FreshTracks Capital

What FreshTracks Capital does

FreshTracks Capital is an early-stage venture capital firm founded in 2000 and headquartered in Shelburne, Vermont. The firm manages a family of at least six venture funds (FreshTracks Capital I through IV, a Growth Fund, and the Green Mountain Fund announced in 2024 at $19 million), investing from Pre-Seed through Series C with an average check size of approximately $600,000 per company. The firm has completed more than 60 investments since inception, with the majority of portfolio companies maintaining an operating presence in Vermont or Northern New England.

FreshTracks generates revenue through traditional VC fund economics: management fees on committed and invested capital, plus carried interest on profitable portfolio company exits. Its limited partner base is regionally concentrated, comprising Vermont foundations and institutions alongside high net worth individuals and families, many of whom are successful entrepreneurs themselves. The firm has catalyzed more than $500 million of co-investment into its portfolio companies, with average private capital invested alongside FreshTracks of $11 million per company.

The firm sources deals through multiple channels: its 17+ year-old Peak Pitch annual startup competition held at Sugarbush resort, direct inbound via the firm website, portfolio company referrals, and syndication with lead investors such as Goldman Sachs Asset Management. FreshTracks takes board seats in portfolio companies, with active board involvement from its three Managing Directors, who bring operating backgrounds from Keurig Green Mountain, eBay, Patagonia, Ebates, and Nextel Communications. The firm excludes real estate, weapons, gambling, and non-scalable opportunities from its investment universe.

Name

FreshTracks Capital

Legal name

FreshTracks Capital

Website

https://freshtrackscap.com

Company type

Private

Founded year

2000

Operating status

Operating

Headcount range

1–10 employees

Short description

FreshTracks Capital is an early-stage venture capital firm founded in 2000 in Vermont, managing six funds and investing Pre-Seed through Series C in Vermont-based startups, with 60+ portfolio investments since inception and $500MM+ in catalyzed co-investment.

Ownership category

akta.pro rank

Product category

Venture Capital / Private Equity

NAICS

All Other Financial Investment Activities (52399), Other Investment Pools and Funds (5259)

akta.pro primary industry

Secondary Venture Funds (VC Secondaries) (FSANAAAK)

Keywords

• Early stage venture capital
• Vermont startup investing
• Venture fund management
• Seed and series financing
• Private equity investments

Headquarters

HQ city

Shelburne

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Others

Revenue model

1. Venture Capital Returns (Carried Interest): FreshTracks generates returns through traditional VC fund mechanics including carried interest on profits from successful portfolio company exits, management fees from fund operations, and equity appreciation when portfolio companies are acquired or go public.
2. Fund Management Fees: The firm earns management fees from managing its family of early-stage venture capital funds, with capital provided by limited partners including Vermont foundations, institutions, and high net worth individuals.

Go-to-market motion2 records

Distribution channels2 records

Marketing channels6 records

Core offering

FreshTracks Capital is an early-stage venture capital firm that invests capital from Pre-Seed through Series C in companies based primarily in Vermont and Northern New England. The firm manages a family of funds (FreshTracks Capital I–IV, Growth Fund, and the newly announced Green Mountain Fund) and supplements capital with board-level participation, network access to talent and customers, and follow-on investment support for portfolio companies.

Product overview

FreshTracks Capital is a venture capital firm, not a product company. The firm manages a family of early-stage venture capital funds and provides investment capital and operational support to early-stage companies in Vermont and the surrounding region. Their primary offering is investment financing from Pre-Seed through Series C stages, supplemented by board participation, network access, and follow-on capital support for portfolio companies.

Differentiator

Problem solved

Functional benefit

Brands

• FreshTracks Capital I: First venture capital fund launched by FreshTracks Capital in 2000
• FreshTracks Capital II
• FreshTracks Capital III
• FreshTracks Capital IV
• FreshTracks Growth Fund
• FreshTracks Green Mountain Fund
• Peak Pitch

Products and services

• FreshTracks Capital Venture Funds (I–IV, Growth Fund, Green Mountain Fund) A family of early-stage venture capital funds that invest equity capital from Pre-Seed through Series C stages in companies with operations in Vermont and Northern New England, supplemented by board-level involvement, follow-on financing, and network access for portfolio company founders.
• Peak Pitch Vermont An annual startup pitch competition hosted by FreshTracks Capital at Sugarbush resort, used to source, evaluate, and award early-stage Vermont companies as prospective portfolio investments.

