Trip Raises $40M, Starbucks Sells 60% of China Biz, Wayfair Tests Small-Format Stores & More

Consumer VC Roundup #142– Latest News in Emerging Consumer Brands, Tech & Commerce Enablement From the Week of November 10th 2025

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Hey friends,

What a week in consumer – fundraises, big retail moves, and a few eye-opening M&A announcements. If you’re also heading to NOSH or BevNET, let me know — would love to meet up! Here’s the latest –––

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This Week In Consumer

📰 Consumer News📰

• Visa and Mastercard reached a settlement with U.S. merchants that could end 20 years of litigation over interchange fees. The deal would let merchants refuse higher-cost cards, add surcharges, and temporarily cap credit card fees for five years, while funding a $21 million merchant education program. RD

• Sephora faces backlash and boycott calls over its holiday ad featuring Mariah Carey, as critics claim the campaign mocks opposition to corporate actions, testing customer trust during a key sales period. BI

• Target is cutting prices on 3,000 essential items, including food and household goods, while donating $500,000 to Feeding America and offering an affordable Thanksgiving meal, supporting low-income families amid SNAP uncertainty. RTP

🧃Consumer Brands👚

• Trip, the leading calming beverage brand, raised $40 million in growth funding to expand its functional soda line and strengthen its position in the fast-growing relaxation drink category. LinkedIn

• Starbucks is selling a 60% stake in its China retail operations to Boyu Capital in a $4 billion joint venture, retaining 40% ownership and brand licensing rights. The deal, expected to close in April 2026, values Starbucks’ China business at over $13 billion. RTP

• Ulta Beauty is making its Middle East debut with a 15,000-square-foot store at The Avenues in Kuwait, in partnership with Alshaya Group. The retailer will expand to the UAE and Saudi Arabia in early 2026, featuring over 300 beauty and wellness brands, including exclusive and local offerings. RTP

• After closing all UK stores in 2021, Gap is returning to the British high street with a flagship Covent Garden store and two more London locations, partnering with retailer Next to combine Gap’s brand with Next’s retail and logistics expertise. RTP

• Wayfair will open a 70,000-square-foot small-format store in Columbus, Ohio, in late 2026 — about half the size of its typical locations — as part of its strategy to test new retail formats and expand its physical presence. RD

• Target will transform all its stores into Alpine Villages for Holiday 2025, featuring festive décor, weekend events, and new promotions like daily deals and a price match guarantee. The retailer will also donate $1.5 million through its Great Giftogether program to support families in need across 2,000 communities. RTP

• Urban Outfitters is launching 10 new Gen Z-focused stores by 2026, featuring modern designs, local assortments, and flexible layouts to quickly adapt to trends. The first two locations opened in Houston and Glendale, with a third set to debut in Bethesda this December. RTP

• IKEA has opened shop-in-shops inside Best Buy stores across Florida and Texas, featuring kitchen and laundry planning centers. Locations include Boynton Beach, Lakeland, Melbourne, Waterford Lakes, Daytona Beach, and Alamo Ranch, with more opening in Mesquite, Hulen, and South Austin on Nov. 14. The collaboration combines IKEA’s design with Best Buy’s tech expertise to enhance convenience for shoppers. RTP

• Chewy is acquiring SmartEquine, a U.S. equine health brand, in an all-cash deal set to close by February 2026, aiming to expand its presence in higher-margin animal health and provide greater care and convenience for horse owners. RTP

• US energy drink startup Lucky Energy has raised $25M in a Series B round, bringing its total funding to $63M, to support further U.S. expansion, with participation from Paine Schwartz Partners, Joyance Partners, and other investors. JD

• Big Smash Foods has closed its Series A funding round, backed by investors including Eclair Partners, Label Capital, The Family Fund, and Founder Community, to fuel its growth and expand its line of superfood jams and snacks. LinkedIn

• British haircare brand Plantmade, which accrued around $2.3M in debt, has been acquired by Crown Holdings for under $40,000 through a pre-packaged sale, ending the founding team’s involvement in the company. BI

• Hand care brand Paume has expanded into 700 Ulta Beauty stores and reached profitability, achieving over $713,000 in sales its first month, positioning itself as a premium hand care player beyond sanitizer products. BI

• Pacha Soap Co., founded by Andrew Vrbas to support ethical sourcing and local economies, has grown into a $30M business and is now pursuing further growth with a rebrand and a new Gen Z-focused line, Foxly. BI

• Ex-TikTok Shop GM Kelsie Johnston has launched a new company to help brands capitalize on the emerging AI-driven shopping revolution. BI

• Nootropic brand Graymatter Labs raised $1.3M in a seed round following 2000% year-over-year growth, fueled by its Bright Mind drink mix containing 27 active ingredients like astaxanthin, ginseng, and maca. BI

• ASOS has secured a £237.5M loan package, including a £150M term loan and £87.5M delayed draw term loan, boosting liquidity, cutting annual interest by £5M, and supporting the final phase of its multi-year turnaround plan. RG

• Footasylum, the British retailer specializing in streetwear and sportswear, is expanding into Germany and Austria through a three-year strategic partnership with Mad Agency, aiming to strengthen its presence in key European markets. RG

• Salt & Stone partnered with popular fitness chain [solidcore] on a 2-year amenities program. The company also created an exclusive Bergamot & Hinoki Hand Wash for the fitness studio. Instagram

• Asian-inspired sparkling water brand Sanzo just added Chrissy Teigen to its cap table. Founded by Sandro Roco in 2018, Sanzo now retails across the country at Walmart, Whole Foods Market, Spouts, Albertsons, and other chains. In addition to Chrissy Teigen, Sanzo’s previous investors include CircleUp Growth Partners, Convivialité Ventures, Morrison Seger, and others. Instagram

• Neutonic expanded into a new category with its Creatine Sticks. Each stick delivers 5g of Creapure creatine monohydrate and three flavors are available: Pineapple, Strawberry Lime, and Unflavored. Neutonic

• Repurpose collaborated with actress Brie Larson and culinary expert Courtney McBroom to launch the Party People Cookbook, featuring a limited-edition, compostable Party People x Repurpose stemless cup. Repurpose

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🛒eCommerce & Retail Tech🛒

• REBEL raised $25M in a Series B led by MarcyPen to expand its B-Corp certified returns marketplace, helping retailers recover revenue from $890B in U.S. returns while keeping products out of landfills and entering new verticals like outdoor and sporting goods. PRN

• Target has launched an AI-powered holiday gift finder that gives personalized gift suggestions based on age and interests. The retailer also added a “List Scanner” to digitize handwritten lists and an in-store “Find Bullseye” game through its app. RD

• Foxglove raised $40M in a Series B round led by Bessemer to advance its Physical AI platform, which helps developers in industries like manufacturing, logistics, and aerospace collect and analyze data to train and deploy robots. BW

• Instacart has launched an AI suite for grocery retailers, including Cart Assistant, a white-label AI shopping helper that offers personalized recommendations, meal planning, and nutrition support. Sprouts Farmers Market and Kroger will soon roll out the feature across their apps and stores, with Cart Assistant learning from each customer’s preferences and purchase history. RTP

Thanks for reading!