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

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.

Timestamps
00:00 Intro
01:00 Can Consumer Produce Power-Law Returns?
04:45 Why 100x Outcomes Are Rare in Consumer
08:00 Stability vs Moonshots in Venture
12:00 Bullish’s Consumer-First Investment Strategy
15:30 How Much Capital Is Too Much Capital
18:00 Founder vs Idea: What Matters More
21:00 How Bullish Uses Consumer Insights
24:30 Product vs Marketing (and Why Marketing Fails)
27:30 Celebrity & Creator-Led Brands Explained
31:30 Why Bullish Is Shifting Back to Pre-Seed
36:00 When Pre-Launch Investing Makes Sense
39:00 AI’s Real Impact on Consumer Businesses
44:10 The Shrinking Middle Class & Consumer Spending
48:30 How Founder Profiles Are Changing
52:30 What Michael Has Changed His Mind About
55:00 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

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

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

Retail is tough—but the hidden costs make it brutal.

In this episode, Mike chats with Akash Raju, Co-Founder and CEO of Glimpse, the AI-powered platform helping consumer brands recover lost revenue from retail deductions. If you sell through Amazon, Target, UNFI, or KeHE, you’re probably losing up to 5% of revenue to invalid deductions—fees that can quietly eat into your bottom line.

Akash breaks down what’s really going on behind the curtain of retail deductions, how Glimpse is helping brands win back hundreds of thousands in lost revenue, and why automation is transforming how finance teams manage trade spend, supply chain fees, and compliance.

You’ll learn:
✅ What makes retail so expensive for brands
✅ The hidden “deduction” ecosystem no one talks about
✅ How top CPG brands lose 5%+ of their revenue without realizing it
✅ Which deductions are worth fighting—and which aren’t
✅ How AI is changing the game for brand finance teams
✅ Why distributors like UNFI and KeHE are pain points for smaller brands✅ How Glimpse built a 91% deduction win rate
✅ When (and why) brands should start caring about deductions

👉 If you’re running a consumer brand—or heading into retail—this episode is an essential crash course in the economics most founders never see.

Timestamps
00:00 Intro
01:00 What Makes Retail So Expensive
03:00 How Glimpse Helps Brands Recover Lost Revenue
05:00 The Hidden World of Invalid Deductions
07:00 Why Deductions Are a Cross-Functional Headache
09:00 Building Glimpse: How Akash Found the Problem
12:00 Why UNFI and KeHE Are So Painful for Brands
15:00 How Retail Deductions Work (and What to Fight)
18:00 How Glimpse Uses AI to Recover Revenue
21:00 The Power Imbalance Between Retailers and Brands
24:00 Can Deductions Ever Be Fully Automated?
27:00 The Financial Blind Spots in Retail
30:00 How Different Categories Get Hit Harder
33:00 Expanding Glimpse Across Retailers: Target, Walmart, Amazon36:00 When Brands Should Start Focusing on Deductions
39:00 The Categories With the Highest Invalid Deductions

📬 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

He’s one of the most respected investors in beauty and wellness—and he’s seen every boom, bust, and bubble the industry has gone through.

In this episode, Mike sits down with Rich Gersten, Co-Founder and Managing Partner of True Beauty Ventures, a beauty and wellness–focused investment firm built by operators for founders. Rich has spent over 20 years investing in consumer brands—from early private equity days at North Castle Partners to launching True Beauty Ventures, one of the most influential early-stage funds in the category.

Rich shares how he accidentally stumbled into beauty investing, what makes the category so resilient, and why he believes the “beauty bubble” is finally normalizing. He also opens up about the reality of early-stage investing, the rise (and decline) of celebrity brands, and what he’s learned from building a beauty-focused fund from scratch.

You’ll learn:
✅ Why beauty and personal care outperform other consumer categories
✅ How Sephora and Ulta transformed the entire retail landscape
✅ The biggest mistakes founders make when scaling beauty brands
✅ How True Beauty Ventures approaches early-stage investing
✅ Why most celebrity brands fail (and what makes Rhode different)
✅ What’s really happening in beauty M&A and why exits have slowed
✅ How Rich thinks about valuation discipline and pro-rata investing
✅ Why execution—not product—is the #1 differentiator

👉 If you’re a founder, operator, or investor in beauty or consumer, this episode offers a rare inside look at what it really takes to build and back the next breakout brand.

Timestamps
00:00 Intro
01:20 How Rich Got Into Beauty Investing
04:00 What Makes Beauty Unique vs. Other Consumer Categories
07:00 Sephora, Ulta, and the Rise of Specialty Retail
08:30 Why Rich Started True Beauty Ventures
11:00 How They Add Value Beyond Capital
13:00 The Difference Between Private Equity and Early Stage
15:00 Lessons from Fund I & II: Check Sizes, Risk, and Returns
19:00 The “Back Up the Truck” Investment Strategy
22:00 How True Thinks About Pro-Rata and Founder Relationships
25:00 Sephora & Ulta: Still Essential or Optional?
28:00 The $5M Revenue Trap (and Why Early Might Be Better)
31:00 How True Evaluates a Brand’s Potential
34:00 Outbound vs. Inbound Deal Flow
37:00 The Real Economics of Beauty
40:00 Why Luxury Skincare Is Failing
42:00 Amazon’s Surprising Role in Beauty
44:00 The Problem With Celebrity Brands
47:00 Why Rhode Worked—and Others Didn’t
50:00 Returns, Risk, and How Beauty VC Actually Works
55:00 The M&A Slowdown: Too Many Sellers, Not Enough Buyers
01:00:00 The Future of Beauty Exits and Strategic Buyers
01:03:00 Makeup’s M&A Problem Explained
01:05:00 Valuations, Prefs, and Founder Pitfalls
01:06:30 Book Picks: Outlive by Peter Attia & Founder Stories in Beauty

📬 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

What 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.com

He 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.com

What 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.com

What 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.com

What 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.

Timestamps

00:00 Intro

01:10 Why Consumer Still Matters in Venture

05:00 Growth vs. Unsustainable Growth

09:20 The Midwest VC Lens vs. The Coasts

14:00 Lessons from Building Starting Line

18:30 Why Scale Too Early Destroys Consumer Startups

23:00 LP Expectations in a Reset Market

27:00 Ezra’s View on the Future of Consumer Brands

32:00 Optimizing for Efficiency in Fundraising

38:00 Why Margins Are the New Moat

42:00 Advice for Founders Raising in 2025

47:00 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