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This episode is brought to you by The Hidden Gems.Hiring agencies is risky, most overpromise and underdeliver. The Hidden Gems connects founders with highly vetted, brand-beloved boutique agencies across media, creative, dev/design, events, social, and more at preferred rates.Jared Stein is co-founder of Monogram Capital, which closed its third fund last year at $350 million. Monogram invests across consumer, but unlike most firms in the space, it backs thefactories, ingredient suppliers, and service businesses underneath the brands as much as the brands themselves. Olipop, Archer, and Chewy sit in the same portfolio as a 330,000 squarefoot aseptic beverage plant the firm built from the ground up.

Josh Wand joins the podcast to discuss the origins of Founderland, which has become of the marquee events in CPG.Josh Wand, co-founder of Family Fund and Founder Community, sits down with Mike Gelb to break down his approach to ecosystem building. They discuss the strategic collaboration with his partner Sean and why the CPG industry needed a dedicated space like Founderland to facilitate real connections between operators.Subscribe to Consumer VC for more conversations with the founders, investors, and operators shaping the future of consumer.

"We're going to make soup in a pouch. Hear me out."That's how Chris Jane pitched his sister Jennifer on what became Proper Good. They launched in April 2020, scaled DTC through the pandemic, got a Shark Tank deal with Mark Cuban, and then did something almost no emerging brand does: skipped the natural channel entirely and launched national in Walmart.In this episode, Chris breaks down why that decision made sense on the math, what it took to get a Walmart buyer to underwrite a five to seven year category rebuild, and why the health claims that drove sales online actively hurt them in the aisle. Plus the oatmeal test that killed one of their own brand pillars.Chapters0:00 Intro0:46 Launching a brand in April 20204:11 Montana Mex and building with his sister9:09 Where Proper Good came from15:08 Shark Tank19:32 Why Walmart was the first retail swing24:20 Competing with Campbell's on price26:24 When health claims hurt sales32:35 Raising from family offices38:12 The brand pillar we made up43:51 Taking the Walmart data everywhere else53:46 Biggest win, biggest mistake, and one piece of advice📬 Subscribe to Consumer VC for more conversations with the founders, investors, and operators shaping the future of consumer. 👉 https://www.theconsumervc.com/

Israel's next breakout wave isn't coming from B2B. It's being built in consumer. Most people think of Israel as a cybersecurity and enterprise tech powerhouse. Danny Cohen and Oren Charnoff are betting that the country's next defining chapter is being written by consumer founders, and they're building Sticker Ventures to back them. In this episode, Mike sits down with Danny and Oren, co-founders of Sticker Ventures, to unpack why Israel is quietly producing world-class consumer companies, how Israeli founders approach distribution differently than their American counterparts, and why they believe the next decade will see more massive consumer exits out of Israel than the previous twenty combined. They discuss the military-to-startup pipeline that shaped Israel's innovation culture, why Israeli consumer founders are obsessive about unit economics from day one, how AI is creating a new wave of vertical consumer opportunity, and why the US market is almost always the first and primary target, even for founders who've never set foot there. Danny and Oren also share how they came together as co-founders (including the friction that almost kept them apart), their conviction that distribution-oriented founders win, and why they're seeing a surge of physical brand companies entering their pipeline right now. You'll learn: ✅ Why Israel has always been a consumer powerhouse, not just B2B ✅ How Israeli founders use a "quantitative hedge fund" approach to marketing ✅ Why unit economics matter more than growth at all costs at the early stage ✅ How companies like Resident Mattresses outcompeted Casper and Purple ✅ Why AI creates more consumer opportunity, not less ✅ How the Israeli military network translates directly into startup success ✅ Why 98% of Israeli consumer companies target the US market on day one ✅ What Sticker Ventures looks for in pre-revenue founders ✅ Why 1 in 5 new companies in Israel last year was a consumer business ✅ The missed investments Danny and Oren wish they could get back If you're a founder, investor, or operator curious about where the next generation of consumer innovation is coming from, this episode delivers a rare inside look at Israel's emerging consumer ecosystem. Timestamps 00:00 Intro 01:11 Why Israel dominates in tech and startup innovation 03:33 Oren's perspective as an immigrant founder in Israel 04:53 Israel's consumer moment; it's not