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

Glimpse is the all-in-one, AI-powered deductions management platform for CPG brands—automating deduction capture, classification, disputes, and accounting. Recover more revenue while saving time – ⁠https://www.tryglimpse.com⁠Ice cream is supposed to make you feel good — but most of what’s in the freezer aisle doesn’t.In this episode, Mike chats with Alec Jaffe, Founder and CEO of Alec’s Ice Cream, the A2 dairy, gut-friendly, regeneratively sourced ice cream brand that’s redefining what “premium” means in frozen. Alec started making ice cream in elementary school, but the real journey began when he realized the market was filled with products that either tasted great or made you feel great — but never both.Alec breaks down how he built his supply chain from scratch, why A2 dairy is helping people enjoy ice cream again, what makes frozen dessert different from real ice cream, and how Culture Cups became a breakout product that went viral on TikTok and lifted the entire brand. He also shares the realities of running his own factory, scaling two product lines in a tiny production space, and navigating the brutally competitive freezer aisle.You’ll learn:✅ Why A2 dairy is changing the way people digest ice cream✅ How to build a supply chain around family farms & regenerative agriculture✅ The difference between ice cream and frozen dessert✅ How Alec broke into natural retail and then crossed into mass✅ Why vertical integration is both a blessing and a challenge✅ How Culture Cups went viral on TikTok and sold out on Day 1✅ What makes the frozen aisle one of the hardest categories in CPG✅ How dairy demand is shifting — and why supply can’t keep up✅ When it really makes sense for a food brand to raise venture capital👉 If you’re building a food or beverage brand, this episode is a masterclass in supply chain, product development, retail strategy, and category differentiation. Timestamps00:00 Intro01:00 Alec’s childhood obsession with making ice cream03:30 Unlocking “high-quality ice cream” with simple ingredients05:00 Why A2 dairy helps people enjoy ice cream again06:45 Ice cream vs frozen dessert explained08:00 Building relationships with local family farms09:20 Starting local & breaking into natural retail10:50 Moving into Whole Foods & finding a tiny factory13:00 How Culture Cups were created14:20 The TikTok post that changed everything15:30 Crossing from natural into mass retail17:00 Pricing strategy for premium products19:00 Why investors fear frozen food20:30 How Culture Cups shifted investor perception22:00 The realities of running your own factory24:00 Managing two product lines under one roof26:00 The dairy demand surge & supply challenges28:30 The future of regenerative agriculture31:00 Competing in the brutally competitive freezer aisle34:00 Why ice cream is one of the hardest categories in retail36:00 Thoughts on protein ice cream38:00 Alec’s flavor development process40:00 How he evaluated the right VC partners42:00 Why he raised an $11M Series A45:00 What’s next for Alec’s Ice Cream48:00 Book recommendations: Shoe Dog, Endurance, Ramping Your Brand📬 Subscribe for more founder stories & scaling insights:👉 The Consumer VC Newsletter – ⁠https://www.theconsumervc.com/⁠Follow Mike Gelb:Twitter / IG / TikTok → @mikegelb / @consumervc

Akash Raju, Co-founder and CEO of Glimpse, discusses the often-overlooked world of retail deductions that can cost brands up to 5% of their revenue. He shares insights on how hidden fees and invalid deduction claims can drastically affect profitability. Akash explains the advantages of automation in managing deductions, revealing Glimpse's impressive 91% win rate in disputes. He also emphasizes the importance of understanding deductions for consumer brands entering retail and the potential to regain lost revenue, which can be reinvested for growth.

Rich Gersten, Co-founder of True Beauty Ventures, brings over 20 years of beauty and wellness investment experience. He discusses how he stumbled into beauty investing and why the category is resilient despite market cycles. Rich explores the pivotal roles Sephora and Ulta played in retail, details his fund's early-stage investment strategies, and examines the pitfalls of celebrity brands. He reveals the current state of beauty M&A and the realistic expectations for returns while emphasizing that product quality trumps marketing for sustained success.

