Hey friends,

Today’s episode is with David Simnick, co-founder and CEO of Soapbox. We initially recorded this interview in person back in February in Miami during Cosmoprof, however, I lost the recording (big fail by me). So this has been months of anticipation to have David on the podcast and thankful we could make it happen. Thank you to the one and only Doug Waller for making the intro.

Consumer VC is brought to you by:

The Hidden Gems: There’s a lot of bull$#!+ in the Agency landscape. That’s why Brand Founders and Executives big and new trust: The Hidden Gems. They provide the most optimal boutique Agencies to conquer any goals/needs 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.

Whatever your need, just send a request and they’ve got the solution... it’s that easy! –> david@thehiddengems.com

So David started making soap in his college kitchen in 2010 (his landlord thought he was cooking meth). Sixteen years later, Soapbox is sold in Walmart, CVS, Walgreens, Target, Costco, and Wegmans, it’s profitable, and private equity firms reach out every month.

We get into why consumers don’t buy because of the mission (and why the mission still drives repeat purchases), what a BCG study found about Soapbox’s loyalty, why a one-for-one model beats a percentage pledge, what one of his largest investors said when David brought him a bad acquisition offer, and how David thinks about building new brands through incubation and M&A.

Listener offer: get 20% off your first order at soapbox.co with code CONSUMERVC20

Chapters:

0:00 Intro
1:03 Round two after the lost recording
2:36 What’s most misunderstood about Soapbox
4:27 First-time founder or seasoned operator?
5:18 From USAID to starting a soap company
8:52 Making soap in a college kitchen
12:52 Why consumers don’t understand cents or percents
14:32 Weaving the mission into the product
16:54 Moving the mission to the back of the label
17:13 What BCG found about Soapbox’s loyalty
19:01 Why Soapbox couldn’t be a nonprofit
20:33 Sponsor: The Hidden Gems
22:03 How investors viewed the mission
22:54 Why buyers root for a mission-driven brand
27:52 The 2016 pivot: 0.15 units per store per week
29:48 Why he decided to keep going
32:35 Product or positioning?
33:37 Asking retailers to believe in the rebrand
34:51 Growth ambitions and building more brands
36:53 Incubation vs. M&A
37:26 What he looks for as an angel investor
38:44 Format innovation and solving a known need
41:20 What he’d do differently launching today

🎧 Enjoying the show? Subscribe and give a ⭐️⭐️⭐️⭐️⭐️ rating wherever you listen to your podcasts – YouTube, Spotify, Apple

🤝 Want to connect or have a question? DM us on Substack Consumer VC

💡Have ideas for guests? Email mike@theconsumervc.com

• Eroski reported gross sales of €3.06 billion for H1 2026, a 3.8% increase from last year, with net profit rising to €65.4 million due to heightened consumer demand for value amidst price sensitivity – ESM

• McCormick has reported higher quarterly sales and profit, as pricier seasonings and sauces helped cushion the blow from weaker consumer demand. The company faces challenges from elevated costs and consumers trading down to cheaper goods – ESM

• Mondelēz International highlights trends shaping the future of confectionery and snacking, emphasizing premiumization and personalized nutrition as key consumer demands. The company notes that consumers are willing to spend more for higher-quality products - FoodNav

• Amazon, along with Target and Walmart, is hosting major fall sales events to test consumer demand ahead of the holiday season. Amazon‘s Prime Big Deal Days are scheduled for October 6-7. Walmart and Target will have their sales from October 5-11 and October 6-7, respectively. This year’s sales come amid rising gas prices and low consumer sentiment, making them a critical indicator of spending behavior – Modern Retail

• Lindt & Sprüngli has cut its 2026 organic sales growth forecast due to weaker consumer sentiment and price sensitivity, citing record-high cocoa costs and an unprecedented summer heatwave impacting chocolate sales – FoodNav

Consumer VC is brought to you by:

The Hidden Gems: There’s a lot of bull$#!+ in the Agency landscape. That’s why Brand Founders and Executives big and new trust: The Hidden Gems. They provide the most optimal boutique Agencies to conquer any goals/needs 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.

Whatever your need, just send a request and they’ve got the solution... it’s that easy! –> david@thehiddengems.com

Consumer Brands

Fundraises

• Something & Nothing. The U.K.-founded premium soda brand, made from quality natural juices, extracts, and botanicals, raised a $6.4M seed round to expand in the US, focusing on distinctive flavors and design. The round was led by Venrex. This brings their total funding to $15.7M with Venrex participating in both of their financing rounds – DFL

• Hiyo, the non-alcoholic functional social tonic brand that features adaptogens, nootropics, and botanicals, raised $20.8M Series B led by Constellation Brands. They plan to expand their retail footprint past 13,000 doors and go deeper into nightlife and music festivals with their multi-year partnership with Live Nation – BevNet

M&A

• Stride Consumer Partners has acquired a majority stake in Clio Snacks, maker of the first refrigerated Greek yogurt bar. Clio is sold in about 60,000 stores, runs its own 86,000-square-foot plant in New Jersey, and is on track to produce more than 150 million bars this year. Alliance Consumer Growth backed the company starting in 2018. Clio is on track for $120M in revenue this year, – PRNewswire

• Sargento has acquired La Terra Fina, a maker of premium dairy-based dips, spreads, and quiches, expanding its portfolio into grocery and club deli departments. This acquisition creates a new Deli Business Unit and adds approximately 250 employees to Sargento. Financial details of the sale were not disclosed - PRNewswire M&A

• Samsonite Group has purchased 85% of BÉIS, a lifestyle and travel brand that was founded by Shay Mitchell, to enhance its lifestyle presence. The brand was valued at $210m / 1x Revenue. The remaining 15% stake will be kept by Shay Mitchell, who stays on as Creative Lead. This acquisition aims to leverage BÉIS’s engaged consumer base and digital capabilities for growth. BÉIS will continue to operate under its brand leadership, focusing on creativity and consumer connections – PRNewswire M&A

  • The brand was incubated out of Beach House Group, the LA brand incubator behind Moon with Kendall Jenner, Pattern by Tracee Ellis Ross, and Florence by Mills with Millie Bobby Brown (which it incubated and sold). Beach House Group had a 70% stake , Shay Mitchell 30% stake. With this transaction, Beach House Group sold their full 70% stake (~$147m) and Shay sold half her stake (~$31.5m). She still owns the remaining 15% stake in the business. For comparison, Samsonite paid ~3x revenue (13.6x EBITDA) for TUMI in 2016.

• Tresalis, a new owner-operator platform built to acquire and grow science-led consumer health, beauty, and wellness brands, has acquired a majority stake in Vyrao, the London-based wellbeing fragrance house founded by Yasmin Sewell in 2021. Tresalis is a new owner-operator platform built to acquire and grow science-led consumer health, beauty, and wellness brands – and Vyrao is their first one. The acquisition allows Vyrao to retain its brand identity while benefiting from Tresalis‘s resources. Existing investors, including Elevate Beauty and Manzanita Capital, will remain equity partners in Vyrao - PRNewswire M&A

Debuts, Distribution & Expansion

• Momentous, a performance supplement brand known for sport-certified products used by pro and college teams, is expanding its reach into national retail, launching 12 products at Target, following $100 million in sales last year - Beauty Independent

• Oshi, the plant based seafood brand, has launched its products in 123 Hy-Vee stores, significantly expanding its retail footprint - Vegconomist

• MoonBrew, a melatonin-free sleep brand known for its hot cocoa sleep drink, is moving from DTC into retail, starting with Target’s sleep aisle. Founder Allan Shen, who grew up in his parents’ herbal apothecary in San Francisco, launched the company as NoonBrew, an afternoon energy powder, in 2021 before pivoting to sleep in 2024 on stronger unit economics. The brand is also launching MoonBrew Kids, its customers’ top request – Forbes

• J&J Snack Foods is expanding its European presence with popular snack products, focusing on churros and soft pretzels to meet consumer demand - ESM

• Whisker has joined TikTok Shop to market its Litter Robot, leveraging its unique features to attract younger shoppers. The product’s viral appeal is expected to enhance sales across various channels, including direct-to-consumer and Amazon - Modern Retail

Product Launches

• Ferrero Group is reformulating Power Crunch to make it lighter and crunchier, reflecting competition in the protein bar market. The relaunch coincides with their new campaign, A Lighter Way to Protein, aimed at appealing to consumer preferences for protein snacks - FoodNav

• Coca-Cola Co‘s new Topo Chico Colección introduces a premium sparkling water in a convenient format, aiming to capitalize on growing trends in the category. The launch reflects the brand’s strategy to differentiate in a crowded market - FoodNav

• Lidl has launched a new private-label pet food brand called Max & Mila’s World, aimed at providing quality and accessible food options for cats and dogs. This initiative marks the first time Lidl has created a unique brand identity for its pet product range - ESM

• Mars is introducing Skittles Gummy Crystals, a gummy coated in crunchy candy crystals - FoodNav

• Nest New York is launching the Wonder eau de parfum, derived from its bestselling Holiday candle, to expand its fine fragrance business. This move follows a successful introduction of perfume oils and aims to capture holiday scents for consumers - Modern Retail

• One Planet Pizza is launching its first frozen ready meals, including Tofu Tikka Masala, Mac & Cheeze, and Veg & Lentil Ragù Lasagne, exclusively in 276 Asda stores starting October 12. The brand also confirmed listings for two pizzas in Iceland’s Food Warehouse chain from January 2027, marking significant retail expansion - Vegconomist

• Hershey has launched two new products, Reese’s Caramel Block and Reese’s White Peanut Butter Cup Trio, to drive growth. These innovations cater to consumer demand for indulgent flavors and reflect industry trends towards flavor extensions. The launches aim to leverage existing consumer loyalty during uncertain economic times - FoodNav

Funds Raising Funds

• Stride Consumer Partners has closed its second fund with $550 million in capital commitments, oversubscribed and 30% larger than its first fund. The firm invests across beauty, food and beverage, active lifestyle, and multi-unit services with some of the investments include Chomps, Jeni’s Ice Cream, Drybar, Crown Affair - Beauty Independent

Consumer Technology

Fundraises

• Instinct, a developer of AI assistants for everyday tasks, secured $1 billion in a Series C round led by Sequoia Capital, Benchmark, and Coatue, setting a $10 billion valuation for the company – Crunchbase

Commerce & Retail Tech

Fundraises

• OuterSignal, the customer-intelligence tool for ecommerce brands that enriches every order with a profile of the person who placed it, raised $22 million in Series A funding co-led by Long Journey Ventures and Abstract Ventures. The platform powers thousands of consumer businesses and aims to enhance customer engagement through personalization - PRNewswire VC

• Zurich-based venture studio FOOD FOUNDERS Studio has closed an oversubscribed €4 million funding round backed by family offices and angel investors. The capital will fund the studio’s next ventures and the work of identifying and securing the technologies behind them - Vegconomist

Hey friends,

Today’s episode is with Jared Stein, co-founder and Partner of Monogram Capital. Monogram invests across consumer, but unlike most firms in the space, it backs the factories, 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 square foot aseptic beverage plant the firm built from the ground up. Last year they closed their third fund at $350m

We get into how Monogram found Olipop when it was doing a million dollars in revenue, why co-manufacturers often know a brand is working before the syndicated data does, what happened when the team behind Mountain Top signed $800 million in long-term customer contracts before anyone broke ground, and why Jared is contrarian on asset-heavy businesses at a moment when most investors have gone the other way.

