America is in the midst of a broad reorientation in how we approach health, elevating real, nutrient-dense, whole foods as a form of upstream care after decades of over-reliance on highly processed products. Against that backdrop, we’re thrilled to announce our investment in Evergreen, an emerging brand bringing that shift into family households across the country.

Consumer expectations in everyday food and beverage have evolved faster than incumbents have responded. Over time, that disconnect creates opportunities for emerging brands to redefine familiar categories. Frozen breakfast is a clear example.

The frozen waffle aisle is a $1B+ category where a single incumbent (Eggo) holds roughly 70% of market share. Yet historically, the category has seen little meaningful change, relying on nostalgia and promotional intensity rather than the modern nutrition and ingredient standards today’s families expect. That dynamic creates a structurally compelling opening for a challenger with genuine consumer pull.

More broadly, frozen itself is an underappreciated opportunity. While much of food innovation over the last decade has centered on shelf-stable or fresh, the frozen aisle has quietly become one of the most important channels for modern households. Frozen breakfast has shifted decisively toward functional convenience and everyday usage. Parents increasingly view frozen not as a compromise, but as a reliable, repeatable solution that saves time without sacrificing quality. In other words, frozen has become a credible health and convenience channel, not just a fallback.

5 years ago, Evergreen identified this opening and has been building precisely for this moment.

Founded by Emily Groden after she began making frozen waffles for her own daughter in response to a lack of better options, Evergreen set out to solve a problem most parents experience daily. Breakfast is non-optional, time constrained, and emotionally charged. Parents want “health without a fight,” and kids want food that tastes good. Evergreen delivers on both. Its waffles embed real fruits and vegetables into kid-approved flavors using clean, nutritious, whole-food ingredients, allowing parents to deliver one reliable win every morning from a brand they trust. Kids ask for Evergreen by name, and parents feel confident saying yes. That combination is rare, and it matters enormously in a category driven by repeat behavior rather than novelty.

This dynamic has translated into real momentum. Since launching in 2020, Evergreen has expanded into more than 8,500 doors across both natural and conventional retail, including Whole Foods, Sprouts, Target, Walmart, Kroger, and Wegmans. Today, Evergreen is one of the fastest-growing brands not only in the category across both natural and conventional channels, but also in the industry at large, underpinned by sustained velocity and repeat. In 2025, the brand was ranked 20th on Instacart’s Fastest Growing Brands, selected as a NOSH “Rising Star,” and named an Inc. “Best Challenger Brand.”

Our conviction reflects how Evergreen aligns with how we underwrite CPG, anchored by an authentic brand story rooted in a real parental need, participation in a truly habitual category, and the trust required to serve an end market like moms and families with young children, all supported by structural tailwinds from rising demand for clean-label, functional nutrition.

We are excited to invest in Evergreen’s Series A alongside Melitas Ventures, Terpsi Capital, and other value-add investors who share our excitement in defining the future of frozen breakfast for modern American families.

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