March Edition: How about that vice clause?
Hi everyone! 👋
This email is on the longer side, so we recommend opening it on desktop!
Welcome back to the March edition of the CPGD investor newsletter! We typically send out this newsletter on the first Wednesday of the month, but with the craziness of EXPO West, we are testing it out a bit later and giving you some extra time to catch up on your email.
We have three rockstar brands to show you all. These founders have extensive experience in their respective industries, and I found their products to stand out among their competitors with clear differentiators off the bat.
You might have also saw that last week we hosted a dinner for Big Brands and Funds ($20M+). We had investors such as Mammoth, Provenance Consumer, Humble Capital and operators from brands like Simple Mills, Veracity, and Milamend just to name a few. It was a terrific night with great people and free flowing conversations. So if you would like to get invited to similar events, please sign up for our event interest from!
Alsoooo… if you would like to host an event, let us know!!!
What you’ll get
Each newsletter will feature:
Founder deep dives of 1-5 brands we’re especially excited about
The latest full list of brands raising that we've curated, with pitch decks
About the writer
And to introduce myself: hi, 👋 I’m Ali Lee! I’ve been leading Partnerships at CPGD and will be curating these founder stories. I graduated from Northwestern University last June, raised a pre-seed round for my bug repellent brand, Swarm (in development), and joined CPGD in the fall.
I’m looking to gain more operating experience at a CPG company in national retail, so if you have a portfolio company who is looking for extra hands, please let me know!
Deal Flow Portal
Looking for even more deals? We’re reopening our password protected Deal Flow Portal for a full list of vetted CPG startups currently raising, with pitch decks! We’ll refresh this portal every month with new brands. Password at the end of this email!
Hestia (The Tobacco Company)
Brand Description: Hestia is the last great independent American cigarette company — a design-driven premium tobacco brand crafted from the finest U.S. top-leaf tobacco, wrapped in natural paper, and finished with a biodegradable filter. In an industry dominated by a handful of multinationals, Hestia is reviving the lost tradition of independent cigarette craftsmanship for a new generation of discerning smokers.
Founder Background:
David is a scholar of American tobacco with a background in
Agricultural trade at ADM
Case Western contract and intellectual property law
National distribution and vertical supply chain integration with U.S. growers and manufacturers
Building a rock solid, design-forward business to convince the prettiest girl he’d ever seen to marry him
April is an identity and communications entrepreneur
Founded Dose Market, an economic engine in Chicago that propelled growth for more than 500 US-based CPG and fashion businesses
Developed 80 luxury spa concepts around the world for Hyatt International
Wardrobe stylist with clients like Nike, Topshop and UHNW individuals
Financial Highlights:
Hestia is built on one of the most defensible moats in CPG: FDA-recognized grandfathered SKUs, a rare regulatory asset
$2.3M in confirmed load-in orders with 7,000+ stores loading this year (includes 2,000 Walgreens locations)
Onboarded with McLane and CoreMark, the two largest national distributors, unlocking access to 120k+ stores across 22 states including CA, TX, FL, and NY
Outsells American Spirit 2:1 in small retail; once consumers switch, they don't go back
Daily inbound demand from customers and store owners asking where to find them next, with distribution infrastructure now in place for rapid national scale
Operates at 80%+ gross margins
Deal Terms:
Hestia is currently raising $3–5MM of growth capital to accelerate production capacity, expand distribution, and secure long-term manufacturing infrastructure.
This round is structured as Series “T” Preferred Equity, following much smaller prior raises at progressively higher valuations, with participation available to strategic investors aligned with Hestia’s long-term vision of building a billion-dollar independent tobacco company.
CPGD Insights: If you’re not opposed to cigarettes, Hestia’s deal is a very intriguing one. As the only new entry to the market in the past generation, the moat around the product stands for itself. Hestia has also managed to have impressive customer acquisition and retention, considering that they are not allowed to place paid ads (from big tobacco laws). Despite that, they have managed to find an impressive and fiercely loyal group of customers, who are absolutely obsessed with their product.
