Consumer VC

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.comWhat if cannabis could become a true social beverage—an alternative to alcohol that delivers the buzz without the hangover?That’s the bet Jake Bullock, co-founder of Cann, made when he left the world of finance to reinvent drinking culture. Today, Cann is the #1 THC-infused beverage brand in the U.S., sold in liquor stores across 30 states, backed by celebrities like Gwyneth Paltrow and Kate Hudson, and changing the way people think about unwinding.In this episode, Jake shares the full story of how Cann went from a garage experiment to a category-defining brand:✅ Why lowering THC to 2mg unlocked cannabis’ social potential ✅ How Cann turned stigma into approachability with smart branding ✅ The brutal challenges of selling drinks through dispensaries ✅ The regulatory pivot that opened up liquor store distribution ✅ Competing head-to-head with alcohol (and winning shelf space) ✅ Product innovation: Grapefruit Rosemary, Lemon Lavender, and Roadies ✅ What celebrity investors really bring to the table ✅ The future of THC vs. non-alcoholic drinks in American culture👉 If you’re curious about the future of social drinking—or want to hear what it really takes to build a disruptive CPG brand—this conversation is a must-listen.Timestamps 00:00 Intro 01:00 Why 100mg Drinks Were a Problem 03:00 Cann’s Insight: Low-Dose, Great Taste 07:00 Unlocking the Social Buzz at 2mg 10:00 Making Cannabis Approachable (Not Premium-Elite) 13:00 Campaigning Against Alcohol Culture 15:00 Breaking Out of Dispensaries 18:00 Regulatory Challenges & State-by-State Growth 22:00 The Big Pivot: From Dispensaries to Liquor Stores 28:00 Winning Shelf Space vs. Craft Beer & RTD Cocktails 33:00 The Rise of Roadies & Naked Highboys 38:00 Flavor Innovation: Grapefruit Rosemary, Lemon Lavender 42:00 Gross Margins & Beverage Economics 45:00 Fundraising & Celebrity Investors 49:00 What Value-Add From VCs Really Means 51:00 Defining Success: Exit, IPO, or Independence? 53:00 Cann’s Mission to Change Drinking Culture 55:00 Lightning Round: Humor, Misconceptions & Mistakes 01:02:00 Book Recommendations📬 Subscribe for more founder stories & scaling 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.comWhat does it take to build a truly durable consumer brand in today’s volatile venture environment?In this episode, Mike sits down with Ezra Galston, Founding Partner of Starting Line, to unpack the shifting dynamics in consumer, marketplaces, and venture capital. Ezra shares why the Midwest VC ecosystem looks different from the coasts, what’s changing in consumer investing post-2021, and how founders can position themselves to raise smarter—not just bigger.Here’s what you’ll learn:✅ Why consumer investing still matters (even if VC sentiment has cooled)✅ The difference between “good” growth and “unsustainable” growth✅ How geography shapes venture outcomes (and why Chicago is unique)✅ Why Ezra believes today’s founders must optimize for efficiency over hype✅ The traps consumer founders fall into when chasing scale too early✅ What LPs really want from consumer-focused funds right now✅ How Starting Line is approaching the next generation of consumer brands✅ Why resilience and margin discipline are the new non-negotiables👉 If you’re a founder, investor, or operator navigating consumer markets in 2025, this episode is packed with insights you won’t want to miss.Timestamps00:00 Intro01:10 Why Consumer Still Matters in Venture05:00 Growth vs. Unsustainable Growth09:20 The Midwest VC Lens vs. The Coasts14:00 Lessons from Building Starting Line18:30 Why Scale Too Early Destroys Consumer Startups23:00 LP Expectations in a Reset Market27:00 Ezra’s View on the Future of Consumer Brands32:00 Optimizing for Efficiency in Fundraising38:00 Why Margins Are the New Moat42:00 Advice for Founders Raising in 202547:00 Ezra’s Recommended Books & Resources📬 Subscribe for more founder stories & venture insights:👉 The Consumer VC Newsletter - https://www.theconsumervc.com/Follow Mike Gelb: Twitter / IG / TikTok → @mikegelb / @consumervc

