Consumer VC

Israel's next breakout wave isn't coming from B2B. It's being built in consumer.Most people think of Israel as a cybersecurity and enterprise tech powerhouse. Danny Cohen and Oren Charnoff are betting that the country's next defining chapter is being written by consumer founders, and they're building Sticker Ventures to back them.In this episode, Mike sits down with Danny and Oren, co-founders of Sticker Ventures, to unpack why Israel is quietly producing world-class consumer companies, how Israeli founders approach distribution differently than their American counterparts, and why they believe the next decade will see more massive consumer exits out of Israel than the previous twenty combined.They discuss the military-to-startup pipeline that shaped Israel's innovation culture, why Israeli consumer founders are obsessive about unit economics from day one, how AI is creating a new wave of vertical consumer opportunity, and why the US market is almost always the first and primary target, even for founders who've never set foot there.Danny and Oren also share how they came together as co-founders (including the friction that almost kept them apart), their conviction that distribution-oriented founders win, and why they're seeing a surge of physical brand companies entering their pipeline right now.You'll learn: ✅ Why Israel has always been a consumer powerhouse, not just B2B ✅ How Israeli founders use a "quantitative hedge fund" approach to marketing ✅ Why unit economics matter more than growth at all costs at the early stage ✅ How companies like Resident Mattresses outcompeted Casper and Purple ✅ Why AI creates more consumer opportunity, not less ✅ How the Israeli military network translates directly into startup success ✅ Why 98% of Israeli consumer companies target the US market on day one ✅ What Sticker Ventures looks for in pre-revenue founders ✅ Why 1 in 5 new companies in Israel last year was a consumer business ✅ The missed investments Danny and Oren wish they could get backIf you're a founder, investor, or operator curious about where the next generation of consumer innovation is coming from, this episode delivers a rare inside look at Israel's emerging consumer ecosystem.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📬 Subscribe to Consumer VC for more conversations with the founders, investors, and operators shaping the future of consumer. 👉 https://www.theconsumervc.com/Follow Mike Gelb: Twitter/X: @mikegelb Instagram: @consumervc TikTok: @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

