Consumer VC: Venture Capital I B2C Startups I Commerce | Early-Stage Investing I Brands | Technology

Mike Gelb
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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. ٢٧ أغسطس

    VC Playbook Has Changed. Here’s What Founders Must Do ft. Ezra Galston

    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 What does it take to build a truly durable consumer brand in today’s volatile venture environment? In this episode, Mike sits down with Ezra Galston, Founding Partner of Starting Line, to unpack the shifting dynamics in consumer, marketplaces, and venture capital. Ezra shares why the Midwest VC ecosystem looks different from the coasts, what’s changing in consumer investing post-2021, and how founders can position themselves to raise smarter—not just bigger. Here’s what you’ll learn: ✅ Why consumer investing still matters (even if VC sentiment has cooled) ✅ The difference between “good” growth and “unsustainable” growth ✅ How geography shapes venture outcomes (and why Chicago is unique) ✅ Why Ezra believes today’s founders must optimize for efficiency over hype ✅ The traps consumer founders fall into when chasing scale too early ✅ What LPs really want from consumer-focused funds right now ✅ How Starting Line is approaching the next generation of consumer brands ✅ Why resilience and margin discipline are the new non-negotiables 👉 If you’re a founder, investor, or operator navigating consumer markets in 2025, this episode is packed with insights you won’t want to miss. Timestamps 00:00 Intro 01:10 Why Consumer Still Matters in Venture 05:00 Growth vs. Unsustainable Growth 09:20 The Midwest VC Lens vs. The Coasts 14:00 Lessons from Building Starting Line 18:30 Why Scale Too Early Destroys Consumer Startups 23:00 LP Expectations in a Reset Market 27:00 Ezra’s View on the Future of Consumer Brands 32:00 Optimizing for Efficiency in Fundraising 38:00 Why Margins Are the New Moat 42:00 Advice for Founders Raising in 2025 47:00 Ezra’s Recommended Books & Resources 📬 Subscribe for more founder stories & venture insights:👉 The Consumer VC Newsletter - https://www.theconsumervc.com/ Follow Mike Gelb: Twitter / IG / TikTok → @mikegelb / @consumervc

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  2. ٢١ أغسطس

    Recaps, Downrounds and Cap Table Engineering: What Really Happens When Your Growth Plan Fails with Steven Finn

    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 When fundraising stalls, valuations reset, and the cap table gets messy—what really happens next? In this episode, Mike sits down with Steven Finn, Partner at Siddhi Capital, to break down the tough realities of down rounds, recaps, and cap table engineering. Steven has been in the room when brands shift from celebration to survival—and shares what founders and investors need to know when things don’t go as planned: ✅ Why overcapitalization often leads to a “death spiral” ✅ When to use equity vs. debt—and why both can be predatory ✅ How mega funds create distorted valuations (and walk away fast) ✅ The psychology of “dead equity” and how to reset expectations ✅ Why insiders matter most in distressed situations ✅ How to keep founders aligned (and motivated) during a recap ✅ Why margins = runway, and why that matters more than ever ✅ What smart founders can do early to avoid being wiped out 👉 If you’re a founder, investor, or operator navigating today’s tougher fundraising environment, this episode is essential listening. Timestamps 00:00 Intro 01:00 Why Fundraising Feels Harder Than Ever 04:50 Fuel on the Fire vs. Finding the Fire 07:00 Debt vs. Equity (and Predatory Capital) 12:00 When Equity Deals Get Ugly 16:30 The Mega Fund Trap & Overcapitalization 23:00 How Huge Rounds Re-Risk Companies 27:00 Recaps, Option Pools & Dead Equity 30:00 Why Venture is Now “Financing Risk First” 34:30 Rethinking Portfolio Strategy 39:50 Are Down Rounds Still a Scarlet Letter? 43:00 Why Margins = Runway 46:00 Selling Distressed Assets (and Why It’s So Hard) 50:00 How Founders Can Protect Themselves Early 53:00 Spotting Coachable vs. Uncoachable Founders 56:00 Growing in Retail Without Growing Too Fast 58:00 Steven’s Book Recommendations 📬 Subscribe for more founder stories & venture insights: 👉 The Consumer VC Newsletter - https://www.theconsumervc.com/ Follow Mike Gelb: Twitter / IG / TikTok → @mikegelb / @consumervc

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  3. ١١ أغسطس

    The $400B Question: How AI Is Redefining Venture Capital and the Future of Startups