Consumer VC is brought to you by:

The Hidden Gems: There’s a lot of bull$#!+ in the Agency landscape. That’s why Brand Founders and Executives big and new trust: The Hidden Gems. They provide the most optimal boutique Agencies to conquer any goals/needs 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.

Whatever your need, just send a request and they’ve got the solution... it’s that easy! –> david@thehiddengems.com

Chapters
0:00 Intro
1:13 Business lessons from his dad's auto parts store
3:13 Learning what ownership really means
4:30 What happened after his dad's business sold
6:56 Founder-led vs. hired CEO
10:36 From Goldman Sachs to private equity
12:04 Why consumer and retail
13:46 Monogram's thematic investing approach
16:44 When a "keto" callout becomes a risk
18:30 Should brands call out GLP-1?
19:44 Sales and marketing edge vs. product and ops edge
21:59 First movers vs. fast followers
25:03 Vertical integration vs. co-manufacturing
28:41 How manufacturers surface brand opportunities
31:19 How Monogram found Olipop early
31:47 Choosing between the brand and the factory
33:55 Building Mountaintop from scratch
38:39 How manufacturing paybacks work
40:28 How long Monogram holds its investments
42:17 Categories that look good on paper
44:01 What Chewy taught him about e-commerce
48:20 The sector he's watching: specialty ingredients
49:33 Getting to know founders before investing
51:33 Why specialty ingredients
53:15 His contrarian bet on asset-heavy businesses
54:41 The valuation gap in co-manufacturers
56:20 What breaks first when capital and founders aren't aligned
57:49 Book recommendations

🎧 Enjoying the show? Subscribe and give a ⭐️⭐️⭐️⭐️⭐️ rating wherever you listen to your podcasts – YouTube, Spotify, Apple

🤝 Want to connect or have a question? DM us on Substack

💡Have ideas for guests? Email mike@theconsumervc.com

Hey friends,

On today’s episode, we have Chris Jane, Co-Founder and CEO of Proper Good.

"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.

Chapters:

0:00 Intro
0:46 Launching a brand in April 2020
4:11 Montana Mex and building with his sister
9:09 Where Proper Good came from
15:08 Shark Tank
19:32 Why Walmart was the first retail swing
24:20 Competing with Campbell's on price
26:24 When health claims hurt sales
32:35 Raising from family offices
38:12 The brand pillar we made up
43:51 Taking the Walmart data everywhere else
53:46 Biggest win, biggest mistake, and one piece of advice

The Hidden Gems: There’s a lot of bull$#!+ in the Agency landscape. That’s why Brand Founders and Executives big and new trust: The Hidden Gems. They provide the most optimal boutique Agencies to conquer any goals/needs 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.

Whatever your need, just send a request and they’ve got the solution... it’s that easy! –> david@thehiddengems.com

Fundraises

• Blank Street Coffee Raise $105 Million. Blank Street Coffee, the coffee house chain that was started in coffee carts in Brooklyn, raised $75 million in primary capital and $30 million in secondaries at ~$650 million valuation. Investors in the round include private equity firm and Joe & the Juice owner General Atlantic as well as Left Lane Capital, General Catalyst, and Tiger Global. Their last valuation was $500 million last year. The capital is to fuel their U.S. expansion and expand their menu. This past week, they also launched their first shop in Los Angeles and plan on expanding their afternoon menu options, like ice cream - Refreshment Mag

• The Stitch Fix for Men’s Personal Care Raised $300k. Hale, the men’s personal care curation app by offering a guided experience based on individual assessments. The company raised approximately $300,000 in a friends-and-family round, with $100,000 coming from Andy Dunn and Red Swan Ventures, to support its operations and product offerings. The founder of Hale used to be Chief of Staff at Andy Dunn’s social media app, Pie. – Beauty Independent

• Self Tanning Goes Premium as Dolce Glow Raised $11m Series A. Dolce Glow, a self-tanning premium brand, raised $11 million in a Series A round led by CAVU Consumer Partners. Founder Isabel Alysa Vita is the go-to Hollywood’s tanning artist – Kim Kardashian, Kylie Jenner, JLo, Selena Gomez, Miley Cyrus have all been clients. The funds will be used for inventory, retail distribution, innovation, and team expansion. Dolce Glow aims to become a $100 million brand in the sunless tanning category. - Beauty Independent

  • Past Category exits: Kao buying Bondi Sands for ~$300M against ~$98M-$123M in revenue, a 2.4x-3x multiple

• Beekeeper Coffee Raises Equity From Sports Stars, Expands to Target Nationwide. Beekeeper Coffee, the RTD coffee brand that has ties to LeBron James’ companies, raised an undisclosed amount from Rich Paul, Draymond Green, Anthony Davis, Zach LaVine, Jared Goff, Fred VanVleet, De’Aaron Fox, Min Woo Lee, Matthew Pritzker - Food & Beverage Magazine

Retail News

• Target Targets Food & Beverage Sector For Growth. Target is expanding its Food & Beverage sector, achieving $9 billion in growth since 2019. The retailer is focusing on curating innovative products and fostering emerging brands to enhance its grocery offerings for busy families - Forbes

  • Target is winning over higher-income shoppers, becoming the fastest-growing retailer among the $125k+ income customer, with 5.5% YoY growth among frequent shoppers. This is a higher growth rate than Walmart. In a study by Alvarez & Marsal, households making more than $100,000 per year plan on increasing their food & beverage spend by 22%, hereas lower-income households plan to increase their spend by only 3%. Target has been very aggressive in bringing in emerging brands that are premium and/or better-for-you alternatives to legacy brands to further appeal to higher-income households. I’ve talked to a few brands that are launching nationwide at Target with little sales history.

• Off Price Retail Soars. Ross Stores saw 13% Sales Jump in Q2 2026. TJX Companies plans to increase its store growth, targeting a long-term global base of 7,500 stores. Currently, they operate 5,285 stores. The company opened 23 new stores last quarter, including a second TJ Maxx in Spain, and is focusing on opportunities in both rural and urban markets. This quote jumped out at me:

  In the first quarter of 2026, visits to Ross Dress for Less rose 17.7% year over year, while visits to TJ Maxx were up 2.6%, and visits to Marshalls were up 3%, per Placer.ai. Meanwhile, visits to traditional apparel stores were down 4.8%.

  • Source: Modern Retail

• Gopuff Expands Private Label To Include Seasonal Products. Gopuff expanded its private-label portfolio with the launch of Crave Shoppe, focused on confections and baked goods. The new seasonal products include cakes, cookies, and edible cookie dough, designed based on customer preferences.

  • This has become a big part of Gopuff’s strategy. They launched their private label earlier this year, and now it appears in 1 out of 5 GoPuff orders. GoPuff has been explicit that transitioning to an owned-inventory model vs. a marketplace model is key to becoming profitable, as it allows them to capture more margin. Private label takes this one step further, as they will have much more control over margin and pricing.

Debuts, Distribution & Expansion

• Beyond’s Beverage Goes Beyond The East Coast Beyond Meat has launched its Beyond Immerse functional beverage line in Erewhon stores across Southern California, marking its first retail presence on the West Coast. Their initial retail launch was in 26,000 retail outlets across New York.

• Cure Hydration Launches in Walmart. Cure is expanding its retail presence by launching in Walmart – 4,500 of them. It takes their retail distribution to 27,000 doors. What’s impressive is they’ve raised only $8.2 million. They’ve reported that over the past three years, they’ve grown 561%, doors are up 35% YoY, and the company has been profitable since 2024. Walmart will offer a selection of Cure‘s hydration products for adults and children, including various packs priced between $10.98 and $24.98. This marks Cure‘s largest retail expansion to date, emphasizing its goal to become a family hydration brand. The functional drinks market is on fire and projected to grow from $165B to $316B by 2033, roughly an 8.5% CAGR - Beauty Independent

If you’re at Newtopia Now this week, I hope you’re having a great time. This week’s roundup spans a celebrity beauty raise, a wave of M&A (Sazerac, Ferrero, and a Samsonite deal for BÉIS), some fun brand collabs, and a beverage shutdown just 18 months after launch. Here’s what’s happening in consumer.

Before we get into it, a word from our partner, The Hidden Gems.

Consumer VC is brought to you by:

The Hidden Gems: There’s a lot of bull$#!+ in the Agency landscape. That’s why Brand Founders and Executives big and new trust: The Hidden Gems. They provide the most optimal boutique Agencies to conquer any goals/needs 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.

Whatever your need, just send a request and they’ve got the solution... it’s that easy! –> david@thehiddengems.com

On to the news from the week:

💰 Fundraises 💰

• Lindsay Lohan’s beauty brand, Linlo Beauty, is seeking to raise up to $5 million through a private securities offering. They have currently raised $250,000. The company is focused on beauty products including skincare and makeup - Beauty Independent

• CardVault by Tom Brady, the omni-channel retailer that sells sports cards, TCGs (Pokémon, Yu-Gi-Oh, Magic), memorabilia, and branded merch, announced a strategic investor group to support its growth, raising funds for new store openings and technology enhancements. The company aims to expand from 17 to over 100 locations nationwide - PRNewswire VC

• UNDO Gummies, a pre-alcohol gummy that’s designed to be taken before you drink alcohol to help prevent morning hangovers, raised $1 million and is launching in 900 Targets – Nosh

💸 M&A 💸

• Sazerac is acquiring Au Vodka, a top-selling canned vodka brand in the U.K., to broaden its ready-to-drink portfolio and facilitate U.S. expansion. This acquisition follows Sazerac‘s recent strategy of acquiring brands in the ready-to-drink category, which has shown growth in the alcohol market - Food Dive

• Ferrero Group has agreed to acquire Purely Elizabeth, an ancient grain wellness breakfast brand whose products include granola, oatmeal and cereal. Last September, Ferrero acquired WK Kellogg Co for $3.1B and are now adding Purely Elizabeth to their breakfast portfolio - ESM

• BÉIS, a direct-to-consumer luggage brand, sold a majority stake to Samsonite for $210 million, marking Beach House Group’s largest exit.
  Source: PRNewswire M&A

🚀 Debuts, Distribution & Expansion 🚀

• Fabletics is expanding its College Shop to include licensed merchandise for 200 U.S. colleges, aiming to attract new customers and enhance its brand presence. The expansion follows successful initial results from a test with 100 schools, and Fabletics is targeting a revenue goal of $2 billion by 2030 – Modern Retail

• Yoto, a screen-free audio platform for children ages 3 to 12+, is expanding its presence at Target, moving to the Play section and increasing its assortment of audio cards. The company reported $120M in revenue for 2024 and aims to provide a screen-free audio experience for children, appealing to families seeking alternatives to traditional gadgets. – Forbes

🚀 Product Launches & Collabs

• Cadbury x Beauty? Cadbury has collaborated with Australian beauty brand MCoBeauty to introduce a Dairy Milk Watermelon chocolate bar along with a matching cosmetics collection, aiming to engage consumers in a playful way - FoodNav

• Ritter Sport has launched a limited-edition Balla Bites chocolate bar in collaboration with Haribo, aiming to excite shoppers and expand distribution. This initiative represents a significant investment in the Ritter Sport brand, with millions of bars set to hit the market - FoodNav

• Khloud has expanded to Plus Collagen Protein Chips, featuring 17 grams of protein per serving and available exclusively at Walmart. The chips include collagen for health benefits and come in various flavors - Food Dive

• 7UP is launching a new flavor, 7UP Lime Lemon, marking its first reformulation in over 15 years. The brand aims to appeal to consumers with a more pronounced lime flavor across its product range. This initiative is part of a strategy to strengthen its position in the lemon-lime category - FoodNav

• Kraft Heinz has introduced lactose-free Philadelphia cream cheese and gluten-free Velveeta Shells & Cheese to meet consumer demands. The company is responding to trends for healthier options amid declining organic sales, which fell 3.4% in 2025 - Food Dive

• AG1 launches Essential Gummies. AG1, one of the pioneers of the daily foundational nutrition drink with its single-SKU green powder, has now expanded into gummies - Fast Company

🔻Shut Downs🔻

• Alex Cooper’s Unwell Beverages is shutting down after 18 months in business. Timeline: January 2025 – Launched nationwide into Target with three hydration SKUs. September 2025 – expanded into protein drinks. December 2025 full rebrand and launched a four-flavor energy drink line. They shut down the beverage business on August 13th, the day after Unwell Media raised at a $500m valuation – Bloomberg

Hope you are having a great summer. This week: IM8 raised $1B in a deal that's not equity and not quite debt, Vita Coco bought Copra to get into premium coconut water, Align Ventures closed a $125M Fund II to keep funding more brands.

