The Startup CPG Podcast

In this Investor Spotlight, host Hannah Dittman sits down with Ashley Hartman, Managing Partner at Bluestein Ventures, an early-stage firm investing at the intersection of culture, science, and technology in modern wellbeing and consumer brands.Ashley's path to venture capital ran through financial consulting at NERA Economic Consulting and then operating strategy at her family's manufacturing business, giving her a rare blend of analytical rigor and hands-on operating experience. She's now co-Managing Partner at Bluestein Ventures, which evolved from a family office into an independent, family-backed VC fund, and has made more than 40 investments across her career, primarily at seed through Series A.Hannah and Ashley dig into Bluestein's four-part diligence framework, the "unicorn" combination of traits Ashley looks for in a founder, why rapid growth can quietly mask a fragile business, what the first 90 days after an investment actually looks like, and how founders should think about timing their next raise.Listen in as they discuss:Bluestein Ventures' focus, check sizes, and the market forces shaping its investment thesisHow family office capital differs from traditional venture capital, and what that means for foundersThe four-part scorecard Bluestein uses in diligence: vision, playbook, engine, and termsThe key CPG metrics Ashley wants founders to know cold, from net revenue by channel to LTV/CACThe rare "unicorn" combination of vision and operational depth Ashley looks for in foundersWhy broad distribution right out of the gate is often a red flag, not a strengthWhat the first 90 days of a new investment partnership typically looks likeWhy growth can conceal a fragile business, and what "capital efficiency" really means in practiceHow Bluestein supports portfolio companies through setbacks, using two real (anonymized) examplesAshley's framework for knowing exactly when a founder is ready to raiseEpisode Links:Ashley Hartman LinkedIn: www.linkedin.com/in/ashleyhartman2Bluestein Ventures LinkedIn: www.linkedin.com/company/bluesteinventuresBluestein Ventures Website: www.bluesteinventures.comBluestein Ventures X: @BluesteinVCDon't forget to leave a five-star review on Apple Podcasts or Spotify if you enjoyed this episode. For potential sponsorship opportunities or to join the Startup CPG community, visit www.startupcpg.com.Show Links:Transcripts of each episode are available on the Transistor platform that hosts our podcast here (click on the episode and toggle to "Transcript" at the top)Join the Startup CPG Slack community (40K+ members and growing!)Follow @startupcpgVisit host Hannah's LinkedIn: www.linkedin.com/in/hannah-dittman-011b844bQuestions or comments about the episode? Email [email protected] Episode music by Super Fantastics

In this Founder Feature, host Caitlin Bricker sits down with Caroline Dai, founder of TofuGo, a savory protein snack made from whole foods tofu with 12 grams of protein, zero sugar, and zero natural flavors.Caroline grew up eating tofu daily in her Chinese family before moving to Seattle at age 13. After years working in business and finance, constantly snacking on sugary protein bars at her desk, she realized there was nothing savory, whole-food, and additive-free on the market. She launched TofuGo in March 2026, and just two weeks later, a simple living-room video went viral with over 350,000 views. Five months in, the brand is now in over 40 U.S. states and Canadian provinces, with a growing base of repeat subscribers.Caitlin and Caroline dig into the craveable, ancient Chinese culinary craftsmanship behind the product, why she's intentionally staying savory instead of chasing every trend, how strong sell-through data has changed retailer conversations, and her vision for TofuGo as a nationwide, mainstream snack accessible to vegans, fitness enthusiasts, and families alike.Listen in as they discuss:How growing up eating tofu daily in a Chinese household inspired Caroline to build TofuGoThe unscripted, low-production living room video that hit 350,000 views two weeks after launchWhy TofuGo's two current flavors, soy barbecue and spicy chili, were chosen to bridge Asian flavors with mainstream American snackingThe ancient Chinese culinary technique behind removing water content to turn fresh tofu into a shelf-stable snackWhy TofuGo intentionally stays focused on two SKUs instead of expanding the lineup too quicklyHow the packaging design, inspired by Chinese red envelopes, became a core part of the brand's identityWhy strong in-store velocity data has helped overcome retailer skepticism about "niche" Asian flavorsHow TofuGo built inbound international demand, including an upcoming UK launch, without deliberately pursuing itWhat's next for the brand, including an Amazon launch, more flavors, and continued retail conversationsCaroline's advice for early-stage founders on getting comfortable being the face of their brandEpisode Links:Caroline Dai LinkedIn: www.linkedin.com/in/caroline-daiTofuGo Snacks LinkedIn: www.linkedin.com/company/tofugoTofuGo Snacks Website: www.tofugosnacks.comTofuGo Snacks Instagram: @tofugosnacksDon't forget to leave a five-star review on Apple Podcasts or Spotify if you enjoyed this episode. For potential sponsorship opportunities or to join the Startup CPG community, visit http://www.startupcpg.com.Show Links:Transcripts of each episode are available on the Transistor platform that hosts our podcast here (click on the episode and toggle to "Transcript" at the top)Join the Startup CPG Slack community (40K+ members and growing!)Follow @startupcpgVisit host Caitlin's LinkedIn: https://www.linkedin.com/in/caitlinbricker/Questions or comments about the episode? Email [email protected] Episode music by Super Fantastics

