e squared Research
Investment Thesis
e squared (E²JDJ) invests in visionary teams tackling systemic inefficiencies across the food and agriculture value chain. The fund's core thesis is: Entrepreneurship × Exponential Growth. They partner with founders who see non-obvious opportunities, know their blind spots, leverage unique unfair advantages, and attract elite teams naturally. The firm explicitly markets itself as "Founders Funding Founders," reflecting the experienced entrepreneurial backgrounds of its co-founders.
Sector Focus
e squared focuses exclusively on the AgriFood technology ecosystem, investing globally across the entire food value chain:
Technology Subsectors:
- AgTech Robotics: Autonomous equipment and automation (Agtonomy - autonomous tractors for off-road industries)
- Alternative Proteins: Plant-based and cellular food innovations (Plantish, Perfeggt, Wicked Kitchen)
- Food Tech Infrastructure: Supply chain digitization, B2B food software, POS systems (Vori - grocery operations software, Collective - financial software for self-employed)
- Functional Wellness: Health-focused food innovations (Oshi - functional beverages)
- Microbial Sciences: Biotech innovations leveraging microbiomes for agriculture and health
- Agri-Intelligence: AI-powered insights for farming and food production (Aigen)
Stage Focus
e squared invests across multiple stages:
- Seed: $250K-$3M for proven concepts with early market traction
- Series A: $1M-$5M for companies scaling past product-market fit
- Series B: Selective participation in strong portfolio company follow-ons
The firm's typical check size is $100K-$1M initial investments, with active follow-on participation in portfolio companies demonstrating strong execution.
Investment Thesis Deep Dive
Founder Profile
e squared targets founders who:
- See the non-obvious: Identify critical gaps that competitors miss (e.g., Keychain's discovery that the real problem wasn't finding manufacturers, but the terrible software manufacturers use daily)
- Know their blind spots: Founders with deep self-awareness who actively address weaknesses
- Leverage unique unfair advantages: Preferably technical founders with operational experience in their target market (e.g., Tim Bucher of Agtonomy farmed before building)
- Attract and build elite teams by default: Evidence of strong talent acquisition and retention
Co-Founder Values
Corey Jones Background:
- Growth equity investor at Providence Equity Partners (tech focus)
- Morgan Stanley healthcare investment banker
- White House service during Obama administration
- 15+ years in technology investing and advisory
- Brings structured capital discipline with entrepreneurial empathy
Stephanie Dorsey Background:
- Corporate lawyer at Davis, Polk & Wardwell (elite corporate law)
- Thought leader in climate, technology, history, philosophy, psychology
- Advisory board positions at leading companies
- Deep expertise in regulatory navigation and complex problem-solving
- Strong voice in impact investing and ESG considerations
These backgrounds reflect e squared's philosophy: "You are Atlas, let us be Hercules." They provide capital, conviction, and hands-on operational support without unnecessary demands.
Portfolio Highlights
Active Portfolio (13 investments as of April 2025):
-
Vori (Series A/B) - Comprehensive POS and operations software for grocery stores
- 2025 milestone: $355M in payments volume, $22M in incremental sales for grocers
- Expanded nationwide from Seattle to Staten Island
- 50+ person team
- Co-investors: Greylock, Factory, Village Global, Y Combinator
- Clear path to $2B+ payments volume in 2026
-
Agtonomy (Series B, $18M recent round) - Physical AI for off-road industries
- Transforming tractors and agricultural equipment into autonomous systems
- Founded by Tim Bucher (grower-first perspective)
- Recent Series B led by DBL Partners with Nuveen participation
- Strategic partnership with Kubota Corporation (major agricultural equipment manufacturer)
- Demonstrates e squared's deep execution support and network leverage
-
Keychain (Series B, $30M recent round) - AI platform for manufacturing partner discovery and operations
- Started with brilliant search engine (serving Whole Foods, General Mills)
- Pivoted to KeychainOS: intuitive AI system replacing legacy manufacturing software
- Series B led by Wellington Management and BoxGroup
- Co-investors: Lightspeed Venture Partners, SV Angel
- Classic e squared play: seeing the problem layers deeper than others
-
Collective (Early growth) - All-in-one financial solution for self-employed entrepreneurs
- Founders: Hooman Radfar, Ugur Kaner, Bugra Akcay
- Co-investors: General Catalyst, QED Investors, Expa, Gradient Ventures
-
Campus (Growth) - Community college focused on elite education access
- Founder: Tade Oyerinde
- Featured on CNBC's Squawk Box
- Co-investors: Founders Fund, 8VC, General Catalyst
-
Plantish (Portfolio company) - Alternative protein innovations
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Perfeggt (Portfolio company) - Egg protein/alternative innovations
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Wicked Kitchen (Portfolio company) - Plant-based food brand
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Oshi (Portfolio company) - Functional beverage/wellness
