#ChiVentureSummit Future-of-Food, Meet Ashley Hartman

Today for our #ChiVentureSummit spotlight, meet Ashley Hartman, Managing Partner of Bluestein Ventures. Ashley drives the firm’s strategy, portfolio company support, and deal pipeline. Learn about Ashley’s background in investing and insights on the Food & Agriculture market below.?

Q. How did you get your start in venture capital/investing?

A. I’ve been investing at Bluestein Ventures for six years, making +30 investments across the entire supply chain in food. My passion is food & commerce, which I combine with my background in operations & finance.?

I actually never thought about venture capital as a career path. Coming from a family of entrepreneurs, I always knew I would be in entrepreneurship, and after business school, I wanted to grow & scale a business. Prior to Bluestein, I was growing & scaling my family's manufacturing business, taking it from a regional player to national, taking it from one product line to multiple. After that wild ride, I wanted to get back to my passion for the food industry, so I thought I would join a startup in food. However, I started working with Bluestein as I was transitioning, and I fell in love with venture. I get to be at the forefront of innovation and use my background to help entrepreneurs at the earliest stages of their journey. My operating expertise has been incredibly valuable in assessing companies’ potential and working with our portfolio.

Q. What is a trend you currently see in the Food & Agriculture market?

A. A major focus area for us recently is food-as-medicine, which integrates nutrition, wellness, and healthcare to solve chronic health problems and other unmet medical needs by emphasizing treatment over prevention. Food has a powerful ability to heal our bodies, and we haven’t tapped the surface of exploring its potential. We’re diving deeply into efficacy-proven solutions that can replace or enhance medical interventions, in addition to precision nutrition that uses food to target conditions. There is so much opportunity across the entire supply chain, from consumer goods tapping into known ingredients, to commerce and technology platforms that can deliver personalized solutions, to foodtech that’s developing or discovering completely novel ingredients.

Q. Why is investing in Food & Agriculture so important for the future?

A. Food is one of the most massive industries and touches our entire economy; it’s also extraordinarily personal, something we think about at least three times a day. While the food system is magical, there is tremendous opportunity to make it better, healthier, and more sustainable. We’re on the cusp of rapid, disruptive change across both consumer and technology that’s only continuing to compound. Investment at the frontier of innovation is the critical piece in getting the industry to accelerate. There are so many challenges right now, be it COVID, supply chain, inflation, but with those challenges are opportunities.

Q. What makes Chicago the leading hub for Food & Agriculture?

A. Chicago is THE hub for the food system. We like to say that the food industry comes through Chicago one way or another given our central location, and we have all the components to be the nucleus of the industry. Located in Chicago are the largest distributors, CPG companies, brokers, retail/consumer data providers, food delivery platforms, and the logistics companies – as well as the largest venture funds focused on the food industry. All of this works synergistically, not to mention the fact that this leads to the strongest pool of talent from which innovation can percolate and mature. The significant exits we’ve seen in the space (e.g. HomeChef, Factor75, RxBar, Vital Proteins, Simple Mills), in addition to the sizeable venture rounds, are creating a virtuous cycle as well that’s only hastening more innovation.?

Q. Do you have any advice for up-and-coming investors looking to get involved in the Chicago VC/investing field?

A. I’d highlight three pieces of advice: be willing to take a risk, demonstrate intellectual curiosity, and hustle. Venture capital is not for the faint of heart. You need to gain conviction ahead of everyone else, and we’re investing in early-stage companies that are faced with significant challenges to scale. You need to be able to thrive under uncertainty. As VCs, we’re entrepreneurs ourselves, so we’re constantly building our own deal flow, brands, networks, and conviction.

Ashley will be speaking on the 26th at the #ChiVentureSummit - if you’ll be in attendance, be sure to join the 4:00PM “Money More Than Ever Before” conversation. Learn more about Bluestein Ventures here.