Freshtracks Capital

FreshTracks Capital is a private equity and venture capital firm established in 2000 and based in Shelburne, Vermont. The firm specializes in seed and early-stage investments, particularly in technology-driven sectors such as software, hardware, telecommunications, alternative energy, and biotechnology. FreshTracks focuses on companies within Vermont and the surrounding regions, including parts of Northern New York State, Massachusetts, and New Hampshire. It typically invests between $0.25 million and $2 million in businesses with annual sales between $1 million and $5 million, while also being capable of organizing larger investment rounds. The firm partners with Village Ventures to support innovative businesses through various financing stages and seeks to exit investments through sales, recapitalizations, or public offerings, often aiming for board representation in its portfolio companies. Currently, FreshTracks is investing from its 2016 vintage FreshTracks IV Fund, managed by its co-founders.

Lee Bouyea

General Partner & Managing Director

Cairn Cross

Co-Founder & Managing Director

Timothy C. Davis

Managing Director

Charles Kireker

Co-Founder and Senior Advisor

Whalen, T. J.

General Partner and Managing Director

Past deals in Vermont

Resonant Link

Convertible Note in 2022
Resonant Link LLC manufactures and develops wireless charging solutions by leveraging coil technology. Its products include Resonant Link’s multi-layer self-resonant structure (MSRS). It serves robot, drone, and electric vehicles industries throughout the world. The company was founded in 2017 and is based in Shelburne, Vermont.

Ogee

Series A in 2022
Ogee is an organic skincare platform. The company adheres to organic and sustainable principles through its commitment to ethical and fair business practices through its suppliers, products, employees, partners, and community. Ogee obtained organic certification by NSF, a strict, internationally recognized standard specifically designed for personal care products, and uses only the highest quality natural and organic ingredients to retain the maximum level of antioxidants, polyphenols, and micronutrients in every bottle. Founded in 2014, the company is headquartered in Burlington, Vermont, United States.

Benchmark Space Systems

Convertible Note in 2022
Benchmark Space Systems is building a low-cost propulsion system for the rapidly growing small satellite market. The company system uses a non-toxic, inert chemical that is safe to transport and store, making it attractive to a range of customers. The small satellite market is predicted to be $30B over the next 10 years, and propulsion is a key enabling technology for this growth. Their system also uses a proprietary, patent-pending system that will offer tremendous value by offering solid performance at a low cost. It proposes a resistor jet micro propulsion system that leverages a solid gas generator to offer high-performance, low-cost propulsion with key safety features. Benchmark Space Systems was founded in 2017 and is headquartered in South Burlington, VT, USA.

Resonant Link

Seed Round in 2022
Resonant Link LLC manufactures and develops wireless charging solutions by leveraging coil technology. Its products include Resonant Link’s multi-layer self-resonant structure (MSRS). It serves robot, drone, and electric vehicles industries throughout the world. The company was founded in 2017 and is based in Shelburne, Vermont.

Faraday

Series A in 2021
Faraday, Inc. operates an analytics platform that provides various solutions aimed at enhancing customer engagement and business outcomes. Its offerings include Audiences for visual data exploration, Campaigns for multichannel outreach, Models for predictive analytics, and Teams for collaborative data management. The company serves multiple sectors, including banking, payments, energy, and education. Incorporated in 2012 and based in Middlebury, Vermont, Faraday leverages data-driven strategies to assist clients in customer acquisition, particularly for home upgrades. By applying analytical methods, Faraday seeks to improve the effectiveness of marketing efforts and drive business growth.

Caledonia Spirits

Series B in 2019
Caledonia Spirits, based in Montpelier, Vermont, is a craft distillery founded in 2008 that produces and distributes a range of beverages, including gin, vodka, and elderberry cordial. The company is known for its Bar Hill Gin, Tom Cat Gin, and Barr Hill Vodka, which incorporate raw honey and locally sourced, organic ingredients. Caledonia Spirits is committed to supporting local agriculture and enhancing Vermont's working landscapes by adding value to the efforts of local farmers and producers. It aims to promote organic farming practices while contributing to the community's economic and social well-being. The distillery's products are distributed across various states in the U.S. and internationally in markets such as Denmark, Hong Kong, Japan, and Quebec.

