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 back

If 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

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The future of consumer health is being built right now.
Consumers are becoming the CEOs of their own healthcare. From GLP-1s and peptides to protein, wearables, functional foods, and preventative wellness, entire industries are being reshaped by changing consumer behavior.
In this episode, Mike sits down with Nicolas McCoy, Managing Director of Whipstitch Capital, to unpack the biggest trends driving consumer health, food & beverage, supplements, wellness, and M&A. Nick spends his time analyzing what separates niche brands from the companies that break into the mainstream and get acquired.
They discuss why better-for-you products continue to outperform, how GLP-1 adoption is changing consumer spending habits, the rise of peptides and hormone optimization, why protein isn't slowing down anytime soon, and what strategic buyers are looking for in today's market.
Nick also shares his framework for evaluating brand headroom, explains why profitability matters more than ever in consumer M&A, and breaks down how founders should think about timing an exit.
You'll learn:
✅ Why consumers are becoming the CEOs of their own healthcare
✅ How GLP-1s are changing food, supplements, and wellness
✅ Why better-for-you products continue to outperform the market
✅ The future of peptides, hormones, and preventative health
✅ How investors evaluate brand headroom and acquisition potential
✅ Why some brands successfully cross from natural to mass retail
✅ The growing role of wearables in consumer health
✅ Why protein is still growing and where it goes next
✅ How strategic buyers think about acquisitions today
✅ What founders should know before trying to sell their company

If you're a founder, investor, operator, or simply curious about where consumer health is headed over the next decade, this episode is packed with data, trends, and practical insights.

Timestamps
00:00 Intro
01:11 Consumers becoming the CEOs of their healthcare
06:07 The state of consumer M&A today
09:48 Why profitability matters more than ever
12:09 How to know when to sell your company
13:51 Understanding brand headroom
17:11 Which retail channels create the most value
20:00 Crossing from natural to mass retail
24:30 The K-shaped consumer economy explained
27:45 Why lower-income consumers are adopting health trends faster
29:13 The surprising growth of injectable health products
32:40 RFK Jr., MAHA, and peptide awareness
34:42 The future impact of GLP-1 adoption
37:26 Protein's next phase of growth
39:24 The future of peptides and personalized health
42:17 Why injections are becoming more mainstream
44:31 The rise of gummies as a supplement format
48:19 Women's hormone health opportunities
51:31 Mental health, wellness, and consumer behavior
53:23 Are founders selling because they want to or have to?
54:36 Is the consumer market back?
57:06 The growing role of private equity in CPG
59:23 The evolution of billion-dollar consumer exits
01:01:17 Why more capital is flowing into consumer brands
01:02:13 Categories Nick is watching closely
01:07:51 Personal experiences that shaped Nick's career
01:11:15 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

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-loved boutique agencies across media, creative, dev/design, events, and more — at preferred rates.
Free for Consumer VC listeners → https://thehiddengems.com/

Most venture capitalists have never actually built companies.
Tony Conrad did both.

In this episode, Mike sits down with Tony Conrad, Partner at True Ventures and one of the earliest investors behind companies like Blue Bottle Coffee, Sweetgreen, Madison Reed, Modern Animal, WordPress and more. Before venture capital, Tony spent a decade at Danone before leaving corporate life to build startups during the earliest days of Silicon Valley’s internet boom.

Tony shares what it was really like living through the dot-com crash, why he believes AI is creating another major market correction and the lessons founders keep ignoring when it comes to fundraising, valuations, and building sustainable companies.

The conversation goes deep into founder psychology, venture incentives, why most investors get founders wrong and how Tony evaluates companies before there’s even product-market fit.

He also breaks down:
- Why he instantly invested in Blue Bottle
- The danger of overheated seed valuations
- Why most founders choose the wrong investors
- The real role of storytelling in fundraising
- What separates iconic founders from everyone else
- Why “fast money” creates long-term pressure
- How AI is reshaping both enterprise and consumer investing
- Why he still believes consumer is massively underrated

You’ll learn:
✅ Why Tony left Danone for Silicon Valley startups
✅ What the dot-com crash taught him about AI today
✅ The founder traits most investors overlook
✅ Why inflated valuations hurt founders later
✅ How True Ventures thinks about ownership and returns
✅ Why Blue Bottle was an obvious bet for him
✅ The difference between scalable venture bets vs angel investing
✅ Why founder-investor alignment matters more than valuation
✅ How to know if you have the right investors around the table
✅ Why consumer investing always comes back

👉 If you’re a founder, operator, or investor trying to understand how great companies are actually built across multiple cycles, this episode is packed with hard-earned lessons.

Timestamps
00:00 Intro
01:00 Leaving Danone for Silicon Valley
04:00 Why tech felt more exciting than CPG
05:30 The early days of startup investing
08:00 Moving to San Francisco during the internet boom
10:00 Lessons from the dot-com crash
13:00 Is AI in a bubble right now?
15:00 How Tony joined True Ventures
17:00 Building startups while investing simultaneously
20:00 The burnout of being both founder and VC
22:00 Why Tony loves four-wall retail businesses
23:00 The Blue Bottle investment story
27:00 How True Ventures makes investment decisions
29:00 Why being a generalist investor matters
32:00 Angel investing vs venture investing
34:00 What “venture-scale” really means
35:00 The one mistake Tony hates making
36:00 How to identify the right founders
39:00 Why founders shouldn’t rush fundraising
41:00 The danger of inflated valuations
45:00 What founders should look for in investors
47:00 When founders should step aside as CEO
50:00 Balancing founder support with LP responsibility
51:00 Lessons from building About.me
55:00 Why digital identity still matters
56:00 Why consumer investing is underrated
58:00 AI infrastructure vs AI applications
01:00:00 Consumer AI opportunities Tony is excited about
01:02:00 Investing in competing companies
01:05:00 The problem with mega funds
01:07:00 Lessons from Slack & Stewart Butterfield
01:08:00 Favorite books & leadership lessons
01:11:00 AI, job displacement & optimism for the future
01:14:00 Final thoughts

