by Bosch Ventures) April 2025 : Led Optilogic's $40M Series B — supply chain design and optimization platform (joined by MK Capital, Moore Strategic Ventures) The firm made 4 investments in 2024 and an additional 4 in 2025 as of mid-year, demonstrating consistent active deployment. Portfolio Highlights Active Portfolio (Selected): Platform Science — Telematics and fleet management platform (major logistics/transportation play) Emerge — Freight procurement software (modernizing supply chain contracting) Logiwa — Warehouse and order management software (fulfillment infrastructure) WorkStep — Enterprise software for frontline workforce hiring and retention Voxel — AI-powered site intelligence and safety for warehousing/manufacturing Optilogic — Next-generation supply chain design platform NYSHEX — Digital contracting platform for ocean shipping Shiftboard — Scheduling and workforce management software tvScientific — Performance CTV advertising platform Tracer — Cloud-based data orchestration platform Kevin's Natural Foods — Health-focused food products (consumer brand) Bardavon — Physical therapy data analytics platform (healthcare tech) Team Co-Founders & Co-Managing Partners: Clete Brewer — 30+ years operational experience; former President of Sport Clips (grew from 42 to 675+ locations); co-founded Staffmark (grew to $1B+ revenue before IPO); CEO of BlueInGreen. Holds board seats at Bardavon, DRINKS, Emerge, OpenMethods, PICKUP, Platform Science, Shiftboard, WorkStep, Optilogic. BSBA from Walton College of Business, University of Arkansas. Jeremy Wilson — 25+ years experience in retail, advertising, and technology; former COO/CAO of Rockfish (acquired by WPP); Senior Director at Walmart for Financial Services. BSBA from Walton College of Business; Harvard Business School executive education. Partners: Tracy Black — Partner Chris Ladd — Partner Gregoire Lehmann — Partner Vincent Love — Partner (joined April 2025); 25+ years consumer industry experience; co-founded Sunrise Strategic Partners (food & beverage growth equity). Leads consumer investing strategy. Stefan Sterns — Partner Operations & Support: Alex Smith — Principal Gary Adams, Scott Huff, Josh Jewett, Michele Meyer, John Sheehy, Chris Sultemeier — Operating Partners (former C-suite executives across retail, supply chain, logistics) Joe Emmanuel — CFO Satoko Kato — VP, General Counsel and CCO Decision Process NewRoad operates as a partnership model. The firm emphasizes alignment before investment: "If we can't help you throughout the life of our investment, we won't write the first check." This implies a deliberate evaluation process focused on where NewRoad can specifically add operational value. Post-investment, the firm takes active board seats (20+ active board seats across portfolio) and provides access to their full team of operating partners for support — not just the deal lead. Founder Preferences NewRoad favors entrepreneur-minded founders building in sectors where the team has deep operating expertise. They particularly value founders who understand and can leverage the Walmart/J.B. Hunt/Tyson ecosystem in Northwest Arkansas. The firm's self-description as "operator-led" signals a preference for founders who are operationally execution-oriented. Frequent Co-Investors Based on recent investments: Bosch Ventures, MK Capital, Moore Strategic Ventures, Eclipse, HG Ventures, Madrona, DNX Ventures, Streamlined Ventures, Tokio Marine.