    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 Q1 2025 was the slowest fundraising quarter for consumer VC in recent memory. So what's really happening in venture capital—and how is it impacting founders in consumer, SaaS, and AI? In this episode, Mike sits down with Peter Walker, Head of Insights at Carta, to break down what's beneath the data:  ✅ Why seed valuations are holding—but fewer deals are closing ✅ What’s behind the Series A “chasm” in consumer ✅ How mega funds are reshaping early-stage investing ✅ The rise of solo GPs and the slow decline of mid-sized funds ✅ Why LPs are getting frustrated with VC ✅ What founders risk when a mega fund passes on their Series A ✅ Why AI is warping the current “reset” in venture ✅ And what the future of venture might really look like 👉 If you're a founder, investor, or emerging manager trying to navigate the post-2021 world, this is a must-listen. Timestamps 00:00 Intro 01:00 Why Consumer VC Has Higher Highs & Lower Lows 04:00 What Went Wrong with DTC and VC Expectations 06:00 Fund Size Creep & Why Some Firms Abandoned Consumer 10:00 The “Thesis Drift” Problem in Venture 13:00 Why Most VCs Don’t Stay in Their Zone of Genius 15:00 Mega Funds vs. Seed Funds: Optics, Pressure, and Power 21:00 Why Series A Has Become a Brick Wall 26:00 Will AI Companies Actually Be Durable? 31:00 The Rise of 3-Year Fundraising Cycles 35:00 The Future of Emerging Managers 38:00 The Squeeze on Mid-Sized Funds 40:00 The “Just a Little VC” Founder Strategy 44:00 Why Seed Valuations Haven’t Crashed 47:00 How Tariffs Are Impacting Consumer Deal Flow 51:00 Where Is the Liquidity? (& Why M&A is Surging) 54:00 Are We Actually in a Reset? 56:00 The AI Hype Cycle and OpenAI Risk 59:00 Peter’s Favorite Books (Personal & Professional) 📬 Subscribe for more founder stories & venture insights: 👉 The Consumer VC Newsletter - https://www.theconsumervc.com/ Follow Mike Gelb: Twitter / IG / TikTok → @mikegelb / @consumervc

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  4. ٤ أغسطس

    Waterloo & Sweet Leaf Tea Founders & Operators Reveal What They Look For in $50M+ Brands with Clayton Christopher and Brian Goldberg

    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/ EisnerAmper provides financial advisory services tailored to the specific needs of consumer product companies. Looking for a strategic CFO partner? Learn more – https://www.eisneramper.com/ Clayton Christopher and Brian Goldberg are two legends in the CPG space—between them, they’ve built and scaled brands like Sweet Leaf Tea, Waterloo Sparkling Water, Austin Eastciders, and SkinnyPop. Now, they’ve teamed up to launch Astro Consumer Partners, a $400M+ growth-stage investment firm focused on scaling consumer brands. In this episode, recorded live at Austin’s Consumer Week, Clayton and Brian share what they’ve learned as both operators and investors—and what it really takes to build a brand that lasts: ✅ The biggest differences between early-stage and growth-stage investing ✅ How to know when you’re ready to raise capital—and why profitable brands still choose to do it ✅ The distribution trap: when to go deep vs. wide with retail ✅ DTC vs. retail: which to prioritize and why ✅ What “eliminating strategic risk” looks like in practice ✅ Real talk on CPG categories: why some brands crush DTC but flop in stores ✅ What actual value-add looks like from an investor ✅ Why profitability and leverage matter more than ever 👉 Whether you're scaling past $5M in revenue or wondering how investors really evaluate CPG brands—this conversation is packed with wisdom from two of the best in the game. Timestamps- 00:00 Intro 01:10 Meet Astro Consumer Partners: $400M Growth-Stage CPG Fund 05:30 What They Look For in Brands: People, Margins, & Category Leadership 08:00 When Should a CPG Brand Be Profitable? 10:35 Why Profitable Founders Still Raise Capital 13:30 Avoiding the Strategic Risk Trap 16:45 When to Go Deep vs. Wide in Retail 20:00 DTC Brands Going to Retail: What Works, What Doesn’t 24:00 Launching in Natural vs. Mass Retail 28:00 Building Retail Leverage Through Velocity and Data 31:00 Positive Leverage: Retail, Manufacturing & Celebrities 34:00 What “Value-Add” from Investors Actually Means 38:00 Advice for Early-Stage Founders 41:00 The Emotional Journey of Entrepreneurship 45:00 Live Audience Q&A 📬 Subscribe for more founder stories & scaling insights: 👉 The Consumer VC Newsletter -https://www.theconsumervc.com/ Follow Mike Gelb:Twitter / IG / TikTok → @mikegelb / @consumervc