In this episode of the Startup CPG Podcast, host Daniel Scharff sits down with Lindzi Shanks, founder and CEO of XO Marshmallow, to unpack how she built an organic social following of 1.4 million across platforms and turned it into real, trackable sales.Lindzi started XO Marshmallow 10 years ago with a background as an influencer and blogger, designing the brand from day one to be visually shareable. As short-form video took off, she realized the marshmallow-making process itself was perfectly suited to content, from ASMR-style pulling and pouring to behind-the-scenes factory footage. That instinct, paired with a willingness to constantly experiment and adapt, has turned XO into one of the most recognizable brands in confectionery, generating millions in revenue through social content and more than $2 million in TikTok Shop sales alone.Daniel and Lindzi dig into how each platform (TikTok, Instagram, YouTube, and Facebook) plays a completely different role in her strategy, how she turned a single negative comment into a 26-million-view video and a still-converting ad, why viral views don't always translate to sales, and how she batches content, keeps customers coming back, and now approaches an upcoming retail expansion.Listen in as they discuss:Why Lindzi designed XO Marshmallow to be visually shareable from day one, before short-form video existedHow TikTok, Instagram, and YouTube each reward completely different types of contentWhy "blame your content, not the algorithm" when something stops performingHow a single negative TikTok comment turned into a 26-million-view video and a still-converting adWhy viral views don't always translate into sales, and which platforms actually drive purchasesHow XO Marshmallow batches content one day a week and uses a freelance editor to scale outputWhy reusing years of old B-roll footage can create content that feels brand newHow XO Marshmallow drives repeat purchases and reorder rates through community programs like Troop XO and Camp CapWhy TikTok Shop customers are hard to retain, and how postcards and discount inserts help win them backWhy XO Marshmallow is redesigning its packaging and shelf life ahead of a retail expansionEpisode Links:Lindzi Shanks LinkedIn: www.linkedin.com/in/lindzi-shanks-6689b6101Lindzi Shanks Instagram: @lindzi.shanksXO Marshmallow LinkedIn: www.linkedin.com/company/xo-marshmallowXO Marshmallow Website: www.xomarshmallow.comXO Marshmallow Instagram: @xo.marshmallowXO Marshmallow Facebook: www.facebook.com/xomarshmallowXO Marshmallow YouTube: xomarshmallowXO Marshmallow Pinterest: za.pinterest.com/xomarshmallowXO Marshmallow TikTok: @xo.marshmallowDon't forget to leave a five-star review on Apple Podcasts or Spotify if you enjoyed this episode. For potential sponsorship opportunities or to join the Startup CPG community, visit http://www.startupcpg.com.Show Links:Transcripts of each episode are available on the Transistor platform that hosts our podcast here (click on the episode and toggle to "Transcript" at the top)Join the Startup CPG Slack community (40K+ members and growing!)Follow @startupcpgVisit host Daniel's LinkedIn: www.linkedin.com/in/danscharffQuestions or comments about the episode? Email [email protected] Episode music by Super Fantastics

In this episode of R&D Radio, host Adam Yee sits down with Drake Nickell, founder of Dimitri's Greek Kitchen, to talk through how he used Startup CPG's Product Developer Database to find the right partner for reformulating his brand's pita chips.Drake and his sister built Dimitri's Greek Kitchen around traditional Greek and Mediterranean snacks with a modern twist, starting with whipped feta before pivoting into pita chips after finding a manufacturing partner who could bring the product to life. With the chips now in over 300 stores, including all 189 Jewel-Osco locations across Illinois, Drake turned to the Product Developer Database