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 raise and run a venture fund focused on the overlooked—and why women’s health, parenting, and sports are the future?In this episode, Mike sits down with Rachel Springate, Co-Founder & General Partner of Muse Capital, to unpack her journey from luxury partnerships and entertainment to building a venture capital firm with a mission. Rachel shares how she and her partner Assia uncovered their thesis through personal experience, why women’s health remains one of the most underserved opportunities in venture, and how Muse balances investing in overlooked sectors with the hype cycles of AI and beyond.Here’s what you’ll learn: ✅ How Rachel’s career in partnerships and entertainment shaped her investing style ✅ Why Muse Capital doubled down on women’s health long before it was popular ✅ What LPs really said when Rachel and Asya pitched Fund I—and how they overcame it ✅ How Muse approaches partnerships with celebrities and Fortune 500s authentically ✅ Why proprietary data in women’s health and family tech is a hidden AI moat ✅ The thinking behind Muse Sport and investing in women’s sports + SailGP ✅ How to avoid hype-driven investing and focus on recession-proof markets ✅ Rachel’s one-sentence mission for Muse: “Investing in companies that should exist”👉 If you’re a founder, investor, or operator navigating consumer, healthcare, or sports in 2025, this episode is packed with insights you won’t want to miss.Timestamps 00:00 Intro 01:00 Rachel’s path from luxury partnerships to venture 06:00 The authentic way to approach celebrity + startup partnerships 11:00 Founding Muse Capital & the personal experience that shaped its thesis 16:00 Raising Fund I with a contrarian focus on women’s health 22:00 How Muse filters noise from venture hype cycles 27:00 Early conviction in MIDI Health and spotting overlooked opportunities 35:00 How Muse helps portfolio companies through partnerships 38:00 The origin of Muse Sport and investing in women’s teams & leagues 44:00 The SailGP Italia story & sports investing strategy 47:00 Books Rachel recommends (professional & personal) 50:00 Muse’s mission distilled📬 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.comWhen fundraising stalls, valuations reset, and the cap table gets messy—what really happens next?In this episode, Mike sits down with Steven Finn, Partner at Siddhi Capital, to break down the tough realities of down rounds, recaps, and cap table engineering. Steven has been in the room when brands shift from celebration to survival—and shares what founders and investors need to know when things don’t go as planned: ✅ Why overcapitalization often leads to a “death spiral” ✅ When to use equity vs. debt—and why both can be predatory ✅ How mega funds create distorted valuations (and walk away fast) ✅ The psychology of “dead equity” and how to reset expectations ✅ Why insiders matter most in distressed situations ✅ How to keep founders aligned (and motivated) during a recap ✅ Why margins = runway, and why that matters more than ever ✅ What smart founders can do early to avoid being wiped out👉 If you’re a founder, investor, or operator navigating today’s tougher fundraising environment, this episode is essential listening.Timestamps 00:00 Intro 01:00 Why Fundraising Feels Harder Than Ever 04:50 Fuel on the Fire vs. Finding the Fire 07:00 Debt vs. Equity (and Predatory Capital) 12:00 When Equity Deals Get Ugly 16:30 The Mega Fund Trap & Overcapitalization 23:00 How Huge Rounds Re-Risk Companies 27:00 Recaps, Option Pools & Dead Equity 30:00 Why Venture is Now “Financing Risk First” 34:30 Rethinking Portfolio Strategy 39:50 Are Down Rounds Still a Scarlet Letter? 43:00 Why Margins = Runway 46:00 Selling Distressed Assets (and Why It’s So Hard) 50:00 How Founders Can Protect Themselves Early 53:00 Spotting Coachable vs. Uncoachable Founders 56:00 Growing in Retail Without Growing Too Fast 58:00 Steven’s Book Recommendations📬 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.com/EisnerAmper provides financial advisory services tailored to the specific needs of consumer product companies. Looking for a strategic CFO partner? Learn more – https://www.eisneramper.com/Clayton Christopher and Brian Goldberg are two legends in the CPG space—between them, they’ve built and scaled brands like Sweet Leaf Tea, Waterloo Sparkling Water, Austin Eastciders, and SkinnyPop. Now, they’ve teamed up to launch Astro Consumer Partners, a $400M+ growth-stage investment firm focused on scaling consumer brands.In this episode, recorded live at Austin’s Consumer Week, Clayton and Brian share what they’ve learned as both operators and investors—and what it really takes to build a brand that lasts:✅ The biggest differences between early-stage and growth-stage investing✅ How to know when you’re ready to raise capital—and why profitable brands still choose to do it✅ The distribution trap: when to go deep vs. wide with retail✅ DTC vs. retail: which to prioritize and why✅ What “eliminating strategic risk” looks like in practice✅ Real talk on CPG categories: why some brands crush DTC but flop in stores✅ What actual value-add looks like from an investor✅ Why profitability and leverage matter more than ever👉 Whether you're scaling past $5M in revenue or wondering how investors really evaluate CPG brands—this conversation is packed with wisdom from two of the best in the game.Timestamps-00:00 Intro 01:10 Meet Astro Consumer Partners: $400M Growth-Stage CPG Fund 05:30 What They Look For in Brands: People, Margins, & Category Leadership 08:00 When Should a CPG Brand Be Profitable? 10:35 Why Profitable Founders Still Raise Capital 13:30 Avoiding the Strategic Risk Trap 16:45 When to Go Deep vs. Wide in Retail 20:00 DTC Brands Going to Retail: What Works, What Doesn’t 24:00 Launching in Natural vs. Mass Retail 28:00 Building Retail Leverage Through Velocity and Data31:00 Positive Leverage: Retail, Manufacturing & Celebrities34:00 What “Value-Add” from Investors Actually Means38:00 Advice for Early-Stage Founders 41:00 The Emotional Journey of Entrepreneurship 45:00 Live Audience Q&A📬 Subscribe for more founder stories & scaling insights: 👉 The Consumer VC Newsletter -https://www.theconsumervc.com/ Follow Mike Gelb:Twitter / IG / TikTok → @mikegelb / @consumervc

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...Richard Laver isn't your typical founder.At age 12, he survived a plane crash that killed 137 people—including his father. Years later, he built Kate Farms to save his daughter's life, scaling it to hospitals nationwide and raising $75M. Then he walked away from it all.Now, he’s back with Lucky Energy—a clean, purpose-driven energy drink brand that just raised $14M.In this powerful episode, Richard shares:The personal tragedy that shaped his missionHow he scaled a life-saving formula into a national brandWhy he believes the energy drink industry is brokenThe strategy behind launching Lucky Energy in a saturated marketHow to build trust, win retail, and raise capital in 2024If you're in CPG, startup land, or just love founder stories with real heart and hustle—this is the one. Topics:Surviving tragedy and finding purposeBuilding Kate Farms from kitchen to $75M Series CWhat makes energy drinks so hard to win inWhy most brands fail at retail (and how to fix it)Richard’s $14M raise and plans for Lucky Energy🎧 Subscribe & Listen: 🌐 Website & Newsletter → https://www.theconsumervc.com/ 🎧 Youtube→ https://www.youtube.com/@consumervc 🍎 Apple Podcasts → https://podcasts.apple.com/gb/podcast...📱 Follow Mike Gelb Instagram → @mikegelb TikTok → @consumervc Twitter → @mikegelb#richardlaver #energydrinkstartup #founderstory #consumerbrands #katFarms #luckyenergy #cleanenergy #startuplife #venturecapital #founderjourney #consumervc