Fidelity’s Billionaire Johnson Family Backs Consumer VC Fund

FMR LLC, the parent company of Fidelity Investments, is backing a new venture-capital fund whose initial investments span spices, vegan vitamins and skincare.

Unfold Ventures began marketing itself Monday, launching with $300 million from FMR, which counts the billionaire Johnson family as its biggest shareholder.

The fund spent about a year prior to the launch quietly investing in four startups in health, wellness and beauty. The majority of the fund’s assets have not yet been invested.

Partners of Unfold Ventures, from left, Shamez Kanji, Suzanne Agnello, and Scott Norton

Source: Unfold Ventures

Unfold has three partners including Scott Norton, who co-founded a buzzy condiment company that was sold to Unilever for roughly $140 million ...