Before we get into it, a word from our partner, The Hidden Gems.

Consumer VC is brought to you by:

The Hidden Gems: There’s a lot of bull$#!+ in the Agency landscape. That’s why Brand Founders and Executives big and new trust: The Hidden Gems. They provide the most optimal boutique Agencies to conquer any goals/needs 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.

Whatever your need, just send a request and they’ve got the solution... it’s that easy! –> david@thehiddengems.com

On to the news from the week:

📰 Consumer News 📰

• Procter & Gamble forecasted slower revenue growth for fiscal 2027 due to inflation and rising commodity costs. The company expects total net sales growth of 1% to 3% in 2027, down from 3.3% in 2026. – ESM

• Mondelēz International reported Q2 results with solid revenue growth driven by emerging markets, particularly Latin America. North America growth was modest, while Europe saw a decline in net revenues due to lower chocolate sales. The company is expanding distribution in Brazil, India, China, and Southeast Asia. – FoodNav

🧃 Consumer Brands 🧃

💰 Fundraises 💰

• IM8, the AI-native DTC wellness brand co-founded by David Beckham (backed by Prenetics), secured $1 billion in growth financing from General Catalyst’s Customer Value Fund, which will finance up to 70% of IM8’s marketing spend. IM8 posted its strongest month ever in June ($17M revenue) and is targeting $300M annualized run-rate by year-end. – GlobeNewswire

  • Kind of like revenue-based financing, but not quite. GC funds IM8’s marketing spend and only gets paid back out of the revenue that spend generates, capped at a fixed return. Not equity, not really debt either. Here’s the catch: since the return is capped in dollar terms, paying it back fast (ads crush it) means your effective cost of capital is actually really high. But if the ads flop, GC eats the loss on that cohort, not IM8. No recourse beyond the revenue those customers bring in. So the real risk isn’t a growing bill, it’s that your cash flow’s tied up longer while the marketing spend doesn’t actually deliver.

• Smash Foods, known for its low-sugar fruit spreads and Jammy Protein Bites, closed an $18 million round led by L Catterton (with The Family Fund and Eclair Ventures) to scale manufacturing and product development. – Forbes

  • They tripled their business since their last funding round, now in 10,000+ stores including Costco, Target, and Walmart. The real inflection point came in 2024 with the launch of Jammy Protein Bites, nut butter and fruit spread snacks. This new capital is going toward scaling manufacturing for the Bites line (including the newly launched Mini Bites) and further product development.

• MERIT, the clean and minimalist cosmetics brand founded in 2021, received a minority investment from SEMCAP Beauty & Wellness, led by managing partner Vasiliki Petrou. – PRNewswire

• Plantopia, an Israeli molecular farming company growing casein inside sprouted oats, closed a $9 million round led by Schreiber Foods and Siddhi Capital, bringing total funding past $16 million. Proceeds fund a production facility in Israel starting Q3 2026. – Vegconomist

• BUFFS, a grass-fed beef puff brand that’s high protein, gluten-free and seed oil-free, closed $1.1 million in pre-seed funding. – NOSH

• Final Boss Sour, a gaming-themed sour candy brand built in studio by Science Inc., raised $4 million from Evolution VC Partners, The Angel Group, Mondelez SnackFutures Ventures and others. Walmart, Kroger, H-E-B, Wegmans and Hy-Vee are next, with Target and 7-Eleven planned this fall. – Food Business News

💸 M&A 💸

• Vita Coco acquired Copra, a super-premium Thai Nam Hom coconut water brand, for $175 million upfront plus up to $100 million in earnout through 2028 (total value up to $275 million). The deal signals coconut water is splitting into two tiers - the shelf-stable, scale-distribution business Vita Coco has owned for over a decade, and the cold-chain, varietal-sourced “super premium” tier Copra built out, already doing $100M+ in net sales across branded and private label. – Food Dive

🚀 Debuts, Distribution & Expansion 🚀

• Halfday, a better-for-you iced tea brand made with prebiotics, launched nationwide at ~1,100 Target stores and on Target.com with a new chilled slim can lineup, including an exclusive Strawberry Half & Half flavor. This comes after they launched in 3,000 Walmart stores in May. – BevNET

• Coco5, the athlete-owned coconut water hydration brand backed by NBA stars Devin Booker, Charles Barkley, Derrick Rose, and D’Angelo Russell, made its Costco debut this month. – PRNewswire

• Kate Farms has entered CVS with its High Protein Nutrition Shake (25g protein, 6g fiber, organic/non-GMO) and expanded Walmart distribution to 3,879 stores en route to 6,800 total locations by August, part of a push targeting GLP-1 users with dairy-free, sugar-free formulations. – Vegconomist / Modern Retail

• Sahajan, an Ayurvedic skincare brand, is expanding into 49 Sephora Canada stores after nearly $12 million in revenue and 40%+ YoY growth, following a successful online partnership with Sephora that began over two years ago. – Beauty Independent

• PlusOne is launching 15 pleasure and care product - lubricants, menopause care, mostly under $20 at Ulta. – Beauty Independent

🚀 Product Launches 🚀

• Chef Boyardee is launching a new line of high-protein canned pasta with at least 25g of protein per can. – PRNewswire

• Agthia entered the energy drink market with Fuell, claimed to be the world’s first energy drink sweetened with dates. – FoodNav

• Campbell’s Chunky Soup is expanding into frozen meals with Chunky Frozen Bowls, packing up to 28g of protein per serving. – Food Dive

• Tiny Vinyl introduced a $49.99 tabletop player for its collectible four-inch records, exclusive to Target, an affordable entry point after pressing over one million records. – Forbes

💼 Fund Closes 💼

• Align Ventures, an early-stage VC focused on health and wellness consumer brands, closed an oversubscribed $125 million Fund II (exceeding its $100M target), bringing total AUM to more than $2.5 billion. The fund plans to back 15-20 brands with $2-10 million checks. Align’s investments include Coterie, California Naturals, The Farmer’s Dog, Hims, and Figs. – BevNET

💻 Consumer Technology 💻

💰 Fundraises 💰

• Throne Science, founded by former Whoop CTO John Capodilupo, raised $10 million in a Series A led by Will Ventures to develop its AI-powered toilet camera for tracking gut health and hydration. The round brings total funding to nearly $18 million since 2023, with participation from Emerson Collective, Workshop, LEAD VC, Salt VC, Accomplice, and Moxxie Ventures. – Crunchbase

• TELO, maker of compact electric trucks, raised $27 million backed by Tesla co-founders Marc Tarpenning and Martin Eberhard. – Forbes

Listen on Spotify, YouTube

Hey friends,

On today’s episode, I sat down with Oren Charnoff and Danny Cohen, the co-founders of Sticker Ventures, a fund focused on backing the next generation of Israeli consumer startups.

For years, Israel has been known for cybersecurity, enterprise software, and deep technology. But Oren and Danny believe most investors are overlooking one of the country’s biggest opportunities: consumer.

While the global venture ecosystem often associates Israel with B2B, some of the most successful consumer companies of the last decade have actually emerged from the country. Companies like Fiverr, Wix, Lemonade, Waze, Resident, Oddity, and many others have proven that Israeli founders can build world-class consumer businesses that compete globally.

Their argument is simple:

Israeli founders are uniquely positioned to win in consumer because they combine strong product instincts with an unusually data-driven approach to distribution and growth.

Instead of building brands based on intuition, they often start with the numbers.

• Customer acquisition.

• Unit economics.

• ROAS.

• Contribution margin.

• Feedback loops.

And that mindset has produced a growing wave of founders building profitable consumer businesses from day one.
What made this conversation particularly interesting is that it wasn’t just about Israel. It was about how the best consumer founders think. How they validate markets. How they approach profitability. Why distribution often matters more than people realize. And why AI may create an entirely new generation of consumer winners.

Here’s what you’ll learn:

✅ Why Israel became one of the world’s most successful startup ecosystems
✅ The overlooked history of Israeli consumer success stories
✅ Why Sticker Ventures believes consumer is Israel’s next major opportunity
✅ How Israeli founders approach growth differently than many US startups
✅ Why profitability orientation matters from day one
✅ The metrics Oren and Danny look for before investing
✅ How they evaluate pre-revenue startups
✅ Why distribution can be a stronger advantage than product alone
✅ What makes a founder investable before they’ve launched
✅ How consumer companies validate ideas with minimal capital
✅ Why AI won’t eliminate consumer software opportunities
✅ The parallels between AI and previous platform shifts like mobile and the internet
✅ How Sticker Ventures built a fund dedicated exclusively to consumer startups
✅ Why more global capital may flow into consumer over the next few years

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

Thanks for listening!

One of my favorite musicals is Hair and over the past few years hair became one of the most active emerging consumer categories.

The start of science-based hair products began with Olaplex and K18, which focused on bond repair. They proved the demand was there. Now investment is flowing into multiple haircare theses, such as science-backed IP brands, clean formulations, and textured hair. Consumers now expect more from their hair products. And the global hair category is projected to reach $150.45 billion by 2033, growing at a CAGR of 7.0%.

I bring this up because over the past couple of weeks, we’ve seen two haircare brands raise capital: California Naturals and Filament. California Naturals produces haircare products that contain natural ingredients and positioned for the mass market. Filament is a science-based bond-building hair treatment. Despite all the activity, science-led and natural haircare brands continue to penetrate different hair categories. It still seems we’re early. Some of the activity from the past couple of years:

M&A:

• K18 → Unilever - acquired 2024, estimated $500-600M

• Not Your Mother’s → Henkel - announced March 9, 2026, completed April 27, 2026 (~$220M+ in sales)

• Olaplex → Henkel - announced March 26, 2026, $1.4B, closing H2 2026

Fundraises:

• Crown Affair - Series C, Stride Consumer Partners, 2026

• The Doux - minority stake, VMG Partners, 2026

• Ruka - $4.5M, Henkel Ventures + Freedom Trail Capital, 2026

• California Naturals - Series B, Align Ventures, L Catterton, 2026

• Filament - $2M seed, Wittington Ventures + Willow Growth Partners, 2026

Before we get to the rest of the consumer news from the past couple of weeks, a word from The Hidden Gems:

Consumer VC is brought to you by:

The Hidden Gems: There’s a lot of bull$#!+ in the Agency landscape. That’s why Brand Founders and Executives big and new trust: The Hidden Gems. They provide the most optimal boutique Agencies to conquer any goals/needs 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.

