Consumer VC

This episode is brought to you by The Hidden Gems.There's a lot of bull$#!+ in the Agency landscape. That's why Founders and Executives of brands both big and small trust: The Hidden Gems. They provide the most optimal boutique Agencies to conquer any brand goals with top quality and efficiency. Brands get preferred rates. Can't lose. They’re supporting the growth of incredible brands like Dr. Squatch, Monster Energy, Gorilla Mind, Saatva, and many more. David Drexler (founder) has agreed to provide the service for FREE forever to anyone in the Consumer VC community or mentions Consumer VC.Get Started Here –> thehiddengems.comEarly-stage consumer investing sounds glamorous. But according to investor Manica Blain, the entire venture structure behind it might actually be broken.In this episode, Mike sits down with Manica Blain, founder of Top Knot Ventures and former co-founder of Campfire Capital. She raised one of the first dedicated early-stage consumer funds and helped back brands like FIGS and Cotopaxi. Today she invests her own capital and works directly with founders building the next generation of consumer brands. Manica shares why she stepped away from the traditional venture fund model, what she believes is fundamentally misaligned about the GP-LP structure, and why investing your own capital can create a very different relationship with founders.They also discuss what actually makes a consumer brand successful, why slower growth can sometimes be healthier than viral success, and the real traits she looks for in founders building enduring brands.You’ll learn:✅ Why Manica believes early-stage consumer VC may be structurally broken✅ The hidden misalignment between GPs and LPs in venture funds✅ Why some investors make more from management fees than investing✅ The alternative investing model she built with Top Knot Ventures✅ Why founders should be able to “fire” their advisors✅ Why slow growth can signal stronger consumer brands✅ The metrics she looks for before investing $1M–$5M stage companies✅ Why she stopped investing in food & beverage entirely✅ How loyalty and retention signal real brand strength👉 If you're building a consumer brand—or thinking about raising venture capital—this episode offers a candid look at how the investment side actually works.Timestamps00:00 Intro01:05 Manica Blain’s investing journey03:00 Why she started writing on Substack05:15 Her first major portfolio exit07:30 What makes founders who actually win09:30 Is early-stage consumer venture broken?12:30 The GP-LP structure problem17:30 Why investor “skin in the game” matters20:05 Why VC carry structures can create misalignment23:30 The management fee problem in venture funds27:00 Are SPVs a better investing model?31:20 Why Manica refuses to run SPVs34:00 Why VC fund structures pull investors away from founders37:20 Building Top Knot Ventures with her own capital41:00 How she structures advisory relationships with founders44:20 Why founders must be able to fire advisors48:00 Why slow growth can actually be a good sign52:00 What makes a truly sticky consumer brand55:00 Why she stopped investing in food & beverage57:00 The future of beauty and wellness investing📬 Subscribe for more founder stories & scaling insights:👉 The Consumer VC Newsletter – https://www.theconsumervc.com/Follow Mike Gelb:Twitter / IG / TikTok → @mikegelb / @consumervc

This episode is brought to you by The Hidden Gems.Hiring agencies is risky — most overpromise and underdeliver. The Hidden Gems connects founders with highly vetted, brand-beloved boutique agencies across media, creative, dev/design, events, social, and more — at preferred rates.They’ve supported brands like Dr. Squatch, Monster Energy, Gorilla Mind, FIGS, and Saatva.David Drexler is offering his service free forever to anyone in the Consumer VC community who mentions the show.Learn more: https://thehiddengems.com/Most consumer brands don’t fail because of product.They fail because they forget how to connect.In this episode, Mike sits down with Craig Dubitsky, founder of EOS, hello products, and now Happy Coffee. Craig has built multiple category-defining brands by turning everyday commodities into emotional, playful, design-forward experiences.From reinventing lip balm to reimagining toothpaste — and now taking on coffee — Craig shares how he thinks about brand personality, retail, packaging, and creating products people genuinely love.This conversation goes deep into creativity, mass retail strategy, pricing, storytelling, and why joy is actually a serious competitive advantage.You’ll learn:✅ How Craig turned EOS into a