Beverly Hills · Growth–Late Stage · 62 people tracked
Also known as Butterfly Equity Lp
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Investment thesis
Butterfly Equity is an investment firm focused on the food sector, with expertise across food, private equity and technology.
Source: firm website, verified Sep 29, 2026.
Team · 62 people
from the firm's website & public directoriesFounder mafia
2 people who came through Butterfly went on to found or lead other companies.
What they invest in
from 6 of 16 portfolio companiesConsumer ×5Advanced Manufacturing ×4FoodTech ×4Circular Economy ×2Wellness & Fitness ×2Climate Tech ×1Direct to Consumer ×1E-commerce ×1
HQs:United States×5
Investments · 16 tracked
founders shown can be your intro pathBy year:2023 · 12014 · 12 dated
EPAC Flexibles manufactures custom printed flexible packaging including stand-up pouches, lay-flat pouches, and roll stock for various products.
Advanced ManufacturingCircular EconomyE-commerceNew MaterialsDel Mar, US
Virag Patel(Co-Founder and Chief Executive Officer)in
Actus Nutrition manufactures and supplies protein, fat, and functional nutritional ingredients derived from milk and whey for food and beverage manufacturers.
Advanced ManufacturingConsumerFoodTechHealthtechWellness & FitnessEden Prairie, US
Co-investorsRabo Corporate Venturing
Custom Flavors develops and manufactures customized flavors derived from natural sources for food and beverage companies of all sizes.
Advanced ManufacturingCircular EconomyClimate TechConsumerFoodTechSouth Orange County, US
Mike Wendling(Co-founder)inSteve Bishop(Co-founder & Executive Vice President)inAlex Wendling(President)in
Orgain makes clean nutrition products, including protein powders and shakes in flavors like chocolate, vanilla, and strawberry.
ConsumerDirect to ConsumerWellness & Fitness
Andrew Abraham(Founder)in
Co-investorsDCP CapitalRabo Corporate VenturingRx3 Growth PartnersACE & Company
Ensenada, Baja California producer of ocean-raised premium striped bass; a leader in sustainable aquaculture.
Co-investorsEquilibrium Capital
Rise Baking Company produces artisan breads and rolls using traditional European baking techniques, serving bakeries and food service businesses seeking to offer quality bread products to their customers.
Advanced ManufacturingConsumerFoodTech
Co-investorsOlympus Partners
Duck Horn Portfolio is a portfolio company with a focus on wine and spirits businesses, led by experienced executives from consumer and luxury brands.
ConsumerFoodTech
Robert Hanson(Chief Executive Officer)in
Other
Tracked investments with no reachable website or further public details — typically companies that wound down, renamed, or were absorbed.
Bolthouse Fresh FoodsChosen FoodsEpacGenerous BrandsMaryRuth OrganicsModmarketPete & Gerry's OrganicsTarget Flavors
Fund performance · per public LP disclosures · 2
as of Jun 2025| Fund | Vintage | Committed | Net IRR | TVPI | DPI |
|---|---|---|---|---|---|
| Butterfly II, LPLPs: California Public Employees' Retirement System | 2022 | — | 13.8% | 1.27x | 0.32x |
| Butterfly Fund II, LPLPs: Texas Municipal Retirement System | — | — | 16.3% | 1.73x | 0.71x |
Source: public limited-partner disclosures (CalPERS, CalSTRS). Net IRR / TVPI / DPI as reported by the limited partner; a fund's early-year IRR is an interim estimate (J-curve).
Frequently asked questions
- How many investments has Butterfly made?
- Butterfly has 16 tracked investments.
- What stage does Butterfly invest at?
- Butterfly invests at the Growth, Late Stage stages.
- What sectors does Butterfly focus on?
- Butterfly focuses on AgTech, FoodTech.
- Where is Butterfly located?
- Butterfly is headquartered in Beverly Hills, US.
- Who does Butterfly co-invest with?
- Butterfly most often shares deals with Rabo Corporate Venturing, BCI, DCP Capital, among 5 tracked co-investors.
Images
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