Whatever your need, just send a request and they’ve got the solution... it’s that easy! –> david@thehiddengems.com

On to the rest of the news from the week:

🛒 Retailer Earnings & News 🛒

• Dollar Tree Q1 net sales rose 7.2% to nearly $5B — comparable store sales up 3.5% — as value-seeking consumers drove traffic. The chain guides for $20.5–$20.7B full-year and plans 325 net new stores in fiscal 2026 - RetailDive

• Dick’s Sporting Goods Dick’s posted Q1 revenue of $5.17B, beating estimates, with comps up 4.1%; acquired Foot Locker recorded its first positive comparable sales growth (+0.6%) since late 2024. Shares are up ~25% year-over-year despite management trimming full-year earnings guidance - Forbes

• Kohl’s Q1 net sales fell 1.7% with Sephora shop-in-shops posting a rare low-single-digit decline - a reversal for the chain’s key traffic driver. Guidance held at -2% to flat, with GlobalData noting Kohl’s is underperforming in a still-growing beauty market - RetailDive

• Best Buy‘s incoming CEO is repositioning the chain as a retail media and advertising platform - Q1 revenue rose 2% to $8.9B but the company still trails a broader electronics market that grew 3.6% - RetailDive

• Walmart posted Q1 revenues of $177.8B (+7.3% YoY) and plans to funnel expected tariff refunds directly into lower prices for shoppers. Rising fuel costs present a headwind — the retailer warned prices could increase through Q2 and H2 as higher energy expenses flow into cost of goods sold. Full-year guidance maintained - RetailDive

💰 Investor News 💰

• S2G, whose consumer investments include Beyond Meat, Everytable, has closed a $1 billion fund to invest in food tech, oceans, energy, and agriculture companies, aiming to enhance food and energy security - S2G

🧃 Consumer Brands 👚

💰 Fundraises 💰

• Smash Foods, the maker of the popular superfood spreads and snacks, raised $5 million in a funding round, focusing on simplifying its brand story to drive growth - BevNet

• California Naturals, which offers haircare and body care products that contains natural ingredients, has raised $40 million in a Series B funding round led by Align Ventures, with participation from L Catterton, Midnight Venture Partners, Elizabeth Street Ventures, and Able Partners. The funding will help expand its distribution and product categories, following a reported 300% annual growth at Target - Beauty Independent

• Filament raised a $2 million oversubscribed seed round led by Wittington Ventures and Willow Growth Partners. The funding will support its growth in the bond-building haircare category, which is experiencing significant investor interest and market growth - Beauty Independent

• Ryl Tea, which offers sells zero sugar iced tea, raised $20 million in a Series C funding round, led by Purchase Capital, to enhance its retail and distribution capabilities in mass and club channels - BevNet

• ‘Ôrəbella, a fragrance brand founded by Bella Hadid, closed its Series A financing led by Silas Capital to support growth and expansion, with Anish Agarwal appointed as CEO - PRNews

• Feel Peptides, which creates research focused peptide formulations designed to support overall wellness and performance, has raised $3 million to elevate branding and accessibility in the peptide market, led by Sugar Capital and Hyve Ventures - Beauty Independent

• Patti’s Good Life, a soul food brand that was founded by Patti LaBelle, raised a strategic investment from Factory Holdings. The brand has grown to over $80m in annual sales - NOSH

• WeRoad, the Milan-based community-driven travel-tech platform for adventure seekers, raised $58M in Series C funding led by Airbnb to expand to the U.S. - FINSMES

• Sychedelic, which produces headphones that are designed to help individuals relax, sleep, and focus better, raised $3.5M in seed funding to support product development and global expansion of its neuromodulation systems. The product handles three things: music playback, wellness tracking, and neurostimulation - FINSMES

• Campo Grande, which is aiming to become the premium or Wagyu of pork, raised $4M from Valor Equity Partners, Spacestation Investments, Supernatural, Ventures, and Chomps co-founder Pete Malonado - NOSH

• Phytolon closed a $23.6 million Series B round to commercialize its natural food colors, led by an undisclosed strategic investor, following FDA approval of its first product - PRNewswire VC

💸 M&A 💸

• Second Nature Brands has acquired Tillamook Country Smoker, a leader in protein-rich meat snacks. This acquisition marks SNB’s entry into the protein snacks category, complementing its existing portfolio. Tillamook has over $175 million in sales and operates two manufacturing facilities in Oregon - PRNewswire M&A

• Wize Tea, a sparkling iced tea brand, has been sold to an undisclosed acquirer. The transaction details regarding the amount and strategic rationale were not disclosed - BevNet

• The Daily Pour has acquired Whiskey Riot, a leading whiskey festival, marking its third major acquisition in 24 months - BevNet

• Nestlé has acquired yfood Labs GmbH, which sells nutritional supplements in 30 European countries. This follows Nestlé‘s previous acquisition of a 49% stake in the company - BevNet

• Protein Works gets acquired by Lactalis, the world’s largest dairy group. Protein Works was founded in the U.K. and sells protein shakes, meal replacements, supplements and snacks. It ​generates annual revenue of about €65 million - FoodNav

• Trek One Capital is expanding its holdings in plant-based CPG with the acquisition of protein bar maker No Cow and Good Karma Foods, a flax milk brand - NOSH

• Gordon Brothers has acquired the British luxury brand Radley and its intellectual property to expand its global operations. The firm plans to invest in Radley to enhance its international presence and product categories, focusing on markets like the U.S., U.K., Australia, and Asia. This acquisition aims to support Radley‘s growth strategy through strategic investments in marketing and product development - GlobeNewsWire

🚀 Debuts, Distribution & Expansion 🚀

• Bombas, known for its direct-to-consumer model, has opened three stores and partnered with Target and DSW, achieving over $500 million in sales - Glossy

• Popeyes is entering the grocery market with at-home biscuit products, expanding its brand presence beyond restaurants. This move signifies a strategic shift to reach consumers in retail settings - Food Dive

🚀 Product Launches

• Gopuff is launching a new line of premium coconut water in collaboration with Tom Brady called Good Nut. This is the second time Tom Brady and GoPuff have collaborated on a product. This product aims to expand Gopuff’s beverage offerings. - Fox Business

• Nurri has launched an ultra-filtered milk shake for kids exclusively at Sam’s Club, highlighting its new product offering - BevNet

💻 Consumer Technology 💻

💰 Fundraises 💰

• Malama Health closed a $9.2 million seed round led by Acumen America, targeting Medicaid-covered births. The startup aims to address maternal care gaps in the U.S. - Forbes

• GammaTime, a microdrama streaming app, raised a minority stake from Versant Media Group as part of its Series A round. The investment will help adapt parts of Versant’s entertainment library into scripted originals for the app. GammaTime focuses on mobile-native drama content across genres like romance and true crime - Forbes

• CardsHQ, a platform for trading card collectors, received a strategic growth investment led by Shamrock Capital and EnOne Ventures to fund new stores and enhance its technology platform. The investment merges CardsHQ and Sports Card Investor into a single entity, aiming to expand retail locations and improve collector engagement. The merger creates the largest commerce, media and technology platform in the sports card and trading card game industry - PRNewswire M&A

• Garner Health has closed a $100 million Series E round, led by Index Ventures, bringing its valuation to $2.74 billion. The funding will help address the demand for better healthcare provider selection and cost reduction for consumers - PRNewswire VC

💸 M&A 💸

• Brand Velocity Group has acquired RCX Sports, the leading youth sports platform in North America, to enhance access and participation in youth sports. This acquisition is supported by a strategic investor group and aims to strengthen community partnerships and operational resources - PRNewswire M&A

📰 News 📰

• Gopuff is enhancing its shopping experience to be more instantaneous, impacting consumer behavior at checkout - NOSH

• Sephora is enhancing its digital beauty shopping experience by integrating with AI platforms like Google. This move aims to leverage its expertise in beauty product discovery and personalization to meet evolving consumer shopping habits - Glossy

• Meta is rolling out premium subscriptions for Facebook and Instagram under the banner of ‘Meta One’ - Forbes

🛒 Commerce & Retail Tech 🛒

💰 Fundraises 💰

• Scotch, which provides liquor retailers with an all-in-one software POS system, raised $20M in a Series A round led by VMG Partners, with participation from First Round Capital, Lerer Hippeau, and Toba Capital. The funding will support its growth, which has exceeded 500% year-over-year, and has surpassed $1 billion in processed payment volume - Crunchbase

• Paypercut, a payments platform for online merchants, raised €5M in a seed round co-led by Concentric, Passion Capital, and Araya Ventures, bringing total funding to EUR 7M. The funds will accelerate market expansion and product development - PRNewswire VC

• Rep AI has raised $6.2 million in strategic follow-on funding led by Silicon Road Ventures to enhance its AI platform for ecommerce. This funding will support product innovation and market expansion - PRNewswire VC

• Stord raised $250 million in a Series F round at a $3 billion valuation to advance its physical intelligence layer for commerce, with investors including Strike Capital and Kleiner Perkins - PRNewswire VC

Hey friends,

On today’s episode, I chat with Nicolas McCoy, Managing Director of Whipstitch Capital, one of the sharpest observers of consumer health, wellness, food, beverage, and supplement trends.

Nick spends his days studying what separates niche consumer brands from the ones that break into the mainstream. He analyzes everything from M&A activity and retail data to emerging consumer behaviors around GLP-1s, peptides, protein, hormones, wearables, and preventative healthcare.

Today, consumers are becoming the CEO of their own healthcare.

They’re wearing Oura Rings. They’re tracking glucose levels. They’re taking GLP-1s. They’re researching peptides. They’re experimenting with hormone optimization. And they’re making purchasing decisions based on health outcomes rather than traditional brand loyalty.

Nick argues that this shift is creating one of the largest tailwinds consumer brands have seen in years.

As consumers take more responsibility for their health, demand is accelerating across better-for-you food, supplements, functional beverages, protein products, fiber products, wellness services, and preventative healthcare solutions.

We also dive into how strategic acquirers evaluate brands today, why profitability matters more than ever, what makes a brand attractive for acquisition, and why the current M&A environment looks dramatically different than it did a decade ago.

This episode is packed with insights for founders building consumer brands, investors tracking wellness trends, and anyone trying to understand where consumer behavior is heading next.

Here’s what you’ll learn:

✅ Why consumers are becoming the CEO of their own healthcare
✅ How GLP-1s are changing food, supplements, and wellness products
✅ Why better-for-you brands are outperforming the broader grocery market
✅ How wearables are accelerating preventative healthcare adoption
✅ The surprising growth of peptides and what it signals about consumer behavior
✅ Why protein demand may still have room to grow
✅ The overlooked opportunity around fiber products
✅ How hormones and wellness are becoming mainstream conversations
✅ What strategic acquirers actually look for when buying brands
✅ Why profitability matters more than ever in consumer M&A
✅ How investors determine a brand’s “headroom” for growth
✅ Why crossing from natural retail into mass retail is so important
✅ The role private equity is playing in today’s consumer ecosystem
✅ How major acquisitions are attracting more capital into consumer brands

Timestamps

00:00 Intro
01:11 Consumers becoming the CEOs of their healthcare
06:07 The state of consumer M&A today
09:48 Why profitability matters more than ever
12:09 How to know when to sell your company
13:51 Understanding brand headroom
17:11 Which retail channels create the most value
20:00 Crossing from natural to mass retail
24:30 The K-shaped consumer economy explained
27:45 Why lower-income consumers are adopting health trends faster
29:13 The surprising growth of injectable health products
32:40 RFK Jr., MAHA, and peptide awareness
34:42 The future impact of GLP-1 adoption
37:26 Protein's next phase of growth
39:24 The future of peptides and personalized health
42:17 Why injections are becoming more mainstream
44:31 The rise of gummies as a supplement format
48:19 Women's hormone health opportunities
51:31 Mental health, wellness, and consumer behavior
53:23 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 CPG
59:23 The evolution of billion-dollar consumer exits
01:01:17 Why more capital is flowing into consumer brands
01:02:13 Categories Nick is watching closely
01:07:51 Personal experiences that shaped Nick's career
01:11:15 Closing thoughts

Thanks for listening!