cultural phenomenon✅ Why branding is about emotion, not features✅ The real secret behind hello’s success in oral care✅ How to win in “boring” categories✅ Why mass doesn’t have to mean generic✅ The role of design in driving retail velocity✅ What most founders misunderstand about differentiation✅ Why Craig is building Happy Coffee differently✅ How to build brands people feel something for👉 If you're building in consumer and want to understand how emotional connection drives scale, this episode is a masterclass. Timestamps00:00 Intro02:00 Craig’s early career & first entrepreneurial instincts05:00 The idea behind EOS10:00 Making lip balm emotional & design-led15:00 Scaling EOS into mass retail20:00 The power of playfulness in branding25:00 Founding hello products30:00 Reinventing toothpaste & oral care35:00 Competing in commoditized categories40:00 Packaging as a strategic weapon45:00 How to win shelf space in mass retail50:00 Why most brands overcomplicate messaging55:00 Emotional connection vs functional benefits01:00:00 Retail relationships & long-term brand building01:05:00 Mistakes founders make scaling too fast01:10:00 How Craig evaluates new ideas01:15:00 The origin of Happy Coffee01:20:00 Rethinking coffee positioning01:25:00 What Craig is doing differently this time01:30:00 Lessons from building multiple brands01:34:00 Advice for consumer founders01:37:00 Final thoughts📬 Subscribe for more founder stories & scaling insights:👉 The Consumer VC Newsletter – https://www.theconsumervc.com/Follow Mike Gelb:Twitter / IG / TikTok → @mikegelb / @consumervc

Most food brands don’t win because of branding.They win because of systems.In this episode, Mike chats with Brian Tate, Founder and CEO of Oats Overnight, the protein-packed, drinkable oatmeal brand that went from a poker side project to a scaled, vertically integrated food business selling DTC and in major retailers like Walmart and Wegmans.Brian shares how his background as a professional poker player shaped the way he thinks about risk, iteration, and decision-making. He breaks down why Oats Overnight chose to vertically integrate manufacturing from day one, how owning production unlocked faster product innovation, and why DTC data became the engine behind retail expansion. The conversation also dives into growth marketing, subscription economics, manufacturing scale, and the hard tradeoffs of building an asset-heavy consumer business.You’ll learn:✅ How a pro poker mindset translates to building a consumer brand✅ Why Brian chose vertical integration instead of co-manufacturers✅ How Oats Overnight scaled DTC with subscriptions and creative testing✅ Why iteration is a core operating principle, not a buzzword✅ How DTC data informs product development and retail strategy✅ The real economics of owning manufacturing facilities✅ When raising venture capital makes sense for asset-heavy CPG✅ Why retail and DTC work better together than most founders think✅ How Brian thinks about risk, process, and long-term profitability👉 If you’re building a food or beverage brand—or curious how data, manufacturing, and systems actually drive scale—this episode is a deep, honest look behind the scenes of a modern CPG business. Timestamps00:00 Intro01:00 From Magic: The Gathering to Pro Poker03:00 When Poker Became a Real Career05:00 Walking Away After Reaching the Top07:00 The Idea Behind Oats Overnight09:00 Early Scrappy Days & Vertical Integration12:00 Learning Manufacturing the Hard Way15:00 Why Iteration Became a Core Value18:00 Scaling DTC with Subscriptions21:00 What Makes Oats Overnight Work Online24:00 Using Data to Test and Improve SKUs27:00 Moving From DTC to Retail30:00 The Walmart Buyer Story33:00 Designing a Retail-Friendly Product Format36:00 Managing Channel Conflict39:00 Expanding Manufacturing Facilities42:00 Why Asset-Heavy CPG Is Back45:00 Venture Capital, Profitability & Payback Periods48:00 High-Risk Experiments That Failed (and Why They Still Mattered)51:00 Growth Marketing Without Brand Guidelines54:00 The Long-Term Vision for Oats Overnight56:00 Book Recommendations & Closing Thoughts📬 Subscribe for more founder stories & scaling insights:👉 The Consumer VC Newsletter – https://www.theconsumervc.com/Follow Mike Gelb:Twitter / IG / TikTok → @mikegelb / @consumervc

