Consumer VC

Mike Gelb
  • 4.9 (135)
  • Investing
  • Updated Semiweekly

Consumer VC takes a look into early-stage consumer investing and venture capital. If you are interested in learning about consumer trends, have a b2c business and interested in learning about the fundraising process at the early stage, you have come to the right place. Mike interviews some of the top venture capitalists in the world that focus on B2C and consumer type companies or have a deep track record investing in these categories such as marketplaces, SaaS, social, CPG and non-tech subscription. Mike also interviews founders that are building some of the most disruptive consumer facing companies in the world. The conversation usually includes the insight the founder discovered, fundraising strategy, and the pitch. This podcast also includes bonus episodes. Each bonus episode dives into a particular subject that might not have to due with the fundraise or venture capital, but still would be helpful to founders. For example, a bonus episode on brand strategy or how to construct a board of directors. All bonus episodes will be clearly labeled. For all episodes, please visit www.theconsumervc.com. For updates, you can follow @mikegelb on Twitter.

  1. 3d ago

    The Psychology of Great Founders with Tony Conrad

    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

    1h 15m

  2. May 6

    Why Killing Her First Product Saved This CPG Brand with Michelle Razavi

    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

    1h 12m

  3. Apr 15

    How a Diabetic Built One of the Fastest-Growing Cereal Brands in America with Krishna Kaliannan

    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

    1h 12m

  4. Mar 11

    Is Early-Stage Consumer VC Broken? with Manica Blain

    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

    57 min

  5. Feb 25

    The Emotional Secret Behind Billion-Dollar Brands ft. Craig Dubitsky

    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

    1h 38m

  6. Jan 21

    From World-Class Poker Player to DTC Powerhouse ft. Brian Tate

    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

    56 min

  7. Jan 12

    The “Better-For-You” Food Lie No One Talks About ft. Tyler Mayoras

    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

    1h 2m

  8. 12/16/2025

    Consumer Isn’t Dead, VC Just Got It Wrong ft. Michael Duda

    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

    57 min
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4.9
out of 5
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About

Consumer VC takes a look into early-stage consumer investing and venture capital. If you are interested in learning about consumer trends, have a b2c business and interested in learning about the fundraising process at the early stage, you have come to the right place. Mike interviews some of the top venture capitalists in the world that focus on B2C and consumer type companies or have a deep track record investing in these categories such as marketplaces, SaaS, social, CPG and non-tech subscription. Mike also interviews founders that are building some of the most disruptive consumer facing companies in the world. The conversation usually includes the insight the founder discovered, fundraising strategy, and the pitch. This podcast also includes bonus episodes. Each bonus episode dives into a particular subject that might not have to due with the fundraise or venture capital, but still would be helpful to founders. For example, a bonus episode on brand strategy or how to construct a board of directors. All bonus episodes will be clearly labeled. For all episodes, please visit www.theconsumervc.com. For updates, you can follow @mikegelb on Twitter.

Information

  • Creator
    Mike Gelb
  • Years Active
    2019 - 2026
  • Episodes
    409
  • Rating
    Explicit
  • Copyright
    © Mike Gelb
  • Show Website
    Consumer VC

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