Hey friends,

On today’s episode, I chat with Tony Conrad, partner at True Ventures and one of the earliest investors behind companies like Blue Bottle Coffee, Sweetgreen, Madison Reed, and Modern Animal.

Tony’s career is unconventional. He spent his first 10 years professionally inside Danone, moved into Silicon Valley during the early internet era, founded multiple startups, and eventually became one of the most respected early-stage investors in tech and consumer.

We talk about why he believes founders are raising too much money too early, how inflated valuations quietly destroy companies, and why getting the wrong investor around the table can create problems years later. He also shares what he looks for in founders, why curiosity matters more than polished pitches, and how True Ventures thinks differently about backing companies at the earliest stages.

We also go deep into consumer investing, four-wall businesses, and why Tony still believes there will always be massive opportunities in consumer, even when the market says otherwise.

This episode feels less like a venture capital interview and more like a masterclass on judgment, timing, leadership, and building enduring companies.

Consumer VC is brought to you by:

The Hidden Gems: There’s a lot of bull$#!+ in the Agency landscape. That’s why Brand Founders and Executives big and new trust: The Hidden Gems. They provide the most optimal boutique Agencies to conquer any goals/needs 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.

Whatever your need, just send a request and they’ve got the solution... it’s that easy! –> david@thehiddengems.com

Here’s what you’ll learn:

✅ Why Tony left Danone to chase startups in Silicon Valley
✅ How the dot-com crash shaped his investing philosophy
✅ Why Blue Bottle immediately felt like a venture-scale business
✅ How True Ventures evaluates founders at the earliest stage
✅ Why founders should avoid overheating early valuations
✅ The hidden dangers of raising too much money too fast
✅ What separates great founders from bad ones
✅ Why founder quality matters more than market misses
✅ How venture firms think about ownership and fund returns
✅ Why Tony believes consumer never goes out of favor
✅ What excites him most about AI infrastructure and applications
✅ How mega funds change founder-investor relationships
✅ Lessons from building and selling About.me
✅ Why leadership and resilience matter more than ever

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

Thanks for listening!

Hey friends,

On today’s episode, I chat with Michelle Razavi, founder and CEO of Elavi, the better-for-you snack brand known for its protein brownies and dessert-inspired products made with clean ingredients.

Michelle started Elavi while working long days at Sephora and teaching fitness classes at Equinox, struggling to find protein snacks that didn’t upset her stomach. That frustration led her to start making her own products at home, which eventually turned into a fast-growing CPG brand now sold in retailers like Costco, Whole Foods, and H-E-B.

Elavi evolved from protein bars to cashew spreads to protein brownies. But in order to get to protein brownies, Michelle made the tough decision to kill her first product line. They figured out product-market fit through “permissible indulgence.”

She also shares how Elavi scaled quickly through Costco, how she thinks about profitable growth vs vanity retail, and why discipline around unit economics matters more than ever in today’s funding environment.

If you’re interested in building a food brand, retail strategy, or how to navigate product pivots, this episode is a great look at what it really takes to build and scale in CPG.

Consumer VC is brought to you by:

The Hidden Gems: There’s a lot of bull$#!+ in the Agency landscape. That’s why Brand Founders and Executives big and new trust: The Hidden Gems. They provide the most optimal boutique Agencies to conquer any goals/needs 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.

Whatever your need, just send a request and they’ve got the solution... it’s that easy! –> david@thehiddengems.com

Here’s what you’ll learn:

✅ Why Michelle killed her first product line (and why it was the right move)
✅ How Elavi found product-market fit with protein brownies
✅ Why “permissible indulgence” is working in today’s market
✅ How to use Costco as a growth and validation channel
✅ The difference between profitable vs vanity retail accounts
✅ How to think about channel strategy across mass vs natural
✅ Why timing matters when expanding into retailers like Whole Foods
✅ How to approach fundraising as a first-time founder
✅ Why building in public can attract the right investors
✅ How to balance growth with profitability in CPG

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

Thanks for listening!

I did a quick trip to Chicago last week and am currently in NYC. It was great catching up with Amira Khatib from Bluestein Ventures over a morning coffee at Foxtrot, looking at all the brands on the shelves. Every time I come to Chicago, I seem to always meet with someone from Bluestein Ventures. Such great people. Thanks, Amira, for the hang. I was in Chicago to attend Will Iyawe-Parsons’ Locked In event. If you don’t know Will, he may be the greatest relationship builder in the space. He’s one of the few who loves making connections just because he loves bringing good people together. Thanks for including me in your event, it was an honor. On to the news.

Peptides. So hot right now

Hims’ stock surged last week. Why? RFK Jr. is trying to move some peptides out of an unregulated gray market and make them legally prescribable.

Your body naturally produces peptides; they are made of short chains of amino acids. An easy way to think about them is that they send notifications to molecules to trigger healing and regeneration. Injectable peptides are designed to mimic the peptides in your body to speed up these processes, which help repair the body. This means they send a lot more notifications.

The Brief History of Injectable Peptides

Injectable peptides aren’t new. We’ve been experimenting with them (and have had incredible progress with diabetic patients) for the past 100 years. The first synthetic peptide was created in 1901. In 1921, doctors began extracting animal pancreases and injecting them to diabetic patients. This transformed diabetes from a fatal condition to one that could be managed. Currently, there are 80+ different types of peptide drugs approved. I recommend Acquired’s episode on Novo Nordisk if you want to hear more of the history of insulin.

Getting to Last Week:

Twelve different synthetic peptides are moving from regulatory limbo (Category 2) into formal review for the first time. How did they get there? In September 2023, Biden’s FDA reclassified 17 peptides to Category 2 and removed them from consideration for the 503A Bulks list – the list that allows licensed compounding pharmacies to legally make and prescribe a substance. Category 2 means “Bulk Drug Substances that Raise Significant Safety Risks.” In practice, this means licensed compounding pharmacies could not legally prepare and prescribe these synthetic peptides. Doctors couldn’t write prescriptions for them through normal channels. It wasn’t illegal to buy these peptides – they are very popular in longevity and bio-hacking cultures. But the supply chains for making these compounds were unregulated. Since they were unregulated, the market was less safe. Consumers didn’t know the purity of the peptides they were buying.

Enter RFK Jr. In February 2026, he appeared on Joe Rogan and said he wanted to move 14 peptides back from Category 2 to the 503A Bulks list. And then, on April 15th, he announced that the FDA had scheduled a July meeting to assess whether 12 peptides should be added to a list of substances that compounding pharmacies are allowed to make. But let’s be clear…these 12 peptides aren’t on the 503A Bulks list yet. They’re still pending the PCAC review. Seven will be reviewed in July 2026 and the remaining 5 will be reviewed in February 2027. However, this signals his intention to move these peptides back to 503A Bulks list.

Hims purchased a US-based peptide manufacturing facility in February. Hims’ stock jumping 12% indicates that the market believes these 12 peptides will be coming off the list. What’s most interesting is the breadth of use cases – recovery, cognitive enhancement, longevity, immune health, and body composition. It’s not just one use case, it’s several.

It could also indicate how peptides will be distributed. Hims already owns the prescription relationship and serves millions of customers coming to them for hair loss, GLP-1s, ED. When a new drug gets approved for compounding, Hims can push it through their funnel – online consultation, prescription, compounded drug shipped to your door.

As more peptides become less restrictive, there will be more use cases and more markets created. Hims stock surging is a signal.

Consumer VC is brought to you by:

The Hidden Gems: There’s a lot of bull$#!+ in the Agency landscape. That’s why Brand Founders and Executives big and new trust: The Hidden Gems. They provide the most optimal boutique Agencies to conquer any goals/needs 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.

Whatever your need, just send a request and they’ve got the solution... it’s that easy! –> david@thehiddengems.com

Now on to this week’s news – 

🧃 Consumer Brands 👚

💰 Fundraises 💰

• Lucille Health has closed a multi-million dollar funding round led by IRIS Ventures to fund a distribution expansion for its first product line, meal replacement shakes, and support R&D efforts for future category expansion. Earlier backers include New Fare, Able Partners, Amity Supply, Springdale Ventures, Great Circle Ventures, and Good Culture founder Jesse Merrill. Source: BevNet

  • Unlike most emerging health and wellness brands, Lucille targets older adults rather than chasing Gen Z and Millennials. The 75+ year old population in the U.S. is projected to grow 45% over the next decade, with the 85+ year-old cohort on track to double, and yet this segment has been largely overlooked by better-for-you innovation. That's a significant oversight given the considerable and often underestimated buying power this demographic holds.

• Kopi Kenangan, a coffee chain that’s based in Indonesia, is planning a multimillion-dollar expansion in Asia-Pacific to triple its stores to 4,000 by 2030, backed by investors like Jay-Z and Serena Williams. Source: Forbes

  • “Affordable Premium Coffee”. That is what Kopi Kenangan is known for. Somewhere between a Starbucks and instant coffee. In Western markets, being in the middle can be a tough place to be. But that doesn’t seem to be as much of a concern in Southeast Asia. The concern is whether this deeply Indonesian brand will translate to other cultures. We’ve already seen some rebranding when they’ve expanded. Outside of Indonesia, the stores are called “Kenangan Coffee” to make it more universal.

• Ripi, the frozen stuffed pasta brand, raised $2.4 million in a seed funding round led by Cutting Horse, with participation from Great Circle Ventures, Paperboy Ventures, and SuperAngel.Fund. The capital will be used to prepare for a national launch.
  Source: NOSH

💸 M&A 💸

• Home Depot has acquired Simpl Automation to enhance its same-day and next-day fulfillment strategy, improving worker safety and product availability. This acquisition aligns with Home Depot‘s ongoing expansion of its distribution capabilities, having added nearly 200 facilities to support high-demand products.
  Source: RetailDive

• Backcountry, the specialty retailer that sells clothing and gear for hiking and outdoor sports, has acquired Coalatree, the outdoor apparel company.
  Source: RetailDive

  • Backcountry has been closing some of its physical retail locations and has shifted its growth strategy to buying brands and incubating brands.