Ogee

Debt Financing in 2019
Ogee is an organic skincare platform. The company adheres to organic and sustainable principles through its commitment to ethical and fair business practices through its suppliers, products, employees, partners, and community. Ogee obtained organic certification by NSF, a strict, internationally recognized standard specifically designed for personal care products, and uses only the highest quality natural and organic ingredients to retain the maximum level of antioxidants, polyphenols, and micronutrients in every bottle. Founded in 2014, the company is headquartered in Burlington, Vermont, United States.

Kafina Energy

Debt Financing in 2019
Kafina Energy is a revolutionary organic energy elixir unlike anything you have tried. Experience the power of pure, herbal energy: Kafina® contains 11mg of caffeine and 10 calories. It is a revolutionary organic energy elixir for extraordinary physical energy, mental stamina and uplifted mood with zero chemicals or crash. They are on a mission to fuel, restore and awaken people through the healing power of plants. It is our joy and passion to bring Kafina® to as many people as possible.

Big Tree Farms

Venture Round in 2019
Big Tree Farms, Inc. is a producer and distributor of various tropical food products, including coconut sugar, raw cacao, and alternative sweeteners. The company collaborates with over 13,000 small farmers, fostering transparent and equitable supply relationships. Its product offerings extend to organic seasoning sauces, marinades, and cold-processed nutrition made from whole plants. Big Tree Farms operates in the United States, Bali, and Indonesia, distributing its products through both retail and online channels. Founded in 2000 and based in Hinesburg, Vermont, the company focuses on sustainable practices, harvesting flower nectar from thriving food forests while prioritizing soil health and tree conservation.

THINKMD

Debt Financing in 2019
THINKMD, Inc. develops a point-of-care clinical assessment tool. It offers MEDSINC, a tool that enables users to gather patient information, assess severity of illness, and provide established and approved triage and treatment recommendations. The company tool is also used for integrated clinical assessment across illness categories; and capturing real-time public health and geo-location data. THINKMD, Inc. was founded in 2014 and is based in Charlotte, Vermont.

Ogee

Debt Financing in 2019
Ogee is an organic skincare platform. The company adheres to organic and sustainable principles through its commitment to ethical and fair business practices through its suppliers, products, employees, partners, and community. Ogee obtained organic certification by NSF, a strict, internationally recognized standard specifically designed for personal care products, and uses only the highest quality natural and organic ingredients to retain the maximum level of antioxidants, polyphenols, and micronutrients in every bottle. Founded in 2014, the company is headquartered in Burlington, Vermont, United States.

Benchmark Space Systems

Seed Round in 2018
Benchmark Space Systems is building a low-cost propulsion system for the rapidly growing small satellite market. The company system uses a non-toxic, inert chemical that is safe to transport and store, making it attractive to a range of customers. The small satellite market is predicted to be $30B over the next 10 years, and propulsion is a key enabling technology for this growth. Their system also uses a proprietary, patent-pending system that will offer tremendous value by offering solid performance at a low cost. It proposes a resistor jet micro propulsion system that leverages a solid gas generator to offer high-performance, low-cost propulsion with key safety features. Benchmark Space Systems was founded in 2017 and is headquartered in South Burlington, VT, USA.

SunCommon

Series C in 2018
SunCommon offers affordable Vermont solar at no upfront cost and a low monthly payment. It was founded in 2012 and is based in Waterbury Center, Vermont.

Benchmark Space Systems

Debt Financing in 2018
Benchmark Space Systems is building a low-cost propulsion system for the rapidly growing small satellite market. The company system uses a non-toxic, inert chemical that is safe to transport and store, making it attractive to a range of customers. The small satellite market is predicted to be $30B over the next 10 years, and propulsion is a key enabling technology for this growth. Their system also uses a proprietary, patent-pending system that will offer tremendous value by offering solid performance at a low cost. It proposes a resistor jet micro propulsion system that leverages a solid gas generator to offer high-performance, low-cost propulsion with key safety features. Benchmark Space Systems was founded in 2017 and is headquartered in South Burlington, VT, USA.

