November 26, 2025
From a conversation to a €250k Investment: How Upstream Sparked Passionfruit’s Next Chapter
Sometimes the most powerful connections begin with a simple “hello.” For Passionfruit and Smarter Ventures, that moment happened at Upstream Festival 2023 in a casual conversation about the food industry.
Two years after that conversation, it has evolved into a €250,000 convertible loan, a strategic partnership, and a complete reimagining of Passionfruit’s growth strategy.
This is their story – and a testament to why events like Upstream are more than networking. They’re engineered serendipity.
THE STARTUP: PASSIONFRUIT
Founded by Maikel Fontein (ex-Unilever) and Lars Kuijpers, Passionfruit is on a mission to make food suppliers the easiest partners to work with.
Their AI-powered add-in for Excel, Word, and online portals automates repetitive quality, safety, and sustainability responses – tasks that overwhelm teams at the world’s 25,000+ food suppliers.
THE CHALLENGE: BEYONG FUNDING
By mid-2024, Passionfruit had:
- Secured pre-seed from Antler and UNIIQ
- Built an MVP
- Won early customers
But they faced a turning point:
- A pivot from sustainability to quality-focused automation
- Need for fresh capital without heavy dilution
- Desire for a hands-on partner who understood both AI and the food industry
They weren’t actively fundraising when they attended Upstream.They were there to listen, learn, and connect.
THE SPARK: UPSTREAM 2023
Maikel met Kristian De Lange, founding partner of Smarter Ventures.
“We just talked about the food industry. I didn’t even know he was an investor at first.”– Michael Fontein
Kristian’s previous company had built software for food clients. The connection was instant.
They didn’t talk term sheets.They talked challenges, pivots, and founder journeys.
“I called my co-founder right after and said: ‘I just met this guy Kristian. I have a really good feeling.’”
THE JOURNEY: A YEAR IN THE MAKING
Over the next 12 months:
- Passionfruit pivoted and validated their new direction
- They stayed in touch with Kristian – no pressure, just updates
- At Upstream 2024, they reconnected – this time, the timing was right
A single call turned into a 2.5-hour strategy session.
“I walked in with one funding plan. I left with a completely different – and much smarter – strategy.”– Maikel Fontein
Smarter Ventures proposed a two-step investment:
- €250,000 convertible loan (minimize dilution)
- Lead the follow-on seed round within 1–1.5 years
The deal closed just weeks after Upstream 2024.
THE PARTNERSHIP: MORE THAN MONEY
Smarter Ventures didn’t just write a check.
They enrolled Passionfruit in their Venture Grower Program – a hands-on, founder-led growth accelerator.
In just four months, they:
- Future-proofed financial reporting with SaaS-specific bookkeeping
- Shifted the value proposition from “save time” to “win more business”
- Optimized contracts for faster customer value
- Advised on international go-to-market
“They implemented feedback the same week we gave it. That’s rare.”– Kristian De Lange
One customer even called to say:
THE RESULTS
Impact€250,000 investment – Convertible loan, low dilution
Strategic pivot validated – From efficiency → commercial advantage
Venture Grower Program – Quarterly goals, expert support
Customer impact – Faster, proactive supplier responses
KEY TAKEAWAYS FOR FOUNDERSey Takeaways for Founders
- Build relationships before you need them→ The best investors remember the conversation, not the pitch.
- Events like Upstream are relationship accelerators→ Warm reconnections beat cold outreach every time.
- Not all investors are the same→ Seek operators who’ve built and scaled — not just funded.
- Act fast on great advice→ Implementation speed = competitive edge.
THE FUTURE
Passionfruit is now building toward:
- Supporting thousands of food suppliers
- Proactive insights from customer query patterns
- A data layer that turns compliance into competitive advantage
And Smarter Ventures? They’re not just leading the next round – they’re co-pilots in the journey.
WANT THIS TO BE YOUR STORY
Upstream Festival 2026 is coming. Whether you’re fundraising, pivoting, or just curious – one conversation can change everything.
Join us in Rotterdam → www.upstreamfestival.com
With thanks to Maikel Fontein (Passionfruit) and Kristian De Lange (Smarter Ventures) for sharing their journey. You can read the full case study here.