📬 Subscribe for more founder stories & scaling insights:
👉 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-loved boutique agencies across media, creative, dev/design, events, and more — at preferred rates.
Free for Consumer VC listeners → https://thehiddengems.com/

Most founders won’t do this.
They’ll hold onto their first product… even when it’s clearly not working.
In this episode, Mike sits down with Michelle Razavi, Founder & CEO of Elavi, the fast-growing better-for-you snack brand known for its protein brownies and desserts.
Michelle shares how she went from working 16-hour days at Sephora and Equinox to building a breakout CPG brand, why her first product line failed, and how a bold pivot into a completely different category unlocked massive growth.
From protein bars → dessert spreads → protein brownies, this is a story of constant iteration, brutal decision-making, and understanding what consumers actually want.
The conversation also dives deep into retail strategy, why Costco can completely change a business overnight, and how to build a profitable CPG company in a market where “growth at all costs” no longer works.

You’ll learn:
✅ Why your first product is probably wrong
✅ When to kill a product (and why most founders don’t)
✅ How one retail partnership can change everything
✅ The real economics behind retail, margins, and cash flow
✅ Why profitability matters more than hype growth today
✅ How to use in-store demos to understand your customer
✅ Why simple packaging outperforms “good branding”
✅ The biggest mistakes founders make when fundraising
✅ How AI is becoming a real operator inside CPG companies
✅ Why building in public is now a competitive advantage

👉 If you’re building a consumer brand, this episode is a raw, honest look at what actually works.

Timestamps
00:00 Intro
01:00 Working 16-hour days before starting
03:00 The problem with protein snacks
05:00 Building products at home
07:00 Launching right before COVID
10:00 Losing in-person sampling overnight
14:00 Why the first product didn’t scale
18:00 Finding product-market fit with a new category
22:00 Killing the original product line
27:00 The “permissible indulgence” thesis
31:00 Launching protein brownies
35:00 Getting into Costco
39:00 How Costco changed the business
43:00 Retail strategy: profitability first
47:00 The dangers of bad retail deals
51:00 Channel strategy & cash flow realities
55:00 Cold outreach that actually worked
59:00 Why demos matter more than you think
01:03:00 Packaging that converts instantly
01:07:00 Fundraising mistakes founders make
01:11:00 Why chasing investors doesn’t work
01:15:00 Building a profitable vs hype-driven business
01:19:00 Founder-led brands and social media
01:23:00 Using AI as an operator
01:27:00 Burnout and founder resilience
01:32:00 Final lessons

📬 Subscribe for more founder stories & scaling insights:
👉 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-loved boutique agencies across media, creative, dev/design, events, and more — at preferred rates.
Free for Consumer VC listeners → https://thehiddengems.com/

Building a food brand through DTC sounds great.
Until you realize… it might not actually work.
In this episode, Mike sits down with Krishna Kalyan, Founder of Catalina Crunch, the high-protein, low-sugar cereal brand that went from a personal health experiment to a multi-million dollar business sold in major retailers.
Krishna shares how being diagnosed with type 1 diabetes forced him to rethink everything he ate, why he spent years eating eggs before creating his own cereal, and how a simple Venmo from a friend turned into the start of a company.
They break down the realities of building a food brand from scratch, why DTC doesn’t always work for low-price products, and how Catalina Crunch scaled through retail instead. The conversation also dives deep into product development, functional foods, category expansion, and the balance between taste and nutrition.

You’ll learn:
✅ Why DTC is hard for food brands (and when it works)
✅ The real economics of shipping low-cost products
✅ How Krishna validated demand before scaling
✅ Why retail became the core growth channel
✅ The importance of word-of-mouth in grocery
✅ How to balance taste vs function in CPG
✅ Why most “functional” products don’t actually deliver
✅ How to think about trends vs fads (keto, protein, etc.)
✅ The right way to expand SKUs and categories

👉 If you’re building a food or beverage brand, this episode is a real look at what actually works beyond the DTC hype.

Timestamps
00:00 Intro
01:00 The problem with DTC food economics
02:00 Krishna’s diabetes diagnosis
05:00 Changing diet and lifestyle
07:30 Getting tired of eating eggs
08:00 Why cereal became the focus
10:00 Experimenting with protein ingredients
12:00 The first “aha” business moment
14:00 Realizing the market opportunity
17:00 Launching online from his kitchen
19:30 Early demand and validation
22:00 Scaling beyond a home kitchen
24:00 Raising capital from angel investors
27:00 The original DTC strategy
29:00 Why DTC didn’t work long-term
32:00 The shift to retail
34:00 Getting into Whole Foods
37:00 What actually drives shelf velocity
40:00 Expanding into new categories
43:00 Managing complexity in CPG
46:00 The time he almost quit
49:00 Building in-house manufacturing
52:00 Taste vs function trade-offs
56:00 The rise of functional foods
59:00 Trends vs fads (keto, protein)
01:03:00 Rebranding Catalina Crunch
01:06:00 When to follow trends vs ignore them
01:09:00 Book recommendations & final thoughts
01:12:00 Outro

📬 Subscribe for more founder stories & scaling insights:
👉 The Consumer VC Newsletter – https://www.theconsumervc.com/
Follow Mike Gelb:
Twitter / IG / TikTok → @mikegelb / @consumervc