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  5. ٢٢ يوليو

    How CHOMPS Bootstrapped to $500 Million in Sales

    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 Pete Maldonado and Rashid Ali started Chomps with nothing but a simple idea, some grassroots hustle, and their first month bringing in… just $500 in revenue. Fast forward, Chomps is now an $80M+ powerhouse sold in Trader Joe’s, Walmart, and Whole Foods—all built before taking a single VC check. In this episode, Pete and Rashid share how they turned a $500 side hustle into a national brand: ✅ Why starting small gave them the discipline to stay profitable ✅ The scrappy marketing tactics that turned $500 into their first $5,000 ✅ How a Trader Joe’s deal transformed their growth overnight ✅ Why they ignored the “raise early” startup playbook and bootstrapped instead ✅ How their opposite personalities created the perfect founder duo ✅ The systems and strategy that took them from a side hustle to shelves nationwide 👉 If you’re building a business from scratch—or wondering if you really need VC money—this episode is proof that you can start lean, grow smart, and win big. Timestamps 00:00 Intro 01:10 How a $500 Side Hustle Became Chomps 03:25 Pivoting From Frozen Meat to Beef Sticks 06:20 Early Influencer Hacks That Fueled Growth 10:45 The Trader Joe’s Breakthrough 14:10 Staying Profitable Through Scale 18:30 The Founder Dynamic That Made It Work 22:00 Why They Waited Until $80M to Raise 26:30 Building a Brand Customers Love 30:00 The Next Chapter for Chomps 34:20 Building Systems and Teams for Scale 37:00 Staying Profitable While Competing with Legacy Brands 40:10 Why They Raised Only After $80M in Revenue 44:00 Becoming a B‑Corp and Setting Higher Standards 48:10 Their Take on the Protein Trend and What’s Next for Chomps 51:30 Book Picks: Rocket Fuel & Die With Zero 📬 Subscribe for more founder stories & scaling insights: 👉 The Consumer VC Newsletter Follow Mike Gelb: Twitter / IG / TikTok → @mikegelb / @consumervc

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  6. ١١ يوليو

    What Led Larry Cheng To Invest Early in Chewy, Chamberlain Coffee & US Mobile

    Larry Cheng is the Managing Partner at Volition Capital, a $1.7B growth equity firm behind breakout brands like Chewy, Chamberlain Coffee, BURST, and Grove Collaborative. Volition’s unique approach? No early VC checks. No burn-at-all-costs playbooks. Just capital-efficient businesses with traction—and a partner who’s okay being the first check in. In this episode, Larry breaks down: How Chewy went from a “low-margin pet food startup” to the largest e-commerce acquisition in history Why Volition bets on unsexy markets and skips the Valley hype How Chamberlain Coffee learned the hard way that virality cuts both ways Why most VCs misunderstand capital efficiency—and how it actually creates alpha What makes a founder irresistible without raising a single VC dollar If you’re building or backing brands in today’s cautious market—this is a masterclass in discipline, scaling smart, and going big without losing your company. Timestamps 00:00 Intro 01:10 Why Larry Left Traditional VC to Start Volition 03:25 The Two Types of Founders Who Bootstrap to $5M+ 06:20 How Volition Approaches Valuations 07:55 Why They Backed Chewy When No One Else Would 10:45 Investing in Physical Products vs. SaaS 12:30 The Truth About Virality and Bad Product Experience 14:10 How They Evaluate Customer Acquisition Channels 16:30 Defining Capital Efficiency (Pre and Post Investment) 19:00 Why Most of Their Portfolio Never Raises a Series B 22:00 What Changed Post-ZIRP: Founder Power vs. Investor Power 24:45 The Secret Sauce to Surviving the Hype Cycles 26:30 The “Unsexy Markets” That Became Home Runs 29:45 Why AI Might Be SaaS 10 Years Ago—But Riskier 33:00 Lessons From Grove Collaborative’s Public Struggles 36:50 Chewy’s Secret Weapon: Negative Working Capital 38:40 Existing vs. New Market Creation (And Why Larry Prefers Existing) 41:10 Knowing When to Exit—and What That Conversation Looks Like 44:10 Fund Horizon, Exit Timing, and Founder Alignment 45:40 Larry’s Book Picks: The Bible and 5 Types of Wealth 46:30 The Biggest Consumer Red Flag Today: “Made in China” 48:40 Favorite Innovation: Teslas Driving His In-Laws Around 49:50 The Biggest Venture Lesson: Power Law Is Real 51:20 Why Volition Intentionally Concentrates Their Bets 52:10 Pattern Matching: Useful Signal or Dangerous Bias? 53:25 The Biggest Myth About VCs (Hint: They’re Not All Sharks) — 📬 Subscribe to The Consumer VC newsletter for weekly insights: 👉 https://www.theconsumervc.com/ 🎧 Listen on: Spotify → https://open.spotify.com/show/4Hjm74Z... Apple Podcasts → https://podcasts.apple.com/gb/podcast... Follow Mike Gelb: Twitter / IG / TikTok → @mikegelb / @consumervc

