Bread & Butter Ventures has announced the close of its fourth fund, raising $40 million to invest in seed-stage startups across food technology, digital health, and enterprise SaaS. The Minnesota-based firm, while not exclusively focused on healthcare, has built a portfolio that includes several notable women’s health startups like Delfina, Chiyo, Gabbi, Nest Collaborative, and Cherry Blossom Intimates.
“Our thesis is rooted in the Minnesota homefield advantage—being based at the epicenter of global industries of the food system, the healthcare industry, and the highest density of Fortune 500 companies per capita in the nation,” says Mary Grove, Managing Partner at Bread & Butter Ventures, who leads the firm’s healthtech investments.
From Google to the Heartland
Grove’s journey to leading a Midwestern venture capital firm began at Google, where she spent 14 years building the Google for Startups organization and working on emerging market expansion. “I loved that work; it gave me such an appreciation for early stage startups and also for opportunities in markets all over the world and all over the country, not just in Silicon Valley, where I lived and worked at the time,” Grove explains.
Seven years ago, Grove transitioned to venture investing full-time, initially as an investment partner at Revolution, a fund founded by AOL founder Steve Case. Her move to the Midwest was driven by the potential she saw in Minnesota’s unique ecosystem. “I saw so much potential in our Minnesota ecosystem, specifically around Fortune 500 and big enterprises that are based here, especially in the healthcare industry and in food tech,” Grove notes.
This recognition of Minnesota’s strategic advantages led to her partnership with Brett Brohl five years ago to build what is now Bread & Butter Ventures, combining Grove’s tech background with Brohl’s founder experience.
Expanding the Definition of Women’s Health Innovation
As Bread & Butter Ventures grows with this new fund, Grove has been particularly thoughtful about how the definition of women’s health is evolving beyond reproductive and gynecological care.
“I think the conversation has gone from these very specific conditions or needs to whole person care,” Grove explains. “I was in my OBGYN clinic last week for a checkup, and for the first time, beyond the normal exams, she really dug deep on cardio-metabolic health, sleep, nutrition. It felt like, ‘Is this my general practitioner appointment?’ And she explained that their clinic is now focusing on comprehensive women’s health. Healthcare is women’s health; women’s health is health.”
This expanded understanding of women’s health informs the firm’s investment approach. Grove identifies specific areas where they see particular opportunity: “The two categories that really stand out to us in women’s health are cardio-metabolic health in general and fertility,” she says. “We’ve made quite a few investments in the maternal health space, but we haven’t yet extended that into fertility, which is a huge area with a lot of innovation happening.”
This perspective aligns with broader industry trends that recognize women’s unique health needs beyond reproductive care—particularly in cardiovascular disease, which remains the leading cause of death for women.
The Innovation Circle: Accelerating Women’s Health Startups
What sets Bread & Butter Ventures apart is their Innovation Circle—a curated network of Minnesota-based corporations including healthcare leaders like Mayo Clinic. For women’s health startups, these connections provide crucial early validation and market access. “If we can make an introduction to any one of those companies 18 months ahead of schedule, get feedback, maybe get a pilot, it greatly accelerates the commercialization timeline,” Grove explains.
This corporate connection serves multiple purposes: Providing potential customers, offering clinical validation partners, and sometimes creating strategic investment opportunities. The firm focuses on three key areas of support: Fundraising connections for current and future rounds, PR and marketing assistance through Bread & Butter Ventures Partner Stephanie Rich, and commercial introductions for revenue growth.
Optimism Amid Challenges
Despite the challenging fundraising environment for early-stage companies, Grove remains committed and optimistic about the future of innovation in women’s health.
“This feels like a time of great optimism. These periods of constraint really do breed a lot of creativity,” she reflects. “The deal flow quality is immensely high. It’s a great time to be building in women’s health, and we’ll definitely be adding to the space with our new fund as well.”