new, it's accelerating 06:31 How Resident Mattresses beat Casper and Purple 08:10 How Sticker Ventures thinks about marketing spend vs. ROI 09:50 Why unit economics matter more than growth at all costs 10:02 Why Israeli companies go US-first from day one 11:55 Balancing profitability and growth at the early stage 14:16 How to build conviction in pre-revenue companies 23:41 Balancing consumer tech vs. physical inventory businesses 25:22 Why distribution-oriented founders win 28:06 How AI is changing consumer behavior and opportunity 29:28 Why vertical AI products will outlast generic platforms 31:35 The gap Sticker Ventures is filling in Israel's VC landscape 33:02 Why Israeli founders build world-class global consumer companies 35:15 Misconceptions Israeli founders have about the American consumer 37:49 How Danny and Oren came together, including the conflict that shaped them 41:16 Fund size, check sizes, and investment strategy 42:46 Bringing American capital into Israeli consumer deals 44:16 Why the US is almost always the first target market 45:17 Companies Danny and Oren wish they had backed 47:30 One takeaway about Israel and consumer you need to know 48:36 Books that have shaped Danny and Oren personally and professionally 52:16 Closing thoughts 📬 Subscribe to Consumer VC for more conversations with the founders, investors, and operators shaping the future of consumer. 👉 https://www.theconsumervc.com/ Follow Mike Gelb: Twitter/X: @mikegelb Instagram: @consumervc TikTok: @consumervc

The future of consumer health is being built right now. Consumers are becoming the CEOs of their own healthcare. From GLP-1s and peptides to protein, wearables, functional foods, and preventative wellness, entire industries are being reshaped by changing consumer behavior. In this episode, Mike sits down with Nicolas McCoy, Managing Director of Whipstitch Capital, to unpack the biggest trends driving consumer health, food & beverage, supplements, wellness, and M&A. Nick spends his time analyzing what separates niche brands from the companies that break into the mainstream and get acquired. They discuss why better-for-you products continue to outperform, how GLP-1 adoption is changing consumer spending habits, the rise of peptides and hormone optimization, why protein isn't slowing down anytime soon, and what strategic buyers are looking for in today's market. Nick also shares his framework for evaluating brand headroom, explains why profitability matters more than ever in consumer M&A, and breaks down how founders should think about timing an exit. You'll learn: ✅ Why consumers are becoming the CEOs of their own healthcare✅ How GLP-1s are changing food, supplements, and wellness✅ Why better-for-you products continue to outperform the market✅ The future of peptides, hormones, and preventative health✅ How investors evaluate brand headroom and acquisition potential✅ Why some brands successfully cross from natural to mass retail✅ The growing role of wearables in consumer health✅ Why protein is still growing and where it goes next✅ How strategic buyers think about acquisitions today✅ What founders should know before trying to sell their company If you're a founder, investor, operator, or simply curious about where consumer health is headed over the next decade, this episode is packed with data, trends, and practical insights. Timestamps 00:00 Intro01:11 Consumers becoming the CEOs of their healthcare06:07 The state of consumer M&A today09:48 Why profitability matters more than ever12:09 How to know when to sell your company13:51 Understanding brand headroom17:11 Which retail channels create the most value20:00 Crossing from natural to mass retail24:30 The K-shaped consumer economy explained27:45 Why lower-income consumers are adopting health trends faster29:13 The surprising growth of injectable health products32:40 RFK Jr., MAHA, and peptide awareness34:42 The future impact of GLP-1 adoption37:26 Protein's next phase of growth39:24 The future of peptides and personalized health42:17 Why injections are becoming more mainstream44:31 The rise of gummies as a supplement format48:19 Women's hormone health opportunities51:31 Mental health, wellness, and consumer behavior53:23 Are founders selling because they want to or have to?54:36 Is the consumer market back?57:06 The growing role of private equity in CPG59:23 The evolution of billion-dollar consumer exits01:01:17 Why more capital is flowing into consumer brands01:02:13 Categories Nick is watching closely01:07:51 Personal experiences that shaped Nick's career01:11:15 Closing thoughts 📬 Subscribe to Consumer VC for more conversations with the founders, investors, and operators shaping the future of consumer 👉 https://www.theconsumervc.com/ Follow Mike Gelb:Twitter/X: @mikegelbInstagram: @consumervcTikTok: @consumervc

