Key Takeaways
- • Spring Innovation Fund launches as a first-of-its-kind venture studio combining philanthropic capital with for-profit venture creation, targeting animal welfare technology at commercial scale with an eight-figure deployment planned over the first one to two years.
- • Hybrid capital model deployed: Philanthropic donors provide non-dilutive capital without taking equity stakes, while Spring itself takes equity in portfolio companies; any returns generated flow back into the nonprofit to fund future ventures in an "evergreen" structure.
- • Founder team brings complementary expertise: Eitan Fischer (Mission Barns founder), Nate Crosser (former Blue Horizons principal), and Milo Runkle (New Crop Capital founder) established the 501(c)(3) nonprofit to connect technology, founders, and capital across the animal welfare sector.
- • Three-month entrepreneur-in-residence program offers selected founders approximately $500,000 in initial seed funding, with potential follow-on capital and access to venture capital, loans, grants, and other non-dilutive funding sources to scale companies commercially.
Summary
Spring Innovation Fund has launched as a venture studio explicitly designed to address the perceived tension between animal welfare improvements and economic viability. The nonprofit, founded by Eitan Fischer, Nate Crosser, and Milo Runkle, operates on the premise that welfare technology can simultaneously improve conditions for billions of farmed animals while generating commercial returns for investors and stakeholders.
The fund operates as a 501(c)(3) nonprofit that functions as both an incubator and investor. Its core mechanism involves a three-month entrepreneur-in-residence program designed to identify and support promising founders. Selected participants receive approximately $500,000 in initial funding to launch companies, with Spring providing ongoing support through follow-on capital and facilitation of additional funding sources including venture capital, loans, and grants.
A distinctive feature of Spring's capital structure separates philanthropic funding from equity ownership. Private foundations and philanthropic donors contribute capital without taking equity stakes in the startups they support. However, Spring itself takes equity positions in the for-profit companies it incubates. This structure enables an "evergreen" funding model: returns generated from portfolio company exits flow back into the nonprofit, where they are recycled to fund subsequent investment rounds and new ventures.
Spring's team combines sector expertise from multiple domains. Fischer previously founded Mission Barns, a company operating in the animal welfare technology space. Crosser brings venture experience from Blue Horizons, while Runkle founded New Crop Capital, positioning the founding team to identify promising founders and connect them with appropriate capital sources. According to Fischer, Spring has already secured commitments and expects to deploy an eight-figure amount over the first one to two years, indicating substantial backing from philanthropic sources aligned with animal welfare and food systems innovation.
The fund operates as a 501(c)(3) nonprofit that functions as both an incubator and investor. Its core mechanism involves a three-month entrepreneur-in-residence program designed to identify and support promising founders. Selected participants receive approximately $500,000 in initial funding to launch companies, with Spring providing ongoing support through follow-on capital and facilitation of additional funding sources including venture capital, loans, and grants.
A distinctive feature of Spring's capital structure separates philanthropic funding from equity ownership. Private foundations and philanthropic donors contribute capital without taking equity stakes in the startups they support. However, Spring itself takes equity positions in the for-profit companies it incubates. This structure enables an "evergreen" funding model: returns generated from portfolio company exits flow back into the nonprofit, where they are recycled to fund subsequent investment rounds and new ventures.
Spring's team combines sector expertise from multiple domains. Fischer previously founded Mission Barns, a company operating in the animal welfare technology space. Crosser brings venture experience from Blue Horizons, while Runkle founded New Crop Capital, positioning the founding team to identify promising founders and connect them with appropriate capital sources. According to Fischer, Spring has already secured commitments and expects to deploy an eight-figure amount over the first one to two years, indicating substantial backing from philanthropic sources aligned with animal welfare and food systems innovation.
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