Semillero Partners

Semillero Partners Research Investment Thesis Semillero Partners is a growth-stage venture capital fund founded in 2016 and based in San Juan, Puerto Rico. The firm is deeply committed to investing in the sustainable food and beverage ecosystem while supporting diverse and underrepresented entrepreneurs. Co-founder and Managing Partner Alex Borschow, who has over a decade of experience in food industry investing, established Semillero with a mission to combine capital with collaborative operational support in distribution, operations, food safety, marketing, and logistics. The firm's investment philosophy is rooted in addressing systemic issues within the food industry. Borschow recognized that industrial, large-scale agriculture is one of the biggest environmental threats globally, which motivated his focus on sustainable business models. Semillero partners with entrepreneurs who are "overlooked and underinvested in by the broader venture capital ecosystem" – particularly diverse founders and Latinx entrepreneurs who receive less than 2% of early-stage venture funding. Stage & Check Size Focus Semillero primarily invests at the growth and early growth stages, with initial fund sizes ranging from $250,000 to $5 million per investment. The firm manages over $52 million in total assets and has completed 23+ investments across North America, Latin America, and Israel. Their first fund (Fund I, $25.1 million) deployed capital across 17 companies from 2016 onwards. The firm is now on its second fund and continues active deployment. Sector & Subsector Focus Semillero focuses exclusively on the food and beverage ecosystem with emphasis on sustainability and social impact. Their investment sectors include: Food & Beverage Consumer Brands : Direct-to-consumer food products, particularly those with sustainable sourcing and authentic cultural positioning Food Technology : Smart retail solutions, cold chain logistics, inventory optimization, and distribution efficiency Agricultural Technology : Agtech platforms, sustainable farming practices, regional procurement networks Food Supply Chain : Processing, packaging, preservation, and logistics innovations Cellular Agriculture : Significant interest in precision biofermentation for sustainable protein production Wellness & Nutrition : Health-conscious food products aligned with sustainability values Geographic & Demographic Focus While headquartered in San Juan, Puerto Rico, Semillero has invested across North America, Latin America, and Israel. The firm explicitly focuses on underserved geographies and founder demographics, including Puerto Rico-based ventures and Latin American entrepreneurs. With 48% of Gen Z identifying as racially or ethnically diverse, the firm targets minority founders building authentic cultural food brands that resonate with these consumer values. Lead Tendency Semillero demonstrates a balanced lead/co-lead approach. In their portfolio companies like Farmer's Fridge and Scout, the firm has participated in lead or co-lead capacities, particularly in growth and follow-on rounds. The firm is known for deep operational involvement and active board participation. Recent Activity & Portfolio Highlights Notable Recent Investments: Scout (Canadian): Sustainably sourced tinned seafood producer Sanzo: Asian-flavored sparkling beverages with no added sugar Farmer's Fridge: Smart vending fridges for healthy food distribution Seal the Seasons: Freeze-preserved local produce PRoduce: Regional produce platform Afia: Frozen falafel and food products Imperfect Foods: Ugly/surplus produce redistribution Recent Activity: Completed 23+ total investments across portfolio Active board positions demonstrating hands-on support and operations Recent exit from Biomass Green Fuels (September 2025) Total of 8 exits to date Fund II actively deploying into sustainable food ecosystem Team Alex Borschow - Co-founder & Managing Partner with 15+ years in food industry investing. Former Director of Finance at Eataly USA, MIT graduate with MBA from MIT Sloan and Certificate in Sustainability. Prior leadership at BNP Paribas as youngest director in NY office. Jonathan Lassers - Managing Partner since fund inception, active in portfolio governance Gualberto J. Rodríguez - Managing Partner with deep Puerto Rico investment community roots The firm operates with collaborative decision-making among the managing partner team. Investment Approach & Philosophy Operational Partnership : Beyond capital, offering expertise in distribution, operations, food safety, marketing, and logistics Diversity & Inclusion : Explicit focus on backing minority founders underrepresented in venture capital Sustainability First : All investments must demonstrate sustainable food production or supply chain practices Regional Supply Chains : Emphasis on locally sourced, regionally focused models that reduce carbon footprint Value Alignment : Target entrepreneurs committed to sustainability, transparency, and social equity Founder Preferences The firm partners with entrepreneurial teams that demonstrate commitment to sustainable food systems, diverse founder representation, regional/local focus, coachability, and clear path to profitability alongside impact. Decision Process Involves partnership review among managing partners with active board engagement and hands-on operational support post-investment. The firm is known for multi-year relationship building before initial investment.