This episode is brought to you by The Hidden Gems. Hiring agencies is risky. Most overpromise and underdeliver. The Hidden Gems connects founders with highly vetted, brand-loved boutique agencies across media, creative, dev/design, events, and more — at preferred rates. Free for Consumer VC listeners → https://thehiddengems.com/ Most venture capitalists have never actually built companies. Tony Conrad did both. In this episode, Mike sits down with Tony Conrad, Partner at True Ventures and one of the earliest investors behind companies like Blue Bottle Coffee, Sweetgreen, Madison Reed, Modern Animal, WordPress and more. Before venture capital, Tony spent a decade at Danone before leaving corporate life to build startups during the earliest days of Silicon Valley’s internet boom. Tony shares what it was really like living through the dot-com crash, why he believes AI is creating another major market correction and the lessons founders keep ignoring when it comes to fundraising, valuations, and building sustainable companies. The conversation goes deep into founder psychology, venture incentives, why most investors get founders wrong and how Tony evaluates companies before there’s even product-market fit. He also breaks down: - Why he instantly invested in Blue Bottle - The danger of overheated seed valuations - Why most founders choose the wrong investors - The real role of storytelling in fundraising - What separates iconic founders from everyone else - Why “fast money” creates long-term pressure - How AI is reshaping both enterprise and consumer investing - Why he still believes consumer is massively underrated You’ll learn: ✅ Why Tony left Danone for Silicon Valley startups ✅ What the dot-com crash taught him about AI today ✅ The founder traits most investors overlook ✅ Why inflated valuations hurt founders later ✅ How True Ventures thinks about ownership and returns ✅ Why Blue Bottle was an obvious bet for him ✅ The difference between scalable venture bets vs angel investing ✅ Why founder-investor alignment matters more than valuation ✅ How to know if you have the right investors around the table ✅ Why consumer investing always comes back 👉 If you’re a founder, operator, or investor trying to understand how great companies are actually built across multiple cycles, this episode is packed with hard-earned lessons. Timestamps 00:00 Intro 01:00 Leaving Danone for Silicon Valley 04:00 Why tech felt more exciting than CPG 05:30 The early days of startup investing 08:00 Moving to San Francisco during the internet boom 10:00 Lessons from the dot-com crash 13:00 Is AI in a bubble right now? 15:00 How Tony joined True Ventures 17:00 Building startups while investing simultaneously 20:00 The burnout of being both founder and VC 22:00 Why Tony loves four-wall retail businesses 23:00 The Blue Bottle investment story 27:00 How True Ventures makes investment decisions 29:00 Why being a generalist investor matters 32:00 Angel investing vs venture investing 34:00 What “venture-scale” really means 35:00 The one mistake Tony hates making 36:00 How to identify the right founders 39:00 Why founders shouldn’t rush fundraising 41:00 The danger of inflated valuations 45:00 What founders should look for in investors 47:00 When founders should step aside as CEO 50:00 Balancing founder support with LP responsibility 51:00 Lessons from building About.me 55:00 Why digital identity still matters 56:00 Why consumer investing is underrated 58:00 AI infrastructure vs AI applications 01:00:00 Consumer AI opportunities Tony is excited about 01:02:00 Investing in competing companies 01:05:00 The problem with mega funds 01:07:00 Lessons from Slack & Stewart Butterfield 01:08:00 Favorite books & leadership lessons 01:11:00 AI, job displacement & optimism for the future 01:14:00 Final thoughts 📬 Subscribe for more founder stories & scaling insights: 👉 https://www.theconsumervc.com/ Follow Mike Gelb: Twitter / IG / TikTok → @mikegelb / @consumervc

This episode is brought to you by The Hidden Gems. Hiring agencies is risky. Most overpromise and underdeliver. The Hidden Gems connects founders with highly vetted, brand-loved boutique agencies across media, creative, dev/design, events, and more — at preferred rates. Free for Consumer VC listeners → https://thehiddengems.com/ Most founders won’t do this. They’ll hold onto their first product… even when it’s clearly not working. In this episode, Mike sits down with Michelle Razavi, Founder & CEO of Elavi, the fast-growing better-for-you snack brand known for its protein brownies and desserts. Michelle shares how she went from working 16-hour days at Sephora and Equinox to building a breakout CPG brand, why her first product line failed, and how a bold pivot into a completely different category unlocked massive growth. From protein bars → dessert spreads → protein brownies, this is a story of constant iteration, brutal decision-making, and understanding what consumers actually want. The conversation also dives deep into retail strategy, why Costco can completely change a business overnight, and how to build a profitable CPG company in a market