Quantifiable outcome

• $500MM+ of co-investment catalyzed into portfolio companies
• +3 more outcomes

Named customers10 records

Segments3 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Eight partnerships are on record, tiered core and minor.

• JM&A GroupcoreStrategic or Co-development PartnerPolly (portfolio company) announced a strategic alliance with JM&A Group, one of the largest independent providers of finance and insurance (F&I) products and dealer services in the industry. Together, the companies work to deliver next generation F&I solutions to dealers nationwide.
• Darwin AutomotivecoreStrategic or Co-development PartnerPolly announced a strategic alliance with Darwin Automotive, a J.D. Power subsidiary and global leader in data analytics and consumer intelligence. The three companies (Polly, JM&A Group, and Darwin) work together to deliver next generation F&I solutions to dealers nationwide.
• University of VermontminorStrategic or Co-development PartnerVerde Technologies collaborates with the University of Vermont along with MIT, Princeton University, and UC San Diego to drive innovation in perovskite solar technology.
• Massachusetts Institute of Technology (MIT)minorStrategic or Co-development PartnerVerde Technologies has secured partnerships with MIT alongside University of Vermont, Princeton University, and UC San Diego to advance perovskite solar technology.
• Princeton UniversityminorStrategic or Co-development PartnerVerde Technologies collaborates with Princeton University as part of its network of leading perovskite experts worldwide.
• UC San DiegominorStrategic or Co-development PartnerVerde Technologies partners with UC San Diego alongside other institutions to commercialize lightweight flexible solar panels using perovskite technology.
• SteelcasecoreStrategic or Co-development PartnerMamava collaborated with Steelcase to launch the 'Mamava Mini,' a design collaboration leveraging Mamava's expertise in lactation accommodations with Steelcase's furniture design capabilities.
• Solidarity DesignminorStrategic or Co-development PartnerMamava was co-founded by Sascha Mayer and Christine Dodson while working at Solidarity Design in Burlington, VT, representing the origin of the company's lactation pod business.

Scale indicators11 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• North Country Angels: A Vermont/New Hampshire-based angel network co-founded in 1999 by FreshTracks co-founder Charlie Kireker. Directly comparable regional early-stage investor with overlapping geography, deal sourcing relationships, and LP/angel investor base.
• Revolution (Rise of the Rest): Steve Case's fund-of-funds and direct investment platform focused on startups outside coastal tech hubs. Comparable thesis of building venture ecosystems in under-served geographies and similar deal sizes at the seed/early stage.
• Village Capital: Impact-focused early-stage VC supporting ventures addressing societal challenges. Comparable in deploying capital into under-served geographies and at the seed/Series A stage, often with peer-selection models similar in spirit to Peak Pitch.

Broad incumbents

• Techstars: Global accelerator/early-stage investor with broad portfolio across consumer, SaaS, climate, and frontier tech. Comparable as a high-volume early-stage investor with accelerator-style sourcing (analogous to Peak Pitch), though operates globally and at much larger scale.
• Foundry Group: Boulder, Colorado-based early-stage VC investing across software, consumer, and frontier tech. Comparable in stage focus (seed through Series B) and thematic breadth, though operates nationally rather than regionally.

Regional players

• Connecticut Innovations: State-backed VC fund providing capital and support to Connecticut-based startups. Directly comparable as a state/region-focused early-stage investor with multiple fund vintages, though operating in a different geography with larger capital base.
• Maine Venture Fund (Coastal Enterprises Inc.): Maine-based venture and small-business investment fund managed by Coastal Enterprises Inc. Comparable in supporting Northern New England entrepreneurs with regional economic development objectives and similar fund size and stage.
• Hyperplane Venture Fund: Boston/New England-based early-stage VC investing in technical founders across SaaS, AI, and frontier tech. Comparable in stage and regional focus, but operates in the larger Boston tech ecosystem with broader LP base.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat5 records

Key risks4 records

Key highlights6 records

Customer concentration

• Xx.com/FreshTracksCap
• Facebookfacebook.com/groups/49253882148
• LinkedInlinkedin.com/company/1075685

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles4 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments96 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about FreshTracks Capital