• Ambienta, the European asset manager that invests in environmentally sustainable businesses, has acquired a majority stake in The Bridge, an Italian-owned plant-based food company that produces plant-based drinks, to support its expansion in the plant-based food sector.
  Source: ESM

• AAVRANI, a hair care and beauty brand known for Ayurvedic formulations, has been acquired by Nivora Group, a consumer private equity firm. The terms of the transaction were not disclosed, but AAVRANI has raised over $15 million in funding and launched in Sephora U.S. and Canada in 2024. This acquisition positions AAVRANI to scale with Nivora’s resources for its next phase.
  Source: PRNewswire M&A

• Function Health, a startup that’s focused on body scans for early disease protection, has acquired Getlabs, a mobile blood panel diagnostics services.
  Source: Glossy

• Vero Broadband has completed its acquisition of Telephone Electronics Corporation, expanding its fiber network across Mississippi, Alabama, and Tennessee. This acquisition enhances Vero’s ability to deliver fiber connectivity to underserved communities, reaching approximately 444,000 households. Vero plans to invest further in TEC’s network to enhance services.
  Source: PRNewswire M&A

• Mark Anthony Group, which owns White Claw, acquired The Finnish Long Drink to expand its presence in the global alcohol market. This acquisition is part of CEO Phil Rosse’s strategy to double the company’s market penetration in RTD alcohol. The Finnish Long Drink has established strong momentum in the ready-to-drink space. Mark Anthony Group will be looking to bring the drink over to the U.S.
  Source: Food Dive

• Mattress Firm parent Somnigroup to buy one of its suppliers for $2.5B.
  Source: RetailDive

🚀 Debuts, Distribution & Expansion 🚀

• Beyond Meat has announced a distribution agreement for its new beverage line, Beyond Immerse, and a nationwide rollout of a reformulated breakfast sausage. The beverage will be available in over 26,000 outlets in New York, enhancing its retail presence.
  Source: Vegconomist

• Walmart continues aggressive store updates and expansion drive.
  Source: RetailDive

• Goop Kitchen expands delivery business with New York City launch.
  Source: Modern Retail

• Asda Partners With Deliverect To Enhance Rapid Delivery Across Asda Express. Asda has strengthened its partnership with Deliverect to support digital commerce operations across Asda Express locations.
  Source: ESM

• Professional Acne Brand Face Reality Opens First Flagship Clinic. Face Reality has opened its first flagship clinic in San Ramon, California, designed to support its network of skincare professionals. The clinic features six treatment rooms and aims to gather insights for refining treatment protocols. The facility cost a seven-figure sum to build and is intended to break even.
  Source: Beauty Independent

• Distribution: Costco Resets Grow Super Coffee, Oatly. Costco is bringing a slate of new innovations to its warehouses this Spring, as several brands have announced expansions in the national club chain.
  Source: BevNet

• Feel Good Foods is expanding to roughly 25,000 doors nationwide and launching new breakfast SKUs, broadening its reach.
  Source: NOSH

• Authentic Brands Group Is Bringing Barneys Back.

• Source: Business of Fashion

🚀 Product Launches

• Little Sesame enters the grab-and-go market with new premium hummus products, expanding its offerings.
  Source: NOSH

• Walmart unveiled redesigned packaging across its Great Value private brand that introduces a more modern visual identity and consistent placement of nutritional claims.
  Source: NOSH

• Nestlé And Starbucks Launch Coffee Concentrate To Meet Rising Cold Coffee Demand.
  Source: ESM

🔻 Closures, Bankruptcies & Downsizes 🔻

• QVC Group follows through on bankruptcy, readies itself for a new live-shopping era.
  Source: RetailDive

🗞️ Other Reads 🗞️

• Oliver Garfield Leaves Cos Bar After 20 Years.
  Source: Beauty Independent

• LIV Golf, a professional golf league, may face shutdown as the Saudi Public Investment Fund could withdraw funding.
  Source: Forbes

Listen on Spotify, YouTube

Hey friends,

On today’s episode, I chat with Krishna Kaliannan, founder of Catalina Crunch - the low sugar, high protein cereal brand built for a new generation of health-conscious consumers.

Krishna started Catalina Crunch after being diagnosed with type 1 diabetes and spending nearly a decade eating eggs for breakfast. But he grew up loving cereal. Frustrated by the lack of good-tasting, low sugar options, he began baking his own cereal, which eventually turned into a fast-growing CPG brand now sold across major national retailers.

We talk about how Krishna went from experimenting in his kitchen to scaling a multi-million dollar business, why DTC doesn’t work for most food brands, and how Catalina Crunch broke into retail starting with Whole Foods.

He also shares lessons on product development, balancing taste vs function, and why word of mouth matters more than most founders think when it comes to driving velocity in-store.

If you’re interested in building a food brand, understanding distribution strategy, or how to think about trends vs real consumer demand, this episode is a great breakdown of what actually works.

Consumer VC is brought to you by:

The Hidden Gems: There’s a lot of bull$#!+ in the Agency landscape. That’s why Brand Founders and Executives big and new trust: The Hidden Gems. They provide the most optimal boutique Agencies to conquer any goals/needs 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.

Whatever your need, just send a request and they’ve got the solution... it’s that easy! –> david@thehiddengems.com

Here’s what you’ll learn:

✅ Why DTC is hard for food brands (and when it breaks)
✅ How Krishna validated demand before scaling
✅ Why retail became the core growth channel
✅ What actually drives sales in grocery stores
✅ How to balance taste vs function in product development
✅ The difference between trends and fads in CPG
✅ Why word of mouth is the biggest growth driver
✅ How to think about category expansion
✅ What founders get wrong about functional products
✅ When it makes sense to raise capital

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

Thanks for listening!

• Unilever acquires Grüns for $1.2 billion.

  • They say there is no overnight success, especially in CPG, but this might be the closest version of overnight success we’ve seen as it’s the fastest company to $1B+ outcome in the space. The timeline is unbelievable:

    • Founded in August 2023

    • Profitable in 14 months

    • Last year raised $35m at $500m valuation (2.4x markup this year)

    • Sells 10 million gummies/day

  • Fernando Fernández, Unilever’s CEO, mentioned last December that they have allocated 1.5B euros each year to acquisitions. If Grüns is their 2026, what do you think will acquire in 2027?

Consumer VC is brought to you by:

The Hidden Gems: There’s a lot of bull$#!+ in the Agency landscape. That’s why Brand Founders and Executives big and new trust: The Hidden Gems. They provide the most optimal boutique Agencies to conquer any goals/needs 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.

Whatever your need, just send a request and they’ve got the solution... it’s that easy! –> david@thehiddengems.com

📰 Consumer News 📰

• A2Z Cust2Mate demonstrates how modern shoppers research online before visiting stores, changing in-store experiences.
  Source: ESM

• The US-Iran War’s Bill Comes Due. Fast Retailing, owner of Uniqlo, reports results amid US inflation concerns affecting consumers. The report highlights economic impacts on retail.
  Source: Business of Fashion

🧃 Consumer Brands 👚

💰 Fundraises 💰

• Cadootz, the kids’ savory snack brand founded by Rachel Mansfield and her husband Jordan Carpenter, has raised $3 million in a seed funding round led by Selva Ventures.
  Source: NOSH

• Fermtech has raised £2.5m in seed funding to scale Koji Cocoa, which uses fermentation to enhance cocoa supply chains. The investment will help them produce affordable, nutritious foods for consumers.
  Source: FoodNav

• Aurivo has announced a €12 million investment in its dairy ingredients facility in Ballaghaderreen to reduce its carbon footprint and enhance operations.
  Source: ESM

• Mezza raised seed funding to enhance its platform that helps restaurants access upfront capital and increase customer footfall.
  Source: FINSMES

💸 M&A 💸

• CK Snacks has acquired Keystone Food Products to enhance its private-label snack production capabilities. Keystone specializes in a variety of snack products, including tortilla chips and extruded snacks. This acquisition follows CK Snacks‘ previous purchase of Axium Foods, further expanding its portfolio in the snack market.
  Source: FoodNav

• Unilever is acquiring Grüns, a supplement company known for gummy bear multivitamins, for $1.2 billion. Grüns has surpassed a $300 million annualized run rate, and Unilever sees significant opportunities to scale the brand within its Wellbeing business.
  Source: Modern Retail

• Coop Estonia has agreed to acquire Prisma Peremarket and its 13 stores in Estonia from SOK.
  Source: ESM

• Bed Bath & Beyond is acquiring F9 Brands, which includes Cabinets To Go and Lumber Liquidators, to enhance its home renovation services. The deal includes $40 million in financing and a potential $25 million earnout based on performance. This acquisition aims to create full-service home project centers for customers.
  Source: RetailDive

• Nykaa confirmed negotiations to acquire a majority stake in the clean skincare brand 82°E to strengthen its position in the Indian beauty market.
  Source: Business of Fashion

• Olaplex is to be acquired by Henkel for $1.4B, expanding Henkel‘s premium hair care portfolio.
  Source: RetailDive

• Wacoal acquires Glamorise to strengthen its U.S. market position and enhance its DTC and e-commerce operations.
  Source: RetailDive

🚀 Debuts, Distribution & Expansion 🚀

• MUSH, the ready-to-eat overnight oats brand, is launching in Starbucks, 7-Eleven, and Target, enhancing its distribution channels.
  Source: NOSH

• Carrefour Spain has expanded its online grocery coverage to reach 90% of potential customers across the country.
  Source: ESM

• Koia is launching its clear protein line in Target, introducing a chain-exclusive flavor called Golden Whip.
  Source: BevNet

• Foot Locker partners with DoorDash for on-demand delivery.
  Source: RetailDive

• Cozey, a Canadian furniture brand, is expanding its presence in the U.S. market by opening up their own retail stores to attract more shoppers.
  Source: Modern Retail

• Legally Addictive Foods has partnered with JetBlue to offer cookies to premium-tier passengers on domestic flights.
  Source: NOSH

• Laoban is gearing up for a major retail expansion, rolling out multiple items to over 1,500 Target stores in May.
  Source: NOSH

🚀 Product Launches

• Michaels partners with Jonathan Adler to give its home decor section an upgrade.
  Source: Modern Retail

• Dairy Farmers of America launched a new cottage cheese brand called MULU that features a proprietary two-layer formulation with more protein than competitors. This new product aims to enhance consumer nutrition with its unique formulation.
  Source: NOSH

• Bubly Wine Refresher Launch Shows Pepsi’s Blue Cloud Dream Isn’t Done Yet. Last year, Blue Cloud’s bev-alc crossover portfolio of Hard MTN Dew and Lipton Hard Iced Tea grew revenue 30%, as the new business model takes hold.
  Source: BevNet

• GateDrop Bets on Gummies as Next Wave in Energy. GateDrop is launching a line of energy gummies designed as a precise, portable alternative to traditional caffeinated drinks.
  Source: NOSH

• Netflix Expands kids programming, launches new app. Netflix has launched a new advertising-free app for kids, featuring mobile games with familiar Netflix faces.
  Source: Forbes

• Kylie Jenner’s vodka soda brand Sprinter expands into hydration.
  Source: Food Dive

• Boisson Teams with Gut Oggau to Launch ‘Gut Feeling’ NA Brand. Gut Feeling, a new botanical herbal drink brand, will be Boisson’s exclusive partner. This partnership highlights Boisson‘s role in the non-alcoholic beverage market.
  Source: BevNet

• Dollar Shave Club launches first women’s product push, positioning itself as the “anti-Venus, anti-Billie, anti-Flamingo”according to the company’s CEO.
  Source: RetailDive

🔻 Closures, Bankruptcies & Downsizes 🔻

• Kombucha Town, a brand that produces kombucha beverages, has been acquired by The Better For You Company (BFYC) after filing for bankruptcy protection.
  Source: BevNet

• Saks Global snags $500M in financing, expects to exit bankruptcy this summer.
  Source: RetailDive

🗞️ Other News 🗞️

• Ipsy joins the WNBA craze as the official beauty partner of the Las Vegas Aces. Ipsy, a beauty subscription service, announced a partnership with the Las Vegas Aces, aiming to reach new audiences beyond traditional beauty channels.
  Source: Glossy

Long overdue, but a huge thank you to everyone who came out to our Expo West morning event. This was our third year hosting it, and it’s been incredible to see how much it’s grown, both in attendance and in the feedback we’ve been hearing.