where “growth at all costs” no longer works. You’ll learn: ✅ Why your first product is probably wrong ✅ When to kill a product (and why most founders don’t) ✅ How one retail partnership can change everything ✅ The real economics behind retail, margins, and cash flow ✅ Why profitability matters more than hype growth today ✅ How to use in-store demos to understand your customer ✅ Why simple packaging outperforms “good branding” ✅ The biggest mistakes founders make when fundraising ✅ How AI is becoming a real operator inside CPG companies ✅ Why building in public is now a competitive advantage 👉 If you’re building a consumer brand, this episode is a raw, honest look at what actually works. Timestamps 00:00 Intro 01:00 Working 16-hour days before starting 03:00 The problem with protein snacks 05:00 Building products at home 07:00 Launching right before COVID 10:00 Losing in-person sampling overnight 14:00 Why the first product didn’t scale 18:00 Finding product-market fit with a new category 22:00 Killing the original product line 27:00 The “permissible indulgence” thesis 31:00 Launching protein brownies 35:00 Getting into Costco 39:00 How Costco changed the business 43:00 Retail strategy: profitability first 47:00 The dangers of bad retail deals 51:00 Channel strategy & cash flow realities 55:00 Cold outreach that actually worked 59:00 Why demos matter more than you think 01:03:00 Packaging that converts instantly 01:07:00 Fundraising mistakes founders make 01:11:00 Why chasing investors doesn’t work 01:15:00 Building a profitable vs hype-driven business 01:19:00 Founder-led brands and social media 01:23:00 Using AI as an operator 01:27:00 Burnout and founder resilience 01:32:00 Final lessons 📬 Subscribe for more founder stories & scaling insights: 👉 https://www.theconsumervc.com/ Follow Mike Gelb: Twitter / IG / TikTok → @mikegelb / @consumervc

This episode is brought to you by The Hidden Gems. Hiring agencies is risky. Most overpromise and underdeliver. The Hidden Gems connects founders with highly vetted, brand-loved boutique agencies across media, creative, dev/design, events, and more — at preferred rates. Free for Consumer VC listeners → https://thehiddengems.com/ Building a food brand through DTC sounds great. Until you realize… it might not actually work. In this episode, Mike sits down with Krishna Kalyan, Founder of Catalina Crunch, the high-protein, low-sugar cereal brand that went from a personal health experiment to a multi-million dollar business sold in major retailers. Krishna shares how being diagnosed with type 1 diabetes forced him to rethink everything he ate, why he spent years eating eggs before creating his own cereal, and how a simple Venmo from a friend turned into the start of a company. They break down the realities of building a food brand from scratch, why DTC doesn’t always work for low-price products, and how Catalina Crunch scaled through retail instead. The conversation also dives deep into product development, functional foods, category expansion, and the balance between taste and nutrition. You’ll learn: ✅ Why DTC is hard for food brands (and when it works) ✅ The real economics of shipping low-cost products ✅ How Krishna validated demand before scaling ✅ Why retail became the core growth channel ✅ The importance of word-of-mouth in grocery ✅ How to balance taste vs function in CPG ✅ Why most “functional” products don’t actually deliver ✅ How to think about trends vs fads (keto, protein, etc.) ✅ The right way to expand SKUs and categories 👉 If you’re building a food or beverage brand, this episode is a real look at what actually works beyond the DTC hype. Timestamps 00:00 Intro 01:00 The problem with DTC food economics 02:00 Krishna’s diabetes diagnosis 05:00 Changing diet and lifestyle 07:30 Getting tired of eating eggs 08:00 Why cereal became the focus 10:00 Experimenting with protein ingredients 12:00 The first “aha” business moment 14:00 Realizing the market opportunity 17:00 Launching online from his kitchen 19:30 Early demand and validation 22:00 Scaling beyond a home kitchen 24:00 Raising capital from angel investors 27:00 The original DTC strategy 29:00 Why DTC didn’t work long-term 32:00 The shift to retail 34:00 Getting into Whole Foods 37:00 What actually drives shelf velocity 40:00 Expanding into new categories 43:00 Managing complexity in CPG 46:00 The time he almost quit 49:00 Building in-house manufacturing 52:00 Taste vs function trade-offs 56:00 The rise of functional foods 59:00 Trends vs fads (keto, protein) 01:03:00 Rebranding Catalina Crunch 01:06:00 When to follow trends vs ignore them 01:09:00 Book recommendations & final thoughts 01:12:00 Outro 📬 Subscribe for more founder stories & scaling insights: 👉 The Consumer VC Newsletter – https://www.theconsumervc.com/ Follow Mike Gelb: Twitter / IG / TikTok → @mikegelb / @consumervc