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.comQ1 2025 was the slowest fundraising quarter for consumer VC in recent memory. So what's really happening in venture capital—and how is it impacting founders in consumer, SaaS, and AI?In this episode, Mike sits down with Peter Walker, Head of Insights at Carta, to break down what's beneath the data: ✅ Why seed valuations are holding—but fewer deals are closing ✅ What’s behind the Series A “chasm” in consumer ✅ How mega funds are reshaping early-stage investing ✅ The rise of solo GPs and the slow decline of mid-sized funds ✅ Why LPs are getting frustrated with VC ✅ What founders risk when a mega fund passes on their Series A ✅ Why AI is warping the current “reset” in venture ✅ And what the future of venture might really look like👉 If you're a founder, investor, or emerging manager trying to navigate the post-2021 world, this is a must-listen.Timestamps 00:00 Intro 01:00 Why Consumer VC Has Higher Highs & Lower Lows 04:00 What Went Wrong with DTC and VC Expectations 06:00 Fund Size Creep & Why Some Firms Abandoned Consumer 10:00 The “Thesis Drift” Problem in Venture 13:00 Why Most VCs Don’t Stay in Their Zone of Genius 15:00 Mega Funds vs. Seed Funds: Optics, Pressure, and Power 21:00 Why Series A Has Become a Brick Wall 26:00 Will AI Companies Actually Be Durable? 31:00 The Rise of 3-Year Fundraising Cycles 35:00 The Future of Emerging Managers 38:00 The Squeeze on Mid-Sized Funds 40:00 The “Just a Little VC” Founder Strategy 44:00 Why Seed Valuations Haven’t Crashed 47:00 How Tariffs Are Impacting Consumer Deal Flow 51:00 Where Is the Liquidity? (& Why M&A is Surging) 54:00 Are We Actually in a Reset? 56:00 The AI Hype Cycle and OpenAI Risk 59:00 Peter’s Favorite Books (Personal & Professional)📬 Subscribe for more founder stories & venture insights: 👉 The Consumer VC Newsletter - https://www.theconsumervc.com/ Follow Mike Gelb: Twitter / IG / TikTok → @mikegelb / @consumervc

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.comPete Maldonado and Rashid Ali started Chomps with nothing but a simple idea, some grassroots hustle, and their first month bringing in… just $500 in revenue.Fast forward, Chomps is now an $80M+ powerhouse sold in Trader Joe’s, Walmart, and Whole Foods—all built before taking a single VC check.In this episode, Pete and Rashid share how they turned a $500 side hustle into a national brand:✅ Why starting small gave them the discipline to stay profitable✅ The scrappy marketing tactics that turned $500 into their first $5,000✅ How a Trader Joe’s deal transformed their growth overnight✅ Why they ignored the “raise early” startup playbook and bootstrapped instead✅ How their opposite personalities created the perfect founder duo✅ The systems and strategy that took them from a side hustle to shelves nationwide👉 If you’re building a business from scratch—or wondering if you really need VC money—this episode is proof that you can start lean, grow smart, and win big.Timestamps00:00 Intro 01:10 How a $500 Side Hustle Became Chomps 03:25 Pivoting From Frozen Meat to Beef Sticks 06:20 Early Influencer Hacks That Fueled Growth 10:45 The Trader Joe’s Breakthrough 14:10 Staying Profitable Through Scale 18:30 The Founder Dynamic That Made It Work 22:00 Why They Waited Until $80M to Raise 26:30 Building a Brand Customers Love 30:00 The Next Chapter for Chomps34:20 Building Systems and Teams for Scale 37:00 Staying Profitable While Competing with Legacy Brands 40:10 Why They Raised Only After $80M in Revenue 44:00 Becoming a B‑Corp and Setting Higher Standards 48:10 Their Take on the Protein Trend and What’s Next for Chomps 51:30 Book Picks: Rocket Fuel & Die With Zero 📬 Subscribe for more founder stories & scaling insights: 👉 The Consumer VC NewsletterFollow 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