We’re planning a series of events across the country, bringing together the investment community and consumer companies. We’ve started opening up sponsorship opportunities for this year. If you’d like to get involved, shoot me a note.

This week:

Will drones deliver our food instead of cars?

Manna Air Delivery, an Irish drone delivery startup, just raised $50M to expand across the U.S., targeting suburban communities. They’ve already completed 250,000+ drone deliveries and partner with Uber Eats, Deliveroo, Just Eat, and DoorDash. Manna also has an app that you can order food and everyday products on. Meanwhile, GrubHub is piloting drone delivery in New Jersey. Seems like lots of momentum.

Brought to you by:

The Hidden Gems: There’s a lot of bull$#!+ in the Agency landscape. That’s why Brand Founders and Executives big and new trust: The Hidden Gems. They provide the most optimal boutique Agencies to conquer any goals/needs 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.

Whatever your need, just send a request and they’ve got the solution... it’s that easy! –> david@thehiddengems.com

🧃 Consumer Brands 👚

💰 Fundraises 💰

• Peachy, the beauty-services multi-unit retail business providing treatments by certified Nurse Practitioners, eeceived a minority investment from Stride Consumer Partners.
Source: FINSMES

• Standing Ovation, a French ingredient producer that uses precision fermentation technology to produce next-generation proteins, has secured a $28.5 million Series B led by the Ecotechnologies. The raise is to scale dairy protein production
Source: NOSH

• Create Wellness, Inc. the creatine gummy brand that’s expanding to powdered beverages raised $20M in Series B funding led by Alliance Consumer Growth, with participation from Impact Capital and Unilever Ventures. The funds will be used to accelerate growth, expand retail distribution, and invest in consumer education.
Source: FINSMES

💸 M&A 💸

• E&J Gallo has acquired Four Roses Bourbon from Kirin Holdings, expanding its portfolio in the spirits market.
Source: ESM

• Keurig Dr Pepper has completed its acquisition of JDE Peet’s after securing 96.22% of the company’s shares.
Source: ESM

• Constellation Brands has acquired Hopwtr to expand its nonalcoholic beverage portfolio.
Source: Food Dive

• McCormick has acquired Unilever’s food business for $45 billion, creating a global spice and condiments giant.
Source: Food Dive

• Sysco is acquiring Jetro Restaurant Depot for $29.1 billion, which will reshape how independent restaurants source food and could impact pricing. This acquisition allows Sysco to access over 725,000 independent restaurants, enhancing its distribution capabilities.
Source: Forbes

• Once Upon a Coconut, a premium coconut water brand, has acquired Punch’d Energy. The company has also named Matt Merson as President after his tenure as Chief Sales and Strategy Officer.
Source: BevNet

• Eagle Park Brewing & Distilling has acquired SoulBoxer Cocktail Co. to expand into canned cocktails, including THC-infused options.
Source: BevNet

🚀 Product Launches

• Khloud, the protein popcorn brand founded by Khloé Kardashian, expands to protein chips
Source: Food Dive

• Protein2o Aims for ‘Elite’ Consumer Set with P2X Advanced Hydration Launch. Protein2o is launching a new premium ‘Advanced Hydration’ line called P2X this month in Target stores.
Source: BevNet

• Hershey’s plans to return real chocolate to select Reese’s and Hershey’s products by 2027, indicating a shift towards higher-quality recipes.
Source: FoodNav

• FDA Approves Eli Lilly’s Weight Loss Pill—Second Weight GLP-1 Drug In Pill Form.
Source: Forbes

🗞️ Other News 🗞️

• Home Depot has partnered with The Weather Company to leverage weather intelligence in hyperlocalized marketing this gardening season.
Source: Forbes

💻 Consumer Technology 💻

💰 Fundraises 💰

• Manna Air Delivery raised $50M in Series B funding to expand its drone delivery platform across the United States. Investors in the round include ARK Invest, the Ireland Strategic Investment Fund (ISIF) and Schooner Capital, alongside existing investors Coca-Cola HBC and Molten Ventures.
Source: Business Wire

• estaie. a Dubai based hospitality tech startup that provides an extended-stay platform, raised 7-figure Pre-Seed funding to improve its extended-stay platform, which includes over 400 hotels and 1,000 holiday homes.
Source: Rerun

🛒 Commerce & Retail Tech 🛒

📰 News 📰

• Associated Wholesale Grocers (AWG) has announced a $110 million investment in its distribution facility in Louisiana.

For those who attended, I hope you had a wonderful time at Expo West. It’s always one of my favorite weeks. This past week, I went to the Global Pet Expo and also had a good time. I appreciate Nate Swanson and Nomit Shah for letting me tag along and walk around with them as I’m still new to pet. Thanks also to Encore Consumer Partners for letting me come at the last minute to your awesome happy hour. Very grateful for this community and appreciate the generosity. On the Consumer VC events side, I know I’ve been quiet about our plans for the rest of the year. We’re busy planning our calendar, more to come in the coming weeks.

This was a BUSY week/month in consumer. Here’s the full recap – 

👚Consumer Brands🧃

💰Fundraises 💰

• KilgourMD, a Sacramento, CA-based scalp health and hair growth brand, raised an undisclosed amount in Series A funding. The round was led by Prelude Growth Partners with participation from Willow Growth, Joyance Partners, and Able Partners. Prelude Growth Partners’ Managing Partner Alicia Sontag will join the board.
  Source: FINSMES

• Sigmas, a Los Angeles, CA-based wear brand for fitness, raised $1M in Seed funding co-led by Mucker Capital and HongShan Capital. The company intends to use the funds to expand operations and development efforts for its activewear and tools.
  Source: FINSMES

• Stellar Snacks, a Carson City-based pretzel brand, received a minority growth investment from Main Post Partners, though the amount was not disclosed. The funds will support expanded distribution, enhanced brand marketing initiatives, and continued investments in innovation and operations.
  Source: FINSMES

• Nopalera, a San Antonio-based beauty and lifestyle brand, raised $4M in funding led by Morgan Stanley’s Next Level Fund and L’ATTITUDE Ventures, with participation from several investors. The funds will be used to expand operations and development.
  Source: FINSMES

• Foreverland, Italian food ingredient company focused on creating sustainable, cost-effective alternatives to cocoa and chocolate, raised €6M in funding from Kost Capital, Maia Ventures, Accelerator Fund, Italia Venture II Fund, Linfa agrifoodtech fund, and Newtree Impact.
  Source: FINSMES

• Just Date has partnered with private equity firm Contour Ridge to accelerate expansion of its natural sweeteners.
  Source: NOSH

• Good Girl Snacks, which produces snacks, including pickles, aimed at consumers, raised $3M from Strand Equity, RiverPark Ventures, Nucleus Ventures, and Collaborative Fund.
  Source: NOSH

• Flourish Care, a provider of a maternal healthcare platform based in Boston, MA, raised $5.7M in Seed funding led by Zeal Capital Partners with participation from Create Health Ventures, Collide Capital, Rogue Women’s Fund, Symphonic Capital, Slater Technology Fund, Catalytic Impact Foundation, Capita3, and others.
  Source: FINSMES

• Qatar Investment Authority Eyes 10% Stake in Golden Goose. Qatar’s sovereign wealth fund is preparing to buy a stake in Italian sneaker maker Golden Goose.
  Source: Business of Fashion

• Laoban, a frozen dumpling and bao brand, has raised $7M in funding, details on investors not specified.
  Source: NOSH

💸 M&A 💸

• Molson Coors Beverage Company has acquired Atomic Brands, Inc., the creator of the ready-to-drink brand Monaco Cocktails. This acquisition aims to enhance Molson Coors’ portfolio in the growing RTD beverage market.
  Source: ESM

• Henkel has entered a definitive agreement to acquire Olaplex for $1.4 billion, a hair-care brand known for its popular shampoos and treatments.
  Source: Business of Fashion

• Valeo Foods Group has agreed to acquire Bulgarian baked-goods manufacturer Prestige, enhancing its portfolio in the snack sector.
  Source: ESM

• So Good So You, a beverage company co-founded in 2014, focusing on health-oriented drinks, was acquired by private investment firm Bansk Group, with co-founders retaining equity and board seats.
  Source: BevNet

• Puig is a Spanish company known for its fragrances and cosmetics, owning brands like Byredo and Rabanne. Puig‘s shares surged 16% after announcing talks for a potential merger with Estée Lauder.
  Source: Business of Fashion

• "I and love and you" Acquires Made by Nacho, the cat food brand that was founded by Bobby Flay. Together, the brands are now available at 30,000+ retail locations nationwide, including Walmart, PetSmart, Chewy, Sprouts, and Amazon.

  Source: PRNews

• Salt & Stone has been acquired by Advent International in a deal expected to close in April 2026. The premium body care brand, founded in 2017 by former professional snowboarder Nima Jalali, surpassed $165M in revenue in 2025 and has been profitable since launch. Financial terms were undisclosed.
  Source: BOF

• 3G Capital, a global investment firm focused on long-term value creation, announced its acquisition of Skechers for $9.4 billion, marking a significant investment move.
  Source: FINSMES

• Huel, a nutrition company known for its meal replacement products, has agreed to be acquired by Danone in a deal worth about $1.2 billion. The acquisition, announced Monday morning, deepens Danone’s roster of functional nutrition brands, with Huel‘s product portfolio spanning from its flagship powder-based shakes to ready-to-drink beverages and snack bars.
  Source: Business of Fashion

• Sazerac acquires canned cocktail brand Dirty Shirley to expand its RTD portfolio.
  Source: Food Dive

🚀 Debuts, Distribution & Expansion 🚀

• Truekind, known for its comfort-first bras, makes its brick-and-mortar debut in Belk Stores. This move follows its successful direct-to-consumer model in the U.S. intimates category.
  Source: PRNews

• Hiyo Goes National with Target. Non-alcoholic social tonic maker Hiyo is rolling out to nearly 2,000 Target stores nationwide.
  Source: BevNet

👩‍💻 Consumer Technology 🧑‍💻

💰Fundraises 💰

• Conntour, a Miami, FL-based provider of an AI video intelligence platform, raised $7m in seed funding. Backers included General Catalyst, Y Combinator, SV Angel, and Liquid 2 Ventures. The funds will be used to enhance their AI video analytics capabilities.
  Source: FINSMES

• eMed, a Miami, FL-based digital healthcare company, raised $200M in funding at a valuation of over $2 billion. The round was led by AON Consulting, with participation from notable investors including Tom Brady, Jeff Aronin, and Linda Yaccarino. The funds will be used to further advance its platform.
  Source: FINSMES

• Prickly Pear Health, a Phoenix, AZ-based digital health company focused on women’s brain health, expanded its Pre-Seed funding to over $600K. Emmeline Ventures joined existing investors Bayless Ventures and AZ Venture Capital to accelerate user growth and platform deployments.
  Source: FINSMES

• Moda raised $7.5M in Seed funding to enhance its AI platform for design professionals. The round was led by General Catalyst, with participation from Pear VC and others.
  Source: FINSMES

• Payy Network raised $6M in seed funding to expand its team and deepen integrations across financial institutions and fintech platforms. The round was led by FirstMark Capital, with participation from Robot Ventures and DBA Crypto.
  Source: FINSMES