Image Relay

Seed Round in 2018
Image Relay, Inc. specializes in cloud-based digital asset management software, enabling brands to effectively curate, control, and communicate their brand assets from a centralized platform. Founded in 2002 and headquartered in Burlington, Vermont, the company offers solutions for managing digital assets, distributing materials, and organizing user access. Its software allows clients to secure, store, retrieve, and share production files, while also providing features to view previous asset versions, catalog assets with structured folders, and analyze business data efficiently. Image Relay has established long-term relationships with its clients, many of whom have been with the company since its inception, reflecting the value and reliability of its services.

Faraday

Series A in 2018
Faraday, Inc. operates an analytics platform that provides various solutions aimed at enhancing customer engagement and business outcomes. Its offerings include Audiences for visual data exploration, Campaigns for multichannel outreach, Models for predictive analytics, and Teams for collaborative data management. The company serves multiple sectors, including banking, payments, energy, and education. Incorporated in 2012 and based in Middlebury, Vermont, Faraday leverages data-driven strategies to assist clients in customer acquisition, particularly for home upgrades. By applying analytical methods, Faraday seeks to improve the effectiveness of marketing efforts and drive business growth.

Mamava

Seed Round in 2018
Mamava, Inc. is a company based in Burlington, Vermont, that specializes in manufacturing lactation stations and pods designed to provide nursing mothers with private and comfortable spaces to pump or nurse while away from home or at work. Founded in 2013, Mamava aims to transform the culture of breastfeeding by creating more accommodating and inviting environments for mothers. Its freestanding lactation suites are installed in various public spaces, including airports, stadiums, convention centers, hospitals, and schools, helping to reduce barriers to breastfeeding and increasing access to necessary infrastructure for breastfeeding parents. The company's mission is to make breastfeeding more realistic and optimistic for all mothers, supporting their needs while on the go.

Caledonia Spirits

Series A in 2017
Caledonia Spirits, based in Montpelier, Vermont, is a craft distillery founded in 2008 that produces and distributes a range of beverages, including gin, vodka, and elderberry cordial. The company is known for its Bar Hill Gin, Tom Cat Gin, and Barr Hill Vodka, which incorporate raw honey and locally sourced, organic ingredients. Caledonia Spirits is committed to supporting local agriculture and enhancing Vermont's working landscapes by adding value to the efforts of local farmers and producers. It aims to promote organic farming practices while contributing to the community's economic and social well-being. The distillery's products are distributed across various states in the U.S. and internationally in markets such as Denmark, Hong Kong, Japan, and Quebec.

Horse Network

Debt Financing in 2017
Horse Network operates a digital publishing platform that serves the equestrian community, fostering connections among horse lovers, athletes, equine professionals, and hobbyists. Established in 2010 and originally known as Horse Collaborative, Inc., the company rebranded to Horse Network in March 2016. The platform provides a wide array of content, including articles and videos that address equestrian lifestyle, sports, current events, health, and horsemanship. Since its inception, Horse Network has successfully cultivated an international community where individuals can share stories, ideas, and experiences related to horses, while also accessing valuable information and resources from industry professionals. Based in Shoreham, Vermont, Horse Network continues to enhance engagement within the horse world, making it more connected and accessible.

Horse Network

Debt Financing in 2017
Horse Network operates a digital publishing platform that serves the equestrian community, fostering connections among horse lovers, athletes, equine professionals, and hobbyists. Established in 2010 and originally known as Horse Collaborative, Inc., the company rebranded to Horse Network in March 2016. The platform provides a wide array of content, including articles and videos that address equestrian lifestyle, sports, current events, health, and horsemanship. Since its inception, Horse Network has successfully cultivated an international community where individuals can share stories, ideas, and experiences related to horses, while also accessing valuable information and resources from industry professionals. Based in Shoreham, Vermont, Horse Network continues to enhance engagement within the horse world, making it more connected and accessible.

Ogee

Seed Round in 2017
Ogee is an organic skincare platform. The company adheres to organic and sustainable principles through its commitment to ethical and fair business practices through its suppliers, products, employees, partners, and community. Ogee obtained organic certification by NSF, a strict, internationally recognized standard specifically designed for personal care products, and uses only the highest quality natural and organic ingredients to retain the maximum level of antioxidants, polyphenols, and micronutrients in every bottle. Founded in 2014, the company is headquartered in Burlington, Vermont, United States.