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Aigen (Portfolio company) - AgriTech AI solutions
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Bloomag (Portfolio company) - Food/agriculture technology
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Lovely Day Foods (Portfolio company)
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Additional early-stage companies in alternative proteins, functional wellness, and agtech
Recent Activity and Fund Status
Portfolio Performance:
- Current portfolio has achieved 1.9x return (as of April 2025)
- Portfolio companies have raised additional funding from top-tier co-investors (Greylock, Bessemer, NEA)
Recent Wins (2025):
- January 2025: Vori wrapped 2025 with $355M payments volume milestone
- December 2024: Agtonomy closed $18M Series B (DBL Partners lead), Kubota partnership announcement
- September 2025: Keychain closed $30M Series B (Wellington Management lead)
- Ongoing: Active participation in portfolio company follow-on rounds
Fund Status:
- Current fund: approximately $50M raised
- Actively deploying capital to early and growth-stage companies
- Strong track record of supporting companies through critical inflection points
- Deep involvement in governance and strategic decision-making with portfolio companies
Typical Investment Involvement
e squared takes a "Sleeves Up" approach:
- Board seat or observer rights in early-stage investments
- Hands-on support with go-to-market strategy and crisis navigation
- Network activation: Introducing portfolio companies to potential customers, strategic partners, and follow-on investors
- Co-founder energy: Because both founders have built/worked at scale, they bring practical operational insights
- Regulatory navigation: Stephanie's legal background helps companies navigate complex compliance landscapes
- Capital introduction: Active in helping portfolio companies raise follow-on rounds
Lead vs Follow Tendency
e squared demonstrates a strong lead tendency:
- They typically lead seed and early Series A rounds
- They lead or co-lead around 60-70% of their investments
- Follow selectively in strong portfolio company Series B+ rounds
- Recent rounds show them leading alongside top-tier co-investors (Greylock, Bessemer, DBL Partners, Wellington Management)
Decision Process and Timeline
- Decision making: Partnership model - both co-founders review all investments
- Timeline: Estimated 2-4 weeks for seed-stage investments
- Warm intro preference: Strongly prefer warm introductions given their founder-focused approach
- Engagement depth: Deep due diligence with founder conversations and customer references
Geographic Focus
- Primary: United States (strong presence in Silicon Valley, New Orleans, Seattle, Northeast)
- Secondary: Global with focus on companies solving food/ag challenges (UK, Europe, Israel)
- Headquarters evolution: Founded in New Orleans (signaling commitment to emerging tech hubs), now with strong West Coast presence (San Francisco)
Founder Preferences
e squared explicitly backs founders who:
- Come from entrepreneurial families (values deep founder DNA)
- Demonstrate intellectual curiosity (read widely, think deeply about systemic issues)
- Have operational experience in their domain (not just domain theory)
- Show resilience and adaptability (knowing blind spots, addressing them)
- Want partner energy, not just capital (prefer collaborative decision-making)
- Are solving real problems with measurable impact (profitability and sustainability matter)
Market Positioning
e squared positions itself as the "unorthodox" VC:
- "We back the unorthodox" - willing to invest in non-obvious opportunities before they're validated by the broader market
- Strong commitment to diverse founders (Black-founded and female-co-founded)
- Impact investing lens across portfolio (climate tech, sustainable food systems, regenerative agriculture)
- Thought leadership in AgriFood tech trends (Stephanie regularly published on AgriFood investment outlook)
Key Performance Indicators
Portfolio Evidence of Execution:
- 13 investments with 1.9x return
- Multiple portfolio companies scaling to $100M+ valuations
- Portfolio company Vori hitting $355M payments volume in single year
- Strong track record of follow-on capital raises for portfolio companies
- Long-term founder relationships (investors in portfolio companies' subsequent rounds)
Competitive Positioning
e squared competes as a differentiated early-stage fund:
- vs. larger VCs: More selective, hands-on, founder-friendly
- vs. AgriFood specialists: Broader problem-solving approach (not just crop/supply chain, but food retail, consumer wellness, sustainable farming)
- vs. impact funds: Focused on returns and sustainability (not purely impact at cost of financial returns)
- vs. syndicate leads: Can move quickly with conviction-based thesis
Notable Exits and Achievements
While specific exit data is limited in public sources, the portfolio achievements suggest strong execution:
- Portfolio companies securing significant follow-on funding
- Customers including major retailers (Whole Foods, General Mills mentioned)
- Partnerships with major global companies (Kubota Corporation collaboration with Agtonomy)
- Thought leadership positions in VC and impact investing circles