Glimpse is the all-in-one, AI-powered deductions management platform for CPG brands—automating deduction capture, classification, disputes, and accounting. Recover more revenue while saving time – ⁠https://www.tryglimpse.comWhat happens when a venture investor builds inside one of the world’s most consumer-obsessed ecosystems?In this episode, Mike sits down with Joe Seager, Partner at True, a multi-stage investment and advisory platform that’s redefining what a consumer-specialist VC can be. Before True, Joe spent five years working alongside Sir Richard Branson at Virgin, helping launch ventures across autonomous vehicles, fintech, and digital banking—giving him a front-row seat to innovation at global scale.Joe shares what he learned from working inside Virgin’s founder-driven culture, what makes True’s vertically integrated model so unique, and how he’s seeing consumer venture evolve across Europe.You’ll learn: ✅ What it was really like working with Richard Branson ✅ How True’s “multi-stage” structure gives founders an unfair advantage ✅ Why Europe’s venture landscape is so fragmented—and where it’s winning ✅ How Brexit changed the flow of capital, LPs, and cross-border investing ✅ What consumer categories are still venture-backable (and which aren’t) ✅ The truth about power-law outcomes in consumer investing ✅ Why AI will reshape—not replace—the future of consumer brands ✅ The founder traits Joe looks for when writing a first check👉 If you’re a founder, operator, or investor curious about the intersection of consumer, venture, and Europe’s next wave of innovation, this episode is packed with insight from one of the most thoughtful voices in VC.Timestamps 00:00 Intro 00:40 What It Was Like Working With Richard Branson 03:00 The Moment Joe Fell in Love With Venture 05:00 Why He Joined True & What Makes It Different 07:00 Inside True’s Multi-Stage Model (VC + PE + Public + Advisory) 09:00 How the Ecosystem Helps Founders Win 12:00 Leveraging True’s Corporate Network for Startups 15:00 True’s Split: B2B vs. B2C Investments 16:00 How Europe’s Venture Scene Differs From the U.S. 18:00 The Rise of Sweden, Estonia & the Nordics 22:00 How Brexit Reshaped Capital Flows in Venture 26:00 LP Structures: Why Europe Lags Behind the U.S. 28:00 The Need to Unlock Pension Capital in the UK 31:00 How Brexit Changed Startup Global Expansion 35:00 Is Consumer Still Venture-Backable? 38:00 Building Venture-Scale Consumer Brands 41:00 Why Now Might Be the Best Time to Invest in Consumer 43:00 How True Thinks About AI in Consumer 47:00 New Consumer Categories AI Is Unlocking 49:00 How Europe Differs Culturally From the U.S. 51:00 What Joe Looks for in Founders 54:00 The “Jockey vs. Horse” Debate in Early Stage VC 57:00 Why True Avoids Vice Categories 59:00 Book Picks: James Dyson Autobiography & The Technology Trap📬 Subscribe for more founder stories & venture insights: 👉 The Consumer VC Newsletter - https://www.theconsumervc.com/ Follow Mike Gelb: Twitter / IG / TikTok → @mikegelb / @consumervc