Jack & Friends
Brand Description: Jack & Friends is building a new category of nutrient-dense snacks crafted to be inclusive of diverse lifestyles and dietary needs. Inspired by my father’s struggle to find safe, healthy foods after developing severe allergies later in life, I created jackfruit jerky that is vegan, top 9 allergen-free, and made with no added sugar—while still delivering up to 15g of protein and 9g of fiber per bag.
Founder Background (Jessica Kwong, Founder & CEO):
Food scientist with 10+ years in R&D, product innovation, and commercialization experience in a wide variety of product categories and at Hain Celestial and Mondelez International
Founder has supporting team of CPG veterans with backgrounds from Chobani, Sanzo, Whole Foods, and Krave Jerky
Currently a 2x CPG founder (Jack & Friends and Moka Energy)
Financial & Brand Highlights
132% increase in Whole Foods weekly unit sales within year one; key accounts include Whole Foods, Fairway, Citarella, DoorDash/DashMart, and major airports (LGA, JFK)
$1M+ projected revenue over next 12 months; 50% blended gross margins; 71% repeat purchase rate
West Coast expansion (CA) and jackfruit jerky stick launch planned for Q2 2026, requiring no additional CapEx due to proprietary IP
Operating in a high-growth segment: 156% sales growth in allergen-free products and 30% growth in gluten-free within the jerky/meat snack category, vs. a 2% decline in allergen-containing products
Terms of Raise: $1.5M seed round to fuel continued retail growth, product portfolio expansion, and team growth
CPGD Insights: Jessica is an especially impressive founder with her extensive background in food science. Having in-house R+D is a big advantage in the meat alternative aisle. I’m especially excited about the roll out of the vegan jerky stick that is rolling out later this year and would not be surprised to see high growth from the smart product expansions!
CASA J Tequila
Description of brand: CASA J is a female, Mexican and LGBTQ+ owned luxury sipping tequila whose debut expression presents the first-ever Tequila Blanco Ensemble — a rare blend of traditional and ancestral production methods. With a strong emphasis on intentionality, the brand sets a new standard for considered indulgence in the fine spirits market.
Founder Background:
DIAGEO x Distill Ventures Pre-Accelerator Portfolio Brand (less than 1% of applicants are accepted)
360° brand strategist (former clients include Veuve Clicquot, Belvedere Vodka, D'Ussé, Two Chicks Cocktails, Armand de Brignac)
High-level agency expertise across digital media, PR and marketing
Financial Highlights:
Luxury tequila with an SRP of $129/bottle, driving 70% margins
Generated $18K in revenue in two months
On plan to sell 800 nine-liter cases in 2026 and generate over $800K in net sales
Deal Terms: $500K on $5M post-money SAFE
CPGD Insights: CASA J tequila is a beautifully packaged, artfully designed product, where the founder clearly knows their visions among other alcohol brands. Selected as a Diageo Pre-Accelerator Portfolio brand, there are industry experts backing up this brand, who are confident and bullish about high-end, luxury tequila.
Portco’s Looking for a Second-Chance?
Our friends at Palm Venture Studio are focused on second-chance capital for mission-driven companies, including consumer brands and tech-enabled services ($5M-$50M+ revenue).
Their model is designed to preserve and restore value for founders, investors, and lenders when a company’s growth becomes constrained by capital structure, operational complexity, or prior financing decisions.
Backed by a family investment office, Palm deploys patient equity capital alongside hands-on operational support focused on stabilizing cash flow, restructuring debt, resetting go-to-market strategy, and/or rebuilding fundamentals.
Consumer investments include MyxFitness (acq. by Beach Body), VidaFuel, Goode Health, Three Day Rule, EVRYMAN, Farmhouse, Juice Beauty, and more.
They welcome warm introductions to consumer founders or portfolio companies that would benefit from our unique approach. They’re also hiring for CEO of Goode Health! Refer us to the leaders you trust (referral bonus available!).
Deal Flow Portal Password
You’ve found me! Thank you for reading till the end :) Deal Flow Portal (password = betterforyou) for a full list of vetted CPG startups currently raising, with pitch decks!