• Blossom Health, a NYC-based provider of an AI operating system for psychiatry, raised $20M in Series A and Seed funding. Headline led the Series A with participation from Village Global, TA Ventures, Operator Partners, and Correlation Ventures. The funds will enhance their AI capabilities in psychiatry.
  Source: FINSMES

• Mirage, a New York City-based developer of an AI-powered video editing and creation platform, raised $75M in growth financing from General Catalyst’s Customer Value Fund, bringing total capital raised to over $175M. The funds will be used to accelerate global expansion, particularly in high-demand markets in Asia.
  Source: FINSMES

🛍️ Commerce & Retail Technology 🏬

💰Fundraises 💰

• Tazapay closed its Series B extension led by Circle Ventures, bringing total Series B funding to $36M. New investors CMT Digital and Coinbase Ventures joined existing backers including Ripple and Norinchukin Capital.
  Source: FINSMES

• Glimpse, a dispute-tracking automation platform serving CPG brands and retailers, raised $35M in Series A funding led by Andreessen Horowitz (a16z), with participation from 8VC and Y Combinator. The YC graduate automates the dispute tracking process for consumer packaged goods brands and retailers.
  Source: TechCrunch

• Lidl Romania is increasing its investment in national expansion, allocating over €285 million towards its 2026 financial year.
  Source: ESM

• Grub Lab, a startup improving traditional kids’ menus with engagement AR-powered experiences based in Kurri Kurri, Australia, raised $6M in funding led by Quantaco to accelerate its U.S. expansion and support a national brand launch.
  Source: FINSMES

• DOSS raised $55M in Series B funding to enhance its AI-native Operations Cloud for inventory-based businesses. The round was co-led by Madrona and Premji Invest, with participation from Greyhound, Commerce Ventures, and Intuit Ventures, among others.
  Source: FINSMES

Listen on Spotify, YouTube

Hey friends,

On today’s episode, I chat with Manica Blain, founder of Top Knot Ventures and co-founder of Campfire Capital — one of the earliest dedicated early-stage consumer funds. Over the past decade, Manica has backed breakout consumer brands like FIGS, Cotopaxi, Everest, and Sweet Chemistry.

Recently, she also started writing a Substack called You Win Some, You Lose Some, where she shares lessons from more than ten years of investing in early-stage consumer companies.

In this episode, we dive into a topic that’s been debated a lot lately: whether the traditional venture capital structure actually works for early-stage consumer investing.

Manica shares why the typical GP-LP fund model may create misaligned incentives, how management fees can sometimes overshadow investment outcomes, and why smaller, more hands-on investing models might make more sense in consumer.

We also talk about her personal investing approach through Top Knot Ventures, where she writes checks with her own capital and works closely with founders as an advisor and operator.

If you’re interested in venture capital, early-stage consumer brands, or how investors actually think about backing founders, this episode offers a candid look at the realities behind the model.

Brought to you by:

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Get Started Here –> thehiddengems.com

Here’s what you’ll learn:

✅ Why the traditional VC fund structure may not work for early-stage consumer
✅ How GP commit size affects investor incentives
✅ The difference between European and American waterfalls in venture funds
✅ Why management fees can distort fund behavior
✅ The pros and cons of SPVs for early-stage investing
✅ How Manica structures advisory work with founders
✅ Why slow, steady brand growth can be better than early viral success
✅ What strong consumer retention really looks like
✅ Why she stopped investing in food & beverage
✅ How beauty and wellness investing has evolved

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

Thanks for listening!

Listen on Spotify, YouTube

Hey friends,

On today’s episode, I chat with Craig Dubitsky — founder of Hello Products, early force behind Method, and now co-founder of Happy, the coffee brand he’s building with Robert Downey Jr.

Craig has built brands in some of the most entrenched categories in CPG: cleaning supplies, oral care, lip balm, and now coffee. His edge isn’t better features. It’s emotional innovation.

This might be the longest interview I’ve done. I’m grateful how generous Craig was with his time. I loved hearing his point of view on building brands.

We talk about how Hello started with a simple observation: why are toothpaste boxes covered in extracted teeth and fear-based messaging? Instead of “kills” and “eliminates,” Craig chose one word — Hello — and flipped the entire tone of the category.

With Happy, he’s doing it again. Not positioning coffee as fuel or ritual, but as a delivery system for happiness. And that mission goes deeper than marketing. Happy partners directly with NAMI (National Alliance on Mental Illness), puts mental health resources on every package, and even gave NAMI equity in the company.

We also dive into how Craig met Robert Downey Jr., why Downey is a true co-founder — not a spokesperson — and how they built blends together across time zones while Downey was filming overseas.

If you care about building brands people join — not just buy — this episode is packed with insight.

Brought to you by:

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Here’s what you’ll learn in today’s episode:

✅ Why “common” categories are often the biggest opportunities
✅ Why overanalyzing kills great ideas
✅ The power of naming and emotional positioning
✅ How Hello disrupted oral care
✅ Why Happy put NAMI on its cap table
✅ What real celebrity partnership looks like
✅ How to expand into retail at scale
✅ Why simplicity is much harder than it looks

Timestamps

• 00:00 Intro

• 02:00 Craig’s early career & first entrepreneurial instincts

• 05:00 The idea behind EOS

• 10:00 Making lip balm emotional & design-led

• 15:00 Scaling EOS into mass retail

• 20:00 The power of playfulness in branding

• 25:00 Founding hello products

• 30:00 Reinventing toothpaste & oral care

• 35:00 Competing in commoditized categories

• 40:00 Packaging as a strategic weapon

• 45:00 How to win shelf space in mass retail

• 50:00 Why most brands overcomplicate messaging

• 55:00 Emotional connection vs functional benefits

• 01:00:00 Retail relationships & long-term brand building

• 01:05:00 Mistakes founders make scaling too fast

• 01:10:00 How Craig evaluates new ideas

• 01:15:00 The origin of Happy Coffee

• 01:20:00 Rethinking coffee positioning

• 01:25:00 What Craig is doing differently this time

• 01:30:00 Lessons from building multiple brands

• 01:34:00 Advice for consumer founders

• 01:37:00 Final thoughts

Thanks for listening!

Hope you’re having a great start to the weekend. The BIG news is that Donald Trump’s emergency tariffs have been ruled illegal and unconstitutional by the Supreme Court in a 6-3 vote. This will, of course, have major implications across global trade, supply chains, and consumer product businesses. What happens to the $130 billion that’s already been collected since this policy went into effect?

📰 Consumer News 📰

• Once Upon a Farm goes public at a $724M valuation, raising $198M in its IPO. The better-for-you kids’ nutrition brand could open a new exit lane for mission-driven CPG companies that have historically leaned on strategic acquirers. Worth watching how this performs in the aftermarket. Forbes

  • The stock’s IPO price was $18/share and is now trading at $24.05. If the momentum holds, are more consumer brands next in line to go public? Will this become a viable path to exit?

• Etsy sells Depop to eBay for $1.2B. The move lets Etsy refocus on its core handmade marketplace while giving eBay a much-needed foothold with younger, fashion-forward consumers. A meaningful signal that the resale market remains hot — just not always with the original acquirer. BBC

• McDonald’s is adding energy drinks and craft sodas to McCafe beverage assortment nationwide, a concept it tested through its CosMc’s spinoff. Fast food continues to blur the line with functional beverage. Restaurant Dive

🧃 Consumer 👚

💰 Fundraises 💰

• Osmo raised $70M in Series B. The AI-powered scent digitization company is expanding its technology into beauty and fragrance. CEW

• Pat McGrath Labs secured $30M in new financing from GDA Luma Capital to recapitalize the business. A new chapter for one of beauty’s most iconic brands. Retail Dive

• Willie’s Remedy+ raised $15M to commercialize its hemp-derived THC drinks at retail. DigitalFoodLab

• Green Rebel Foods raised $12.5M to scale its Asian-style plant-based alternatives across Southeast Asia. Protein Production

• Throne Sport Coffee raised $10M in Series A. The Patrick Mahomes-backed functional coffee brand is launching DSD with Big Geyser in New York. BevNET

• Just Ice Tea raised $9M in Series B, backed by Total Wine co-founder Robert Trone. Funds will support a 40% retail expansion. FoodBev

• Epetōme secured a multi-million-pound investment led by Active Partners and Redrice Ventures. The gut health brand was founded by nutritionist Emily English. BeautyMatter

💸 M&A 💸

• eBay acquires Depop from Etsy for $1.2B in cash. A landmark deal for the resale market — Etsy refocuses on its core, eBay gets a Gen Z fashion audience it’s been chasing for years. TechCrunch

• Refresco is acquiring SunOpta for ~$1.1B ($6.50/share), taking the plant-based food and beverage producer private. A significant consolidation in co-manufacturing. ESM Magazine

• Investindustrial acquires TreeHouse Foods for $2.9B, taking the largest U.S. private-label manufacturer private. A massive deal for the CPG private label space. FoodNavigator-USA

• Beast Industries (MrBeast) acquires Step, the teen-focused banking app with over 7 million users. The creator economy continues to expand its financial services ambitions. TechCrunch

• Essity completes acquisition of Edgewell’s Feminine Care business for $340M, picking up Carefree, Stayfree, and o.b. in North America. Essity

• FabFitFun acquires Paya Health, the functional wellness and supplements brand. The subscription box giant continues building its multi-brand portfolio. BeautyMatter

• Tastee Apple Inc. acquires Art of Sucre, adding gourmet cotton candy to its caramel apple business. Wholesome Goods

🚀 Debuts, Distribution & Expansion 🚀

• Crocs plans to open 200–250 new international stores in 2026. Retail Dive

• Dutch Bros expanded its CPG at-home product line to Amazon, Walmart, H-E-B, and Albertsons. PR Newswire

• Lulus expanded from 60 stores to all Nordstrom locations nationwide. A big step in the DTC-to-wholesale playbook. Retail Dive

• Instacart partnered with Lush to offer same-day delivery from 250 Lush stores. PR Newswire

• South Forty is now in ~2,600 ALDI stores nationwide. Wholesome Goods

• Nurri is launching its protein creamer exclusively at Walmart. Wholesome Goods

• Hourglass launched DTC in Australia and New Zealand. B&T

• Helix Sleep launched a retail partnership with Urban Mattress, extending its DTC brand into physical retail. Bedtimes Magazine

• Ernesta opened its sixth showroom, in Dallas. Retail Dive

🚀 Product Launches

• Clarins entered the foundation category with its Double Serum Foundation — a major extension of its iconic skincare franchise into a new product type. WWD

• Fly By Jing launched the first-ever Hot Pot Bomb, simplifying Sichuan-style hot pot for at-home cooks. FoodBevy

• Topo Chico Hard Seltzer debuted new glass bottles and a stronger, Margarita-inspired flavor. Parade

🛍️ Retail, Commerce Tech & Supply Chain

• Simile raised $100M in a Growth round led by Index Ventures. The AI platform predicts human behavior — with clear applications across retail and consumer. Lazarev Agency

• Credit Key raised $90M in Growth capital from Barings to expand its B2B buy-now-pay-later platform. LA Times

• GrubMarket raised $50M in Series H at a $4.5B valuation. The AI-powered food supply chain platform continues to scale. Davis Wright Tremaine

• Made With Intent raised £2.4M in Seed. The UK-based ecommerce tech platform takes a ‘Moneyball approach’ to online retail. UK Tech News

🔻 Other Notable News 🔻

• Kraft Heinz paused its planned business split and appointed Nicolas Amaya as its new President of North America. Progressive Grocer