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.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.

Clayton Christopher, co-founder of Astro Consumer Partners and creator of Sweet Leaf Tea, and Brian Goldberg, former CFO of Sweet Leaf Tea and SkinnyPop, dive into the secrets of scaling consumer brands. They discuss the shift from early to growth-stage investing and how to recognize when a brand is ready for capital. The duo emphasizes navigating the distribution trap, the contrast between DTC and retail, and the importance of strong partnerships. They also unpack the strategic risks in the CPG landscape and the evolving marketing strategies that fuel brand success.

Pete Maldonado and Rashid Ali, co-founders of Chomps, share their inspiring journey of bootstrapping a meat snack brand from a $500 side hustle to $500 million in sales. They discuss scrappy marketing tactics that fueled early growth, like leveraging grassroots efforts and influencers. The pivotal deal with Trader Joe's transformed their trajectory, showcasing the importance of strategic retail partnerships. Their complementary personalities and resilience in navigating challenges exemplify how discipline and collaboration can create a successful and profitable brand.

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

This episode is brought to you by Highbeam.Highbeam is the all-in-one banking and cash management platform built for consumer brands – https://www.highbeam.co/capital?partn...Katie Wilson is the CEO and co-founder of BelliWelli, a gut health brand that went from home kitchen experiments to the shelves of Walmart and Target—with zero paid ads and no CPG background.Before BelliWelli, Katie was a celebrity matchmaker who helped founders, actors, and CEOs find love. But a personal gut health crisis after food poisoning sent her down a new path—one that exposed a massive gap in the wellness market.If you’re building a consumer brand, struggling with growth, or tired of DTC hype—this episode is a masterclass in scrappiness, community, and execution.She explains: ▫️How she built a viral brand by buying Facebook groups ▫️Why IBS became her billion-dollar insight ▫️The bizarre story of how she raised $200K from a Clorox exec on LinkedIn ▫️Why she pitched Walmart before launching a DTC site ▫️How BelliWelli beat legacy brands without a marketing budget ▫️What most startups get wrong about retail and virality00:00 Intro 02:41 How She Became a Celebrity Matchmaker 06:17 What Founders Are Like as Dating Clients 10:03 Getting Hired by Match.com 13:11 The Gut Health Breakdown That Sparked Everything 16:59 Her Husband’s Role in Creating the First Bar 18:08 The Secret Power of Facebook Groups 19:01 How She Bought 20+ Groups to Launch the Brand 21:24 Scaling From Kitchen Bars to 500K+ Customers 24:34 How She Met Her First Investor Through Matchmaking 25:47 What Made an Exec Wire Her $200K 27:12 From “IB Simple” to Rebranding as BelliWelli 31:01 Why Retailers Told Her the Original Brand Would Fail 33:19 Getting Into Sprouts, Then Target 36:40 Why the Protein Bar Aisle Isn’t Ready for Fiber 40:51 The Genius Move to Launch Fiber Powders at Walmart 44:12 How a Gluten-Free Café Introduced Her to Walmart’s Buyer 46:04 Why Walmart Called to Say “What Did You Do?” 47:04 Her Secret Edge as CEO 48:58 Going Viral at Walmart—With No Ad Spend 50:41 Filming Hundreds of Organic Videos in Store 51:08 Driving 1 Billion Walmart Impressions in 7 Months 53:39 What Most Founders Misunderstand About Community 55:33 Why She’s Still in Walmart Every Night—📬 Subscribe to The Consumer VC newsletter for startup trends:https://www.theconsumervc.com/🎧 Listen on:Spotify → https://open.spotify.com/show/4Hjm74Z...Apple Podcasts → https://podcasts.apple.com/gb/podcast...Follow Mike:Twitter / Instagram / TikTok → @mikegelb / @consumervc