Glimpse is the all-in-one, AI-powered deductions management platform for CPG brands—automating deduction capture, classification, disputes, and accounting. Recover more revenue while saving time – ⁠https://www.tryglimpse.comHe helped scale JUUL from $1M to $1B in just three years. Now, he’s investing in the next generation of consumer brands.In this episode, Mike sits down with Alex Cantwell, founder of Cartograph Ventures, an early-stage technology and consumer fund built by operators for operators. Alex shares what it was really like to scale one of the most controversial startups in the world—and what he learned about hypergrowth, backlash, regulation, and leadership along the way.You’ll learn: ✅ How JUUL went from failure to billion-dollar rocket ship ✅ Why vape shops—not gas stations—became JUUL’s secret weapon ✅ What founders get wrong about retail expansion ✅ The dark side of hypergrowth and founder burnout ✅ Why “disruption” always invites controversy ✅ How operator-investors think differently about building vs. funding ✅ The future of vice categories: nicotine, caffeine, and beyond ✅ Why fiber might be the next big consumer trend👉 If you want to understand how to build a disruptive brand, survive a backlash, and think like an operator-investor—this conversation is packed with hard-won lessons.Timestamps 00:00 Intro 01:00 From Wharton to JUUL: The Accidental Entry Point 03:00 Why JUUL Failed in Gas Stations 05:00 Finding Early Adopters in Vape Shops 07:00 Rethinking Retail & Route to Market 09:00 The Fallacy of “Instant Scale” with Big Retail 11:00 Lessons from Hypergrowth Inside JUUL 13:00 The Psychological Cost of Scaling Too Fast 15:00 What JUUL Got Right (and Wrong) 17:00 Should JUUL Have Been Banned? 19:00 Why Every Disruptive Brand Becomes a Lightning Rod 21:00 How Operator VCs Think Differently from Traditional Investors 25:00 The Real Difference Between Operators and Financial Investors 30:00 Betting on Regulated Categories (and Knowing When to Walk Away) 33:00 The Nicotine Pouch Boom: Zen vs. JUUL 36:00 Is Nicotine in a Harm Reduction Era? 38:00 Nicotine vs. Caffeine: The Mental Shift 41:00 Why Venture Has Become Hits-Driven 43:00 The “Cowboy Diet”: Protein, Nicotine & Caffeine 45:00 The Future of Consumer: Simplicity, Identity, and Less Friction 48:00 When to Go Deep vs. Broad in Retail 50:00 What Great Founders Do Differently 53:00 Why Operator-Led Funds Push Founders Harder 56:00 The Real Bubble in AI (and What Comes Next) 60:00 Underrated Categories: Why Fiber Might Be the Next Big Thing 63:00 Lightning Round: Lessons, Regrets & Fast Food Favorites📬 Subscribe for more founder stories & scaling insights: 👉 The Consumer VC Newsletter - https://www.theconsumervc.com/ Follow Mike Gelb: Twitter / IG / TikTok → @mikegelb / @consumervc

Jake Bullock, co-founder and CEO of Cann, the leading THC-infused beverage brand, dives into the revolution of social drinking. He reveals how a 2mg microdose unlocked cannabis' potential as an approachable alternative to alcohol. Jake discusses the challenges of selling through dispensaries and winning shelf space against traditional drinks. He shares insights on product innovation with unique flavors like Grapefruit Rosemary and Lemon Lavender, and explains the role of celebrity investors in scaling Cann's vision to reshape American drinking culture.

Rachel Springate, Co-Founder & General Partner of Muse Capital, shares her journey from luxury partnerships to venture capital, focusing on neglected areas like women’s health and parenting. She discusses the unique challenges in investing in women's health, emphasizing the potential of AI and proprietary data. Rachel also highlights the exciting opportunities in women's sports and the importance of authentic partnerships. Tune in for insights on avoiding hype-driven investing and supporting recession-proof markets.

Ezra Galston, Founding Partner of Starting Line, discusses how to build resilient consumer brands in today's volatile environment. He highlights the difference between sustainable and unsustainable growth and explains why efficiency trumps hype for modern founders. Ezra explores the unique dynamics of Chicago's VC scene and stresses that geographical context significantly affects investment outcomes. He also outlines key insights on what limited partners seek now and the vital importance of margin discipline for upcoming consumer-focused companies.

Steven Finn, a Partner at Siddhi Capital with a wealth of experience in venture finance, discusses the dark side of fundraising. He reveals how overcapitalization can lead to a 'death spiral' for startups. Finn explains the perils of relying on debt versus equity and the traps set by mega funds that distort valuations. He highlights the significance of maintaining founder motivation during tough times and shares strategies to navigate cap table restructuring. This conversation is essential for founders and investors facing today’s challenging landscapes.

Peter Walker, Head of Insights at Carta, dives into the evolving landscape of venture capital and the significant impact of AI in the industry. He discusses the challenges startups face in securing funding, particularly the troubling gap from seed to Series A. Walker details why valuations are stable despite fewer deals and how mega funds are reshaping investment dynamics. He highlights the frustrations of limited partners and the need for founders to focus on strong business fundamentals to thrive in this turbulent climate.