HempVet

Seed Round in 2017
HempVet manufactures issue-specific superfood supplements by combining phytocannabinoid-rich organic hemp complex with other powerful active ingredients, allowing users to provide optimal daily support for pet's total health and wellness.

DRINKmaple

Series A in 2017
DRINKmaple is a Concord-based maker of maple water, DRINKmaple pure maple water is the sap that comes straight from maple trees. It is a natural hydration that boasts a subtle hint of maple flavor. Containing 46 naturally occurring vitamins, minerals, polyphenols, antioxidants and prebiotics, this refreshing beverage is naturally low in calories, gluten-free, dairy-free, vegan and non-GMO. DRINKmaple is a pure form of hydration that contains more manganese than one cup of kale and is half of the sugar of coconut water.

THINKMD

Venture Round in 2017
THINKMD, Inc. develops a point-of-care clinical assessment tool. It offers MEDSINC, a tool that enables users to gather patient information, assess severity of illness, and provide established and approved triage and treatment recommendations. The company tool is also used for integrated clinical assessment across illness categories; and capturing real-time public health and geo-location data. THINKMD, Inc. was founded in 2014 and is based in Charlotte, Vermont.

Budnitz Bicycles

Venture Round in 2017
BUDNITZ BICYCLES, Inc. manufactures and sells titanium belt drive bicycles. The company offers its products for daily use and racing applications. It sells its products online. The company was incorporated in 2010 and is based in Burlington, Vermont. BUDNITZ BICYCLES, Inc. operates as a subsidiary of MIGHTY ELEPHANT, LLC.

GroopZoom

Venture Round in 2016
GroopZoom operates as a versatile platform that facilitates the booking of group events, parties, meals, and meetings at various venues, including bars and restaurants. The company simplifies the event planning process by allowing customers to browse available options, select menu items, and secure reservations with real-time online payments. Additionally, GroopZoom offers curated experiences such as cooking classes and sommelier training. The platform also supports a pop-up mass transit network, enabling customers to purchase tickets while allowing vendors to bid on transportation segments, track trips, and receive automatic payments. Established in 2011 and based in Cambridge, Massachusetts, GroopZoom is dedicated to enhancing group travel and event planning, providing a streamlined experience that reduces the complexities involved in organizing group activities.

Wuu

Seed Round in 2016
Wuu is a social networking platform. Wuu has no ads, does not collect or sell user data, and is not affiliated with data miners or advertisers.

Mamava

Debt Financing in 2016
Mamava, Inc. is a company based in Burlington, Vermont, that specializes in manufacturing lactation stations and pods designed to provide nursing mothers with private and comfortable spaces to pump or nurse while away from home or at work. Founded in 2013, Mamava aims to transform the culture of breastfeeding by creating more accommodating and inviting environments for mothers. Its freestanding lactation suites are installed in various public spaces, including airports, stadiums, convention centers, hospitals, and schools, helping to reduce barriers to breastfeeding and increasing access to necessary infrastructure for breastfeeding parents. The company's mission is to make breastfeeding more realistic and optimistic for all mothers, supporting their needs while on the go.

Social Sentinel

Series A in 2016
Social Sentinel, Inc. specializes in social media threat intelligence solutions for educational institutions and public safety sectors. The company provides a monitoring platform that alerts campus and community leaders to potential threats shared on social media, enhancing their ability to respond effectively. Its offerings include a mobile safety application and services tailored for various scenarios such as road safety, self-harm prevention, and severe weather events. Founded in 2011 and headquartered in Burlington, Vermont, Social Sentinel aims to improve community safety and security through innovative technology. It operates as a subsidiary of Navigate360, LLC, and focuses on enabling authorities to maintain oversight and manage resources efficiently in the face of emerging threats.

Horse Network

Seed Round in 2016
Horse Network operates a digital publishing platform that serves the equestrian community, fostering connections among horse lovers, athletes, equine professionals, and hobbyists. Established in 2010 and originally known as Horse Collaborative, Inc., the company rebranded to Horse Network in March 2016. The platform provides a wide array of content, including articles and videos that address equestrian lifestyle, sports, current events, health, and horsemanship. Since its inception, Horse Network has successfully cultivated an international community where individuals can share stories, ideas, and experiences related to horses, while also accessing valuable information and resources from industry professionals. Based in Shoreham, Vermont, Horse Network continues to enhance engagement within the horse world, making it more connected and accessible.