This episode is brought to you by The Hidden Gems. There's a lot of bull$#!+ in the Agency landscape. That's why Founders and Executives of brands both big and small trust: The Hidden Gems. They provide the most optimal boutique Agencies to conquer any brand goals with top quality and efficiency. Brands get preferred rates. Can't lose. They’re supporting the growth of incredible brands like Dr. Squatch, Monster Energy, Gorilla Mind, Saatva, and many more. David Drexler (founder) has agreed to provide the service for FREE forever to anyone in the Consumer VC community or mentions Consumer VC. Get Started Here –> thehiddengems.com Early-stage consumer investing sounds glamorous. But according to investor Manica Blain, the entire venture structure behind it might actually be broken. In this episode, Mike sits down with Manica Blain, founder of Top Knot Ventures and former co-founder of Campfire Capital. She raised one of the first dedicated early-stage consumer funds and helped back brands like FIGS and Cotopaxi. Today she invests her own capital and works directly with founders building the next generation of consumer brands. Manica shares why she stepped away from the traditional venture fund model, what she believes is fundamentally misaligned about the GP-LP structure, and why investing your own capital can create a very different relationship with founders. They also discuss what actually makes a consumer brand successful, why slower growth can sometimes be healthier than viral success, and the real traits she looks for in founders building enduring brands. You’ll learn: ✅ Why Manica believes early-stage consumer VC may be structurally broken ✅ The hidden misalignment between GPs and LPs in venture funds ✅ Why some investors make more from management fees than investing ✅ The alternative investing model she built with Top Knot Ventures ✅ Why founders should be able to “fire” their advisors ✅ Why slow growth can signal stronger consumer brands ✅ The metrics she looks for before investing $1M–$5M stage companies ✅ Why she stopped investing in food & beverage entirely ✅ How loyalty and retention signal real brand strength 👉 If you're building a consumer brand—or thinking about raising venture capital—this episode offers a candid look at how the investment side actually works. Timestamps 00:00 Intro 01:05 Manica Blain’s investing journey 03:00 Why she started writing on Substack 05:15 Her first major portfolio exit 07:30 What makes founders who actually win 09:30 Is early-stage consumer venture broken? 12:30 The GP-LP structure problem 17:30 Why investor “skin in the game” matters 20:05 Why VC carry structures can create misalignment 23:30 The management fee problem in venture funds 27:00 Are SPVs a better investing model? 31:20 Why Manica refuses to run SPVs 34:00 Why VC fund structures pull investors away from founders 37:20 Building Top Knot Ventures with her own capital 41:00 How she structures advisory relationships with founders 44:20 Why founders must be able to fire advisors 48:00 Why slow growth can actually be a good sign 52:00 What makes a truly sticky consumer brand 55:00 Why she stopped investing in food & beverage 57:00 The future of beauty and wellness investing 📬 Subscribe for more founder stories & scaling insights: 👉 The Consumer VC Newsletter – https://www.theconsumervc.com/ Follow Mike Gelb:Twitter / IG / TikTok → @mikegelb / @consumervc

This episode is brought to you by The Hidden Gems.Hiring agencies is risky — most overpromise and underdeliver. The Hidden Gems connects founders with highly vetted, brand-beloved boutique agencies across media, creative, dev/design, events, social, and more — at preferred rates. They’ve supported brands like Dr. Squatch, Monster Energy, Gorilla Mind, FIGS, and Saatva. David Drexler is offering his service free forever to anyone in the Consumer VC community who mentions the show.Learn more: https://thehiddengems.com/ Most consumer brands don’t fail because of product.They fail because they forget how to connect. In this episode, Mike sits down with Craig Dubitsky, founder of EOS, hello products, and now Happy Coffee. Craig has built multiple category-defining brands by turning everyday commodities into emotional, playful, design-forward experiences. From reinventing lip balm to reimagining toothpaste — and now taking on coffee — Craig shares how he thinks about brand personality, retail, packaging, and creating products people genuinely love. This conversation goes deep into creativity, mass retail strategy, pricing, storytelling, and why joy is actually a serious competitive advantage. You’ll learn:✅ How Craig turned EOS into a cultural phenomenon✅ Why branding is about emotion, not features✅ The real secret behind hello’s success in oral care✅ How to win in “boring” categories✅ Why mass doesn’t have to mean generic✅ The role of design in driving retail velocity✅ What most founders misunderstand about differentiation✅ Why Craig is building Happy Coffee differently✅ How to build brands people feel something for 👉 If you're building in consumer and want