In this episode of the Startup CPG Podcast, host Hannah Dittman sits down with Brian Bernstein, investor at Rich Products Ventures, to explore what corporate venture capital looks like in practice—and why it might be the strategic partner early-stage food brands didn't know they needed. The conversation dives deep into evaluating product-market fit, understanding the metrics that actually matter (velocity over door count, margin bridges, the "Toledo test"), and why venture capital isn't the right fit for every founder. Brian shares his unconventional path from investment banking at Bank of America (working on the Yeti IPO) to Blue Apron during its rise and fall, to MBA at Wharton, to Restaurant Brands International (Burger King, Popeyes, Tim Hortons), and eventually landing at Rich Products Ventures. He discusses how Rich Products—a $6 billion, 80-year-old, family-owned frozen food manufacturer—operates its corporate venture fund with a hybrid approach: 60-70% financial investor, 30-40% strategic partner. Drawing from recent investments like Evergreen (frozen better-for-you waffles), Ripple (pea milk), and Delicious (frozen novelty bites), Brian reveals what separates compelling opportunities from brands that aren't ready for institutional capital. Throughout the episode, listeners gain insider perspective on corporate venture versus traditional VC, the diligence process Rich Products Ventures runs (100% of what a financial investor does, plus strategic support), and why information walls, no right of first refusal clauses, and evergreen fund structures make corporate venture an asset—not a burden. Brian emphasizes his conviction drivers: founder-market fit, velocity in natural crossing into conventional, margin bridges with clear paths to profitability, and the "Toledo test" (if it won't sell in Toledo, Ohio, it's not a scalable brand). He also shares why venture money isn't right for every brand, how to think about exit timelines (7-10 years on average), and why founders should hire only when it's painful. Whether you're evaluating corporate venture investors, preparing for diligence, or wondering if venture capital is the right path for your business, this conversation offers clarity on what early-stage food investors care about most when backing mission-driven founders building real, durable businesses. Listen in as they discuss: Brian's path: investment banking (Yeti IPO) → Blue Apron's rise and fall → Wharton MBA → RBI → Rich Products VenturesRich Products background: $6 billion revenue, 80 years old, family-owned frozen food manufacturerCorporate venture thesis: pre-farm to post-fork, $100K-$3M checks, seed to Series C stageHow corporate venture differs from traditional VC: hybrid 60-70% financial, 30-40% strategicWhy corporate venture can be an asset, not a burden: information walls, no RFR clauses, evergreen fund structureWhat makes a compelling investment: founder-market fit, velocity crossing into conventional, margin bridges, platform potentialCase studies: Evergreen (frozen waffles going after Eggo), Ripple (pea milk at scale), Delicious (frozen novelty bites)The "Toledo test": if it won't sell in Toledo, Ohio, it's not a scalable brandWhy velocity matters more than door count: depth over breadth, turns per store per SKU per weekEvaluating margins: contribution margin bridges, clear paths from 15% to 30%, initiatives in placeWhy venture capital isn't the right fit for every brand: lifestyle businesses vs. $100M disruptorsExit pathways: strategics (7-10 years, $75M+ revenue), private equity (cash flow focused), IPOs (decade+, billion-dollar brands)Advice for founders: solve a real consumer pain point, start scrappy, hire when it's painful, be ready for pivotsHow to prepare for diligence: deck, model, pipeline, margin bridge, velocity benchmarks, category contextAdvice for operators transitioning to investing: network building, warm intros, develop your thesis Episode Links: Rich Products Ventures LinkedIn: https://www.linkedin.com/company/rich-product-ventures/?viewAsMember=true Brian Bernstein — Investor, Rich Products Ventures LinkedIn: https://www.linkedin.com/in/brianbernstein Website: richproductsventures.com Don't forget to leave a five-star review on Apple Podcasts or Spotify if you enjoyed this episode. For potential sponsorship opportunities or to join the Startup CPG community, visit http://www.startupcpg.com Show Links: Transcripts of each episode are available on the Transistor platform that hosts our podcast here (click on the episode and toggle to “Transcript” at the top)Join the Startup CPG Slack community (35K+ members and growing!)Follow @startupcpgVisit host Hannah's Linkedin Questions or comments about the episode? Email Daniel at podcast@startupcpg.comEpisode music by Super Fantastics