Welcome to CPGD’s newsletter for investors.
We started this newsletter because hundreds of our existing 9,000+ subscribers expressed interest in investing in early stage CPG. So we started curating a Deal Flow Portal with vetted, early-access deals. As both our list of investors and deals grew, we decided to expand our offering into a totally separate newsletter.
What you’ll get
Each newsletter will feature:
Founder deep dives of 2-4 brands we’re especially excited about
The latest full list of brands raising that we’ve curated
About the writer
And to introduce myself: hi, 👋 I’m Lucy and I’ve been leading Partnerships at CPGD. I attended the University of Chicago and am currently an MBA student at Wharton. I want to extend a huge thank you to Erica for her incredible partnership and hard work on this month’s curation.
Full List
Liked our spotlights? Check out our Deal Flow Portal (password = betterforyou) for a full list of vetted CPG startups currently raising! We refresh this portal every month with new brands.
Founder Spotlights
Highlighting 3 amazing Founders who are raising right now…
Character
Do-it-yourself home improvement disruptor
Raising: $1.0M Seed Series Extension
Character was born from founders Alex and Suzanna’s frustration as first-time homeowners struggling to find the right tools and guidance for DIY projects. With a focus on making home improvement accessible and enjoyable, Character offers tool sets, toolboxes & storage, and project kits designed for the next generation of homeowners and renters. Character launched in 2022, and products are available DTC and in over 1,000 retail stores across the U.S
Why We Love It:
Unique product for an underserved market: Character is empowering women in the home improvement space, a rapidly growing part of the home improvement market. (Currently 2 out of 3 Character customers are women). And while existing brands are focused on professional customers and experienced DIYers, Character is building a line of products that makes everyone feel confident and inspired to create their own space
Experienced founders: Alex spent his early career at BCG consulting for Fortune 500 companies in consumer products. His work with retailers such as Home Depot, Lowe’s, and Ace Hardware, and products such as insulation, toolboxes, and padlocks, sparked his passion for the home improvement sector. Suzanna brings deep experience building and growing consumer brands. Suzanna was an early-stage employee and marketer at Bark & Co. and later an early-stage employee and marketing executive at Casper. Since 2017, Suzanna has been an independent consultant to high-growth and pre-launch startups on brand & marketing strategy
Use of Funds: Raising $1.0M to power the launch in Walmart stores and continue retail expansion in 2025. Exciting initiatives include:
Launching expansion into Ace Hardware stores at the Ace Hardware Convention in August
Launching first project kit for faucet installation in 1200+ Walmart stores nationwide in September
Raise Details & Brand Metrics:
Lead investor / angel secured: Led by Untapped Capital with other institutional and angel investors including Sandalphon Capital, Super Angel Fund (Ben Zises), Connetic Ventures, Groove Capital, Sweet Spot Capital (Allen Gannett), Purple Sage Ventures, Andy Dunn (Bonobos), T. Luke Sherwin (Casper, Block Renovation), Greg Davidson (Lalo), Josh Orbach (SWAG.com) and many more
Customer traction & growth metrics: $725K projected revenue in 2024, 3,500+ unique DTC customers since launch
Previous rounds raised: $3.25M raised to date
Min and max check size: Min $25K
Figlia
Non-alcoholic apertivo
Raising $1M SAFE Note
Figlia is a female-founded and mission-driven non-alcoholic aperitivo company created for moments you want to remember. Available in bottles (Fiore) and canned form (Fiore Frizzante).
Why We Love It:
Authentic brand with compelling founder story: Figlia was born out of a desire to have more honest and inclusive conversations around alcohol consumption. This mission behind Figlia was inspired by a lifetime of seeing addiction unfold as our founder, Lily Geiger, watched her father battle with alcoholism and eventually lost him to the disease
Strong early demonstrated traction: 2.5x growth since launch in 2021 and carried in over 525+ stockists across the U.S. Projecting to be in 1,250 stockists by end of 2024
Use of Funds: Raising $1M to grow Figlia through marketing (increasing ad spend and paid partnerships budget), distribution (building a trusted distributor network to scale volume nationwide), and product development and manufacturing
Raise Details & Brand Metrics:
Raise: $1M SAFE note on $5M valuation cap
Customer traction & growth metrics: $418K revenue in 2023, 63% wholesale customer return rate (5% YoY increase while doubling customer count) and 25% D2C customer return rate (10% YoY increase) in 2023
Min and max check size: Min $25K
Flings
Better-for-you toaster pastries
Raising $2.5M Seed
Flings is a better-for-you toaster pastry that’s embracing nostalgia and redefining snack time. The idea was born from Ben and Dino’s love for nostalgic childhood snacks and the realization that everyone can enjoy them without the guilt of harmful ingredients. Inspired during a camping trip, Ben and Dino reimagined toaster pastries with better ingredients, balancing indulgence with nutrition
Why We Love It:
Reimagining a classic snack category : Just as how Goodles and Magic Spoon have successfully reinvented beloved childhood foods with better ingredients, Flings is taking toaster pastries to a whole new by combining the nostalgia of a classic treat with a modern, health-conscious twist, creating a snack that’s both familiar and exciting
Experienced founders: Ben and Dino are second time founders with over 9 years of CPG experience. They founded CoolWay, a better-for-you ice cream brand when they were 18 years old. The brand was acquired in 2021. Highlights include: 350% Avg. Y/Y revenue growth, 4th top selling pint in Canada (Nielsen), and 70th place in Canada's top growing companies in 2019
Use of Funds: Raising $2.5M to fuel strategic growth initiatives, including scaling manufacturing, expanding online and retail distribution, developing new flavors, and driving marketing and retail expansion
Raise Details & Brand Metrics:
Customer traction & growth metrics: $1.8M in year 1 revenue, $6.5M in current (year 2) run rate, and expanding into 1,000 new Targets after successful test in 500.
Min and max check size: $25K
See You Next Time…
And if you’d like an intro to the founders, feel free to reach out ([email protected])!
-Lucy