to understand how emotional connection drives scale, this episode is a masterclass. Timestamps 00:00 Intro02:00 Craig’s early career & first entrepreneurial instincts05:00 The idea behind EOS10:00 Making lip balm emotional & design-led15:00 Scaling EOS into mass retail20:00 The power of playfulness in branding25:00 Founding hello products30:00 Reinventing toothpaste & oral care35:00 Competing in commoditized categories40:00 Packaging as a strategic weapon45:00 How to win shelf space in mass retail50:00 Why most brands overcomplicate messaging55:00 Emotional connection vs functional benefits01:00:00 Retail relationships & long-term brand building01:05:00 Mistakes founders make scaling too fast01:10:00 How Craig evaluates new ideas01:15:00 The origin of Happy Coffee01:20:00 Rethinking coffee positioning01:25:00 What Craig is doing differently this time01:30:00 Lessons from building multiple brands01:34:00 Advice for consumer founders01:37:00 Final thoughts 📬 Subscribe for more founder stories & scaling insights:👉 The Consumer VC Newsletter – https://www.theconsumervc.com/ Follow Mike Gelb:Twitter / IG / TikTok → @mikegelb / @consumervc

Most food brands don’t win because of branding.They win because of systems.In this episode, Mike chats with Brian Tate, Founder and CEO of Oats Overnight, the protein-packed, drinkable oatmeal brand that went from a poker side project to a scaled, vertically integrated food business selling DTC and in major retailers like Walmart and Wegmans.Brian shares how his background as a professional poker player shaped the way he thinks about risk, iteration, and decision-making. He breaks down why Oats Overnight chose to vertically integrate manufacturing from day one, how owning production unlocked faster product innovation, and why DTC data became the engine behind retail expansion. The conversation also dives into growth marketing, subscription economics, manufacturing scale, and the hard tradeoffs of building an asset-heavy consumer business.You’ll learn:✅ How a pro poker mindset translates to building a consumer brand✅ Why Brian chose vertical integration instead of co-manufacturers✅ How Oats Overnight scaled DTC with subscriptions and creative testing✅ Why iteration is a core operating principle, not a buzzword✅ How DTC data informs product development and retail strategy✅ The real economics of owning manufacturing facilities✅ When raising venture capital makes sense for asset-heavy CPG✅ Why retail and DTC work better together than most founders think✅ How Brian thinks about risk, process, and long-term profitability👉 If you’re building a food or beverage brand—or curious how data, manufacturing, and systems actually drive scale—this episode is a deep, honest look behind the scenes of a modern CPG business. Timestamps00:00 Intro01:00 From Magic: The Gathering to Pro Poker03:00 When Poker Became a Real Career05:00 Walking Away After Reaching the Top07:00 The Idea Behind Oats Overnight09:00 Early Scrappy Days & Vertical Integration12:00 Learning Manufacturing the Hard Way15:00 Why Iteration Became a Core Value18:00 Scaling DTC with Subscriptions21:00 What Makes Oats Overnight Work Online24:00 Using Data to Test and Improve SKUs27:00 Moving From DTC to Retail30:00 The Walmart Buyer Story33:00 Designing a Retail-Friendly Product Format36:00 Managing Channel Conflict39:00 Expanding Manufacturing Facilities42:00 Why Asset-Heavy CPG Is Back45:00 Venture Capital, Profitability & Payback Periods48:00 High-Risk Experiments That Failed (and Why They Still Mattered)51:00 Growth Marketing Without Brand Guidelines54:00 The Long-Term Vision for Oats Overnight56:00 Book Recommendations & Closing Thoughts📬 Subscribe for more founder stories & scaling insights:👉 The Consumer VC Newsletter – https://www.theconsumervc.com/Follow Mike Gelb:Twitter / IG / TikTok → @mikegelb / @consumervc

Food can be “better for you.”But that doesn’t always mean it actually is. In this episode, Mike chats with Tyler Mayoras, Managing Partner at MANNATREE, a growth equity firm focused on investing in food, beverage, and wellness brands that genuinely improve human health. Tyler has spent decades investing across food and agriculture, from early plant-based pioneers like Boca Burger to modern brands navigating today’s tougher retail and M&A landscape. Tyler breaks down how “better-for-you” food has evolved, why many plant-based brands lost consumer trust, and what investors really look for when evaluating health claims, ingredient labels, and unit economics. He also shares hard-earned lessons from scaling brands too fast, why frozen is one of the most brutal categories in retail, and what founders misunderstand about profitability, category creation, and selling to big CPG. You’ll learn:✅ Why many plant-based brands lost their way✅ What “better-for-you” actually means to serious investors✅ How ingredient labels matter more than marketing claims✅ Why frozen is one of the hardest categories in grocery✅ When