Horse Network

Seed Round in 2015
Horse Network operates a digital publishing platform that serves the equestrian community, fostering connections among horse lovers, athletes, equine professionals, and hobbyists. Established in 2010 and originally known as Horse Collaborative, Inc., the company rebranded to Horse Network in March 2016. The platform provides a wide array of content, including articles and videos that address equestrian lifestyle, sports, current events, health, and horsemanship. Since its inception, Horse Network has successfully cultivated an international community where individuals can share stories, ideas, and experiences related to horses, while also accessing valuable information and resources from industry professionals. Based in Shoreham, Vermont, Horse Network continues to enhance engagement within the horse world, making it more connected and accessible.

Ello

Series B in 2015
Ello, PBC is a social network platform founded in 2014 and headquartered in Burlington, Vermont. It was established by a group of artists seeking to create a more positive online environment, free from the negativity, clutter, and data mining prevalent on other platforms. The network serves as a space for artists, designers, musicians, and other creatives to connect, share, and promote their work while earning a living through their talents. Users can discover and discuss their passions, fostering a robust community focused on art and creativity. As of April 30, 2018, Ello operates as a subsidiary of Talenthouse, Inc.

Ello

Series A in 2014
Ello, PBC is a social network platform founded in 2014 and headquartered in Burlington, Vermont. It was established by a group of artists seeking to create a more positive online environment, free from the negativity, clutter, and data mining prevalent on other platforms. The network serves as a space for artists, designers, musicians, and other creatives to connect, share, and promote their work while earning a living through their talents. Users can discover and discuss their passions, fostering a robust community focused on art and creativity. As of April 30, 2018, Ello operates as a subsidiary of Talenthouse, Inc.

Moscow Mills

Convertible Note in 2014
Moscow Mills is a manufacturer and provider of mechanical engineering services. It is an engineering and manufacturing firm providing mechanical engineering services and high-precision component production for the R&D, prototype, and short-run markets. Moscow Mills was founded in 1996 and is headquartered in Stowe, Vermont.

Budnitz Bicycles

Series A in 2014
BUDNITZ BICYCLES, Inc. manufactures and sells titanium belt drive bicycles. The company offers its products for daily use and racing applications. It sells its products online. The company was incorporated in 2010 and is based in Burlington, Vermont. BUDNITZ BICYCLES, Inc. operates as a subsidiary of MIGHTY ELEPHANT, LLC.

SunCommon

Series B in 2014
SunCommon offers affordable Vermont solar at no upfront cost and a low monthly payment. It was founded in 2012 and is based in Waterbury Center, Vermont.

Faraday

Series A in 2014
Faraday, Inc. operates an analytics platform that provides various solutions aimed at enhancing customer engagement and business outcomes. Its offerings include Audiences for visual data exploration, Campaigns for multichannel outreach, Models for predictive analytics, and Teams for collaborative data management. The company serves multiple sectors, including banking, payments, energy, and education. Incorporated in 2012 and based in Middlebury, Vermont, Faraday leverages data-driven strategies to assist clients in customer acquisition, particularly for home upgrades. By applying analytical methods, Faraday seeks to improve the effectiveness of marketing efforts and drive business growth.

Ello

Seed Round in 2014
Ello, PBC is a social network platform founded in 2014 and headquartered in Burlington, Vermont. It was established by a group of artists seeking to create a more positive online environment, free from the negativity, clutter, and data mining prevalent on other platforms. The network serves as a space for artists, designers, musicians, and other creatives to connect, share, and promote their work while earning a living through their talents. Users can discover and discuss their passions, fostering a robust community focused on art and creativity. As of April 30, 2018, Ello operates as a subsidiary of Talenthouse, Inc.

GroopZoom

Seed Round in 2013
GroopZoom operates as a versatile platform that facilitates the booking of group events, parties, meals, and meetings at various venues, including bars and restaurants. The company simplifies the event planning process by allowing customers to browse available options, select menu items, and secure reservations with real-time online payments. Additionally, GroopZoom offers curated experiences such as cooking classes and sommelier training. The platform also supports a pop-up mass transit network, enabling customers to purchase tickets while allowing vendors to bid on transportation segments, track trips, and receive automatic payments. Established in 2011 and based in Cambridge, Massachusetts, GroopZoom is dedicated to enhancing group travel and event planning, providing a streamlined experience that reduces the complexities involved in organizing group activities.