Food can be “better for you.”But that doesn’t always mean it actually is.In this episode, Mike chats with Tyler Mayoras, Managing Partner at MANNATREE, a growth equity firm focused on investing in food, beverage, and wellness brands that genuinely improve human health. Tyler has spent decades investing across food and agriculture, from early plant-based pioneers like Boca Burger to modern brands navigating today’s tougher retail and M&A landscape.Tyler breaks down how “better-for-you” food has evolved, why many plant-based brands lost consumer trust, and what investors really look for when evaluating health claims, ingredient labels, and unit economics. He also shares hard-earned lessons from scaling brands too fast, why frozen is one of the most brutal categories in retail, and what founders misunderstand about profitability, category creation, and selling to big CPG.You’ll learn:✅ Why many plant-based brands lost their way✅ What “better-for-you” actually means to serious investors✅ How ingredient labels matter more than marketing claims✅ Why frozen is one of the hardest categories in grocery✅ When brands should (and shouldn’t) expand into mass retail✅ Why profitability now matters more than growth at all costs✅ How strategic buyers really think about M&A today✅ The biggest mistakes founders make when scaling too early✅ Where Tyler sees the next opportunities in food and wellness👉 If you’re building or investing in food, beverage, or wellness, this episode is a grounded look at what actually matters beneath the hype.Timestamps00:00 Intro01:00 Tyler’s path from private equity to food & agriculture03:00 Early lessons from investing in Boca Burger05:30 The rise and fall of plant-based burgers09:00 What “better-for-you” really means12:00 Ingredients, labels, and investor red flags15:00 Sugar alternatives, sweeteners, and health tradeoffs18:30 Why sustainability messaging often comes second21:00 The realities of launching food brands in retail24:00 Why frozen is such a difficult category27:00 When brands should expand into mass retail31:00 Natural vs conventional grocery shoppers35:00 Why M&A expectations have changed38:00 What strategic buyers want today41:00 Growth equity vs venture investing45:00 Revenue and profitability benchmarks49:00 Category creation vs smart trade-ups53:00 Oversaturated categories and the protein boom57:00 Where Tyler sees future opportunity01:00:00 Lessons learned and advice for founders01:05:00 Breaking into food & beverage investing01:08:30 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.com In this episode, Mike chats with Michael Duda, Founder and Managing Partner of Bullish, the consumer-focused investment firm behind brands like Peloton, Warby Parker, Harry’s, Hims, and more. Michael has spent over a decade backing consumer companies that quietly compound value while the rest of venture chases hype cycles.Michael breaks down why consumer has fallen out of favor in VC, why most people misunderstand power-law returns, and why an 8–12x outcome in consumer can still be a massive win. He also shares how Bullish evaluates founders, why product matters more than marketing, how celebrity brands actually work (and usually don’t), and where AI fits into consumer without turning every company into an “AI startup.”You’ll learn:✅ Why consumer can generate power-law returns (if you invest early enough)✅ The difference between moonshots and real venture outcomes✅ Why most founders raise too much capital—and regret it✅ How Bullish underwrites founders vs. ideas at pre-seed and seed✅ Why great products beat great marketing every time✅ When celebrity involvement actually helps a brand✅ How AI is speeding up consumer innovation without replacing taste or judgment✅ Why the shrinking middle class is changing who brands are really built for✅ What Michael has changed his mind about after 15+ years in venture👉 If you’re building or investing in consumer—and tired of hype-driven narratives—this episode is a grounded look at what actually works in venture-backed consumer businesses. Timestamps00:00 Intro01:00 Can Consumer Produce Power-Law Returns?04:45 Why 100x Outcomes Are Rare in Consumer08:00 Stability vs Moonshots in Venture12:00 Bullish’s Consumer-First Investment Strategy15:30 How Much Capital Is Too Much Capital18:00 Founder vs Idea: What Matters More21:00 How Bullish Uses Consumer Insights24:30 Product vs Marketing (and Why Marketing Fails)27:30 Celebrity & Creator-Led Brands Explained31:30 Why Bullish Is Shifting Back to Pre-Seed36:00 When Pre-Launch Investing Makes Sense39:00 AI’s Real Impact on Consumer Businesses44:10 The Shrinking Middle Class & Consumer Spending48:30 How Founder Profiles Are Changing52:30 What Michael Has Changed His Mind About55:00 Final Thoughts on Consumer VC📬 Subscribe for more founder stories & scaling insights:👉 The Consumer VC Newsletter – https://www.theconsumervc.com/Follow Mike Gelb:Twitter / IG / TikTok → @mikegelb / @consumervc