brands should (and shouldn’t) expand into mass retail✅ Why profitability now matters more than growth at all costs✅ How strategic buyers really think about M&A today✅ The biggest mistakes founders make when scaling too early✅ Where Tyler sees the next opportunities in food and wellness 👉 If you’re building or investing in food, beverage, or wellness, this episode is a grounded look at what actually matters beneath the hype. Timestamps00:00 Intro01:00 Tyler’s path from private equity to food & agriculture03:00 Early lessons from investing in Boca Burger05:30 The rise and fall of plant-based burgers09:00 What “better-for-you” really means12:00 Ingredients, labels, and investor red flags15:00 Sugar alternatives, sweeteners, and health tradeoffs18:30 Why sustainability messaging often comes second21:00 The realities of launching food brands in retail24:00 Why frozen is such a difficult category27:00 When brands should expand into mass retail31:00 Natural vs conventional grocery shoppers35:00 Why M&A expectations have changed38:00 What strategic buyers want today41:00 Growth equity vs venture investing45:00 Revenue and profitability benchmarks49:00 Category creation vs smart trade-ups53:00 Oversaturated categories and the protein boom57:00 Where Tyler sees future opportunity01:00:00 Lessons learned and advice for founders01:05:00 Breaking into food & beverage investing01:08:30 Book recommendations 📬 Subscribe for more founder stories & scaling insights:👉 The Consumer VC Newsletter – https://www.theconsumervc.com/ Follow Mike Gelb:Twitter / IG / TikTok → @mikegelb / @consumervc

Glimpse is the all-in-one, AI-powered deductions management platform for CPG brands—automating deduction capture, classification, disputes, and accounting. Recover more revenue while saving time – https://www.tryglimpse.com In this episode, Mike chats with Michael Duda, Founder and Managing Partner of Bullish, the consumer-focused investment firm behind brands like Peloton, Warby Parker, Harry’s, Hims, and more. Michael has spent over a decade backing consumer companies that quietly compound value while the rest of venture chases hype cycles. Michael breaks down why consumer has fallen out of favor in VC, why most people misunderstand power-law returns, and why an 8–12x outcome in consumer can still be a massive win. He also shares how Bullish evaluates founders, why product matters more than marketing, how celebrity brands actually work (and usually don’t), and where AI fits into consumer without turning every company into an “AI startup.” You’ll learn:✅ Why consumer can generate power-law returns (if you invest early enough)✅ The difference between moonshots and real venture outcomes✅ Why most founders raise too much capital—and regret it✅ How Bullish underwrites founders vs. ideas at pre-seed and seed✅ Why great products beat great marketing every time✅ When celebrity involvement actually helps a brand✅ How AI is speeding up consumer innovation without replacing taste or judgment✅ Why the shrinking middle class is changing who brands are really built for✅ What Michael has changed his mind about after 15+ years in venture 👉 If you’re building or investing in consumer—and tired of hype-driven narratives—this episode is a grounded look at what actually works in venture-backed consumer businesses. Timestamps00:00 Intro01:00 Can Consumer Produce Power-Law Returns?04:45 Why 100x Outcomes Are Rare in Consumer08:00 Stability vs Moonshots in Venture12:00 Bullish’s Consumer-First Investment Strategy15:30 How Much Capital Is Too Much Capital18:00 Founder vs Idea: What Matters More21:00 How Bullish Uses Consumer Insights24:30 Product vs Marketing (and Why Marketing Fails)27:30 Celebrity & Creator-Led Brands Explained31:30 Why Bullish Is Shifting Back to Pre-Seed36:00 When Pre-Launch Investing Makes Sense39:00 AI’s Real Impact on Consumer Businesses44:10 The Shrinking Middle Class & Consumer Spending48:30 How Founder Profiles Are Changing52:30 What Michael Has Changed His Mind About55:00 Final Thoughts on Consumer VC 📬 Subscribe for more founder stories & scaling insights:👉 The Consumer VC Newsletter – https://www.theconsumervc.com/ Follow Mike Gelb:Twitter / IG / TikTok → @mikegelb / @consumervc

Glimpse is the all-in-one, AI-powered deductions management platform for CPG brands—automating deduction capture, classification, disputes, and accounting. Recover more revenue while saving time – ⁠https://www.tryglimpse.com⁠Ice cream is supposed to make you feel good — but most of what’s in the freezer aisle doesn’t.In this episode, Mike chats with Alec Jaffe, Founder and CEO of Alec’s Ice Cream, the A2 dairy, gut-friendly, regeneratively sourced ice cream brand that’s redefining what “premium” means in frozen. Alec started making ice cream in elementary school, but the real journey began when he realized the market was filled with products that either tasted great or made you feel great — but never both.Alec breaks down how he built his supply