BuysideFX

Seed Round in 2012
BuysideFX is a Currency Management Platform that provides a simple and effective FX trading strategy, solving foreign exchange problems for institutional money managers by supporting the entire lifecycle of trades. It reduces operational risk, streamlines workflow management, connects with any FX dealer via multi-dealer ECNs or single-dealer platforms, runs custom trading strategies, and provides workflow automation via BuysideFX Autopilot.

NativeEnergy

Venture Round in 2011
NativeEnergy, Inc. specializes in providing carbon offsets, renewable energy credits, and carbon accounting software aimed at helping businesses and individuals reduce their greenhouse gas emissions. Founded in 2000 and based in Burlington, Vermont, the company offers a range of solutions, including Help Build carbon offsets, which fund various carbon reduction initiatives such as renewable energy projects (wind, biogas, and solar), water filtration systems, and forestry projects. Additionally, NativeEnergy provides tools for tracking, analyzing, and reporting greenhouse gas emissions, enabling clients to better understand and manage their carbon footprints while contributing to environmental sustainability.

Draker

Venture Round in 2011
For over a decade, Draker has been providing monitoring, management and control solutions for commercial and utility solar energy systems. Draker’s range of products and services allows PV developers, owners and operators to increase efficiency and optimize profitability of their solar assets. Draker’s turnkey commercial and end-to-end utility solutions include project-based services, field instrumentation, data collection and management, robust web applications with advanced analytical tools, and public information displays.

Draker

Series A in 2008
For over a decade, Draker has been providing monitoring, management and control solutions for commercial and utility solar energy systems. Draker’s range of products and services allows PV developers, owners and operators to increase efficiency and optimize profitability of their solar assets. Draker’s turnkey commercial and end-to-end utility solutions include project-based services, field instrumentation, data collection and management, robust web applications with advanced analytical tools, and public information displays.

NativeEnergy

Series A in 2007
NativeEnergy, Inc. specializes in providing carbon offsets, renewable energy credits, and carbon accounting software aimed at helping businesses and individuals reduce their greenhouse gas emissions. Founded in 2000 and based in Burlington, Vermont, the company offers a range of solutions, including Help Build carbon offsets, which fund various carbon reduction initiatives such as renewable energy projects (wind, biogas, and solar), water filtration systems, and forestry projects. Additionally, NativeEnergy provides tools for tracking, analyzing, and reporting greenhouse gas emissions, enabling clients to better understand and manage their carbon footprints while contributing to environmental sustainability.

NEHP

Venture Round in 2007
NEHP is a prominent provider of process utility solutions focused on various industries, including semiconductor, life sciences, food and beverage, energy, and chemicals. The company specializes in modularization techniques and piping solutions that enhance installation efficiency by minimizing design time, downtime, and maintenance costs. NEHP's patented drop-in floor modules for semiconductor equipment facilitate the rapid installation and connection of diverse process tools globally. By adhering to stringent industry standards and regulations, such as SEMI, cGMP, ASME-BPE, and FDA practices, NEHP ensures that its solutions meet the high demands of its clients while improving overall construction productivity.

Vermont Teddy Bear

Venture Round in 2005
Vermont Teddy Bear is a manufacturer and distributor specializing in teddy bears and personalized gift products. With over 30 years of experience, the company takes pride in creating high-quality bears that are designed, cut, sewn, stuffed, and stitched in Vermont. In addition to teddy bears, Vermont Teddy Bear offers a range of personalized items, including pajamas and floral products, catering to various occasions such as birthdays, weddings, and anniversaries. The company's commitment to craftsmanship and customer satisfaction has made it a notable player in the gift industry.

Eatingwell Media Group

Seed Round in 2002
The EatingWell Media Group is a fast-growing, independent communications company producing an award-winning national consumer magazine, high-quality food and nutrition-related books, a content-rich website, e-mail newsletters, and serving content to strategic partners with other electronic media.