    ٥٧ من الدقائق

  7. ٢٧ يونيو

    Former Matchmaker Turned CEO: How Katie Wilson bought Facebook Groups to Build a Gut Health Empire

    This episode is brought to you by Highbeam. Highbeam is the all-in-one banking and cash management platform built for consumer brands – https://www.highbeam.co/capital?partn... Katie Wilson is the CEO and co-founder of BelliWelli, a gut health brand that went from home kitchen experiments to the shelves of Walmart and Target—with zero paid ads and no CPG background. Before BelliWelli, Katie was a celebrity matchmaker who helped founders, actors, and CEOs find love. But a personal gut health crisis after food poisoning sent her down a new path—one that exposed a massive gap in the wellness market. If you’re building a consumer brand, struggling with growth, or tired of DTC hype—this episode is a masterclass in scrappiness, community, and execution. She explains:  ▫️How she built a viral brand by buying Facebook groups ▫️Why IBS became her billion-dollar insight ▫️The bizarre story of how she raised $200K from a Clorox exec on LinkedIn ▫️Why she pitched Walmart before launching a DTC site ▫️How BelliWelli beat legacy brands without a marketing budget ▫️What most startups get wrong about retail and virality 00:00 Intro 02:41 How She Became a Celebrity Matchmaker 06:17 What Founders Are Like as Dating Clients 10:03 Getting Hired by Match.com 13:11 The Gut Health Breakdown That Sparked Everything 16:59 Her Husband’s Role in Creating the First Bar 18:08 The Secret Power of Facebook Groups 19:01 How She Bought 20+ Groups to Launch the Brand 21:24 Scaling From Kitchen Bars to 500K+ Customers 24:34 How She Met Her First Investor Through Matchmaking 25:47 What Made an Exec Wire Her $200K 27:12 From “IB Simple” to Rebranding as BelliWelli 31:01 Why Retailers Told Her the Original Brand Would Fail 33:19 Getting Into Sprouts, Then Target 36:40 Why the Protein Bar Aisle Isn’t Ready for Fiber 40:51 The Genius Move to Launch Fiber Powders at Walmart 44:12 How a Gluten-Free Café Introduced Her to Walmart’s Buyer 46:04 Why Walmart Called to Say “What Did You Do?” 47:04 Her Secret Edge as CEO 48:58 Going Viral at Walmart—With No Ad Spend 50:41 Filming Hundreds of Organic Videos in Store 51:08 Driving 1 Billion Walmart Impressions in 7 Months 53:39 What Most Founders Misunderstand About Community 55:33 Why She’s Still in Walmart Every Night — 📬 Subscribe to The Consumer VC newsletter for startup trends: https://www.theconsumervc.com/ 🎧 Listen on: Spotify → https://open.spotify.com/show/4Hjm74Z... Apple Podcasts → https://podcasts.apple.com/gb/podcast... Follow Mike: Twitter / Instagram / TikTok → @mikegelb / @consumervc

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  8. ٣٠ مايو

    From Surviving a Plane Crash to Building Baby Formula and Energy Drink Brands: Richard Lavar

    This episode is brought to you by Highbeam. Highbeam is the all-in-one banking and cash management platform built for consumer brands – https://www.highbeam.co/capital?partn... Richard Laver isn't your typical founder. At age 12, he survived a plane crash that killed 137 people—including his father. Years later, he built Kate Farms to save his daughter's life, scaling it to hospitals nationwide and raising $75M. Then he walked away from it all. Now, he’s back with Lucky Energy—a clean, purpose-driven energy drink brand that just raised $14M. In this powerful episode, Richard shares: The personal tragedy that shaped his mission How he scaled a life-saving formula into a national brand Why he believes the energy drink industry is broken The strategy behind launching Lucky Energy in a saturated market How to build trust, win retail, and raise capital in 2024 If you're in CPG, startup land, or just love founder stories with real heart and hustle—this is the one. To pics: Surviving tragedy and finding purpose Building Kate Farms from kitchen to $75M Series C What makes energy drinks so hard to win in Why most brands fail at retail (and how to fix it) Richard’s $14M raise and plans for Lucky Energy 🎧 Subscribe & Listen:  🌐 Website & Newsletter → https://www.theconsumervc.com/  🎧 Youtube→ https://www.youtube.com/@consumervc   🍎 Apple Podcasts → https://podcasts.apple.com/gb/podcast... 📱 Follow Mike Gelb  Instagram → @mikegelb  TikTok → @consumervc  Twitter → @mikegelb #richardlaver #energydrinkstartup #founderstory #consumerbrands #katFarms #luckyenergy #cleanenergy #startuplife #venturecapital #founderjourney #consumervc

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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.

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