chain from scratch, why A2 dairy is helping people enjoy ice cream again, what makes frozen dessert different from real ice cream, and how Culture Cups became a breakout product that went viral on TikTok and lifted the entire brand. He also shares the realities of running his own factory, scaling two product lines in a tiny production space, and navigating the brutally competitive freezer aisle.You’ll learn:✅ Why A2 dairy is changing the way people digest ice cream✅ How to build a supply chain around family farms & regenerative agriculture✅ The difference between ice cream and frozen dessert✅ How Alec broke into natural retail and then crossed into mass✅ Why vertical integration is both a blessing and a challenge✅ How Culture Cups went viral on TikTok and sold out on Day 1✅ What makes the frozen aisle one of the hardest categories in CPG✅ How dairy demand is shifting — and why supply can’t keep up✅ When it really makes sense for a food brand to raise venture capital👉 If you’re building a food or beverage brand, this episode is a masterclass in supply chain, product development, retail strategy, and category differentiation. Timestamps00:00 Intro01:00 Alec’s childhood obsession with making ice cream03:30 Unlocking “high-quality ice cream” with simple ingredients05:00 Why A2 dairy helps people enjoy ice cream again06:45 Ice cream vs frozen dessert explained08:00 Building relationships with local family farms09:20 Starting local & breaking into natural retail10:50 Moving into Whole Foods & finding a tiny factory13:00 How Culture Cups were created14:20 The TikTok post that changed everything15:30 Crossing from natural into mass retail17:00 Pricing strategy for premium products19:00 Why investors fear frozen food20:30 How Culture Cups shifted investor perception22:00 The realities of running your own factory24:00 Managing two product lines under one roof26:00 The dairy demand surge & supply challenges28:30 The future of regenerative agriculture31:00 Competing in the brutally competitive freezer aisle34:00 Why ice cream is one of the hardest categories in retail36:00 Thoughts on protein ice cream38:00 Alec’s flavor development process40:00 How he evaluated the right VC partners42:00 Why he raised an $11M Series A45:00 What’s next for Alec’s Ice Cream48:00 Book recommendations: Shoe Dog, Endurance, Ramping Your Brand📬 Subscribe for more founder stories & scaling insights:👉 The Consumer VC Newsletter – ⁠https://www.theconsumervc.com/⁠Follow Mike Gelb:Twitter / IG / TikTok → @mikegelb / @consumervc

Glimpse is the all-in-one, AI-powered deductions management platform for CPG brands—automating deduction capture, classification, disputes, and accounting. Recover more revenue while saving time – ⁠https://www.tryglimpse.com Retail is tough—but the hidden costs make it brutal. In this episode, Mike chats with Akash Raju, Co-Founder and CEO of Glimpse, the AI-powered platform helping consumer brands recover lost revenue from retail deductions. If you sell through Amazon, Target, UNFI, or KeHE, you’re probably losing up to 5% of revenue to invalid deductions—fees that can quietly eat into your bottom line. Akash breaks down what’s really going on behind the curtain of retail deductions, how Glimpse is helping brands win back hundreds of thousands in lost revenue, and why automation is transforming how finance teams manage trade spend, supply chain fees, and compliance. You’ll learn: ✅ What makes retail so expensive for brands ✅ The hidden “deduction” ecosystem no one talks about ✅ How top CPG brands lose 5%+ of their revenue without realizing it ✅ Which deductions are worth fighting—and which aren’t ✅ How AI is changing the game for brand finance teams ✅ Why distributors like UNFI and KeHE are pain points for smaller brands✅ How Glimpse built a 91% deduction win rate ✅ When (and why) brands should start caring about deductions 👉 If you’re running a consumer brand—or heading into retail—this episode is an essential crash course in the economics most founders never see. Timestamps 00:00 Intro 01:00 What Makes Retail So Expensive 03:00 How Glimpse Helps Brands Recover Lost Revenue 05:00 The Hidden World of Invalid Deductions 07:00 Why Deductions Are a Cross-Functional Headache 09:00 Building Glimpse: How Akash Found the Problem 12:00 Why UNFI and KeHE Are So Painful for Brands 15:00 How Retail Deductions Work (and What to Fight) 18:00 How Glimpse Uses AI to Recover Revenue 21:00 The Power Imbalance Between Retailers and Brands 24:00 Can Deductions Ever Be Fully Automated? 27:00 The Financial Blind Spots in Retail 30:00 How Different Categories Get Hit Harder 33:00 Expanding Glimpse Across Retailers: Target, Walmart, Amazon36:00 When Brands Should Start Focusing on Deductions 39:00 The Categories With the Highest Invalid Deductions 📬 Subscribe for more founder stories & scaling insights: 👉 The Consumer VC Newsletter - https://www.theconsumervc.com/ Follow Mike Gelb: Twitter / IG / TikTok → @mikegelb / @consumervc