1st Course Capital

1st Course Capital is an early-stage venture capital firm based in San Francisco, California, that invests in agricultural technology and innovations transforming the global food system. The firm provides equity financing to startups developing sustainable solutions for food production, alternative proteins, and innovative consumer food brands. Operating primarily in the seed and Series A stages, the firm's portfolio includes recognizable food technology companies such as Good Catch, MycoTechnology, Plantible Foods, and Rebellyous Foods. In September 2021, the firm participated in a $27 million Series A funding round for Plantible Foods to advance its supply chain capabilities. Additionally, 1st Course Capital backed Rebellyous Foods before the plant-based meat manufacturer secured a $9.5 million equity round in April 2023 to scale its proprietary manufacturing technology. The venture capital firm was founded by managing partners Peter Herz and Peter Thompson.

High-Level Overview

1st Course Capital (1CC) is an early-stage venture capital firm dedicated to transforming the food system by investing in entrepreneurs who are building innovative solutions across the entire food supply chain. Their mission centers on improving the environmental, human, and social health of the food system, supporting startups that address challenges from agriculture and food production to distribution, retail, and consumer health. 1CC’s investment philosophy emphasizes backing business model and technology innovations that drive sustainability, efficiency, and equity in food systems. By focusing on early-stage companies—typically at the prototype, early revenue, or scaling phases—they play a pivotal role in nurturing startups that are shaping the future of food and agriculture in the United States.

Origin Story

Founded in 2019 and headquartered in Redwood City, California, 1st Course Capital was established by a team of seasoned investors and industry experts with a shared vision for a healthier, more sustainable food system. Key partners include Peter Herz, Doug Koob, and Renske Lynde, all of whom bring deep experience in food, agriculture, and venture capital. The firm’s focus evolved from recognizing the urgent need for innovation in food systems, driven by climate change, resource scarcity, and shifting consumer demands. Since its inception, 1CC has built a reputation for supporting exceptional entrepreneurs who are reimagining how food is grown, produced, and distributed.

Core Differentiators

• Specialized Focus: 1CC is one of the few venture firms exclusively dedicated to the food system, allowing for deep sector expertise and targeted support.
• Hands-On Value Add: Beyond capital, the firm provides strategic advice in go-to-market, marketing, sales, operations, finance, legal, and talent, as well as executive coaching and access to a robust network across the food supply chain.
• Decision Analysis Approach: 1CC uses decision analysis tools as part of its underwriting process, bringing a structured, data-driven methodology to investment decisions.
• Network Strength: The team leverages extensive connections in food, agriculture, and venture capital, helping portfolio companies accelerate growth and navigate industry challenges.
• Impact Orientation: 1CC prioritizes investments that deliver measurable environmental, social, and health benefits, aligning financial returns with positive impact.

Role in the Broader Tech Landscape

1st Course Capital is riding the wave of increased attention to food tech and sustainable agriculture, sectors that are gaining momentum due to climate concerns, supply chain disruptions, and consumer demand for transparency and health. The timing is critical, as innovations in food systems are essential for addressing global challenges like food security, environmental degradation, and public health. By supporting startups that leverage technology and new business models, 1CC is helping to shape a more resilient and equitable food ecosystem. Their influence extends beyond individual companies, contributing to a broader movement that is redefining how food is produced and consumed.

Quick Take & Future Outlook

Looking ahead, 1st Course Capital is well-positioned to continue driving innovation in the food system as the sector attracts more investment and attention. The firm’s specialized focus, hands-on support, and commitment to impact will likely make it a go-to partner for entrepreneurs tackling the complex challenges of food and agriculture. As trends like regenerative agriculture, alternative proteins, and supply chain digitization accelerate, 1CC’s portfolio is poised to play a leading role in shaping the future of food. Their journey reflects a broader shift toward mission-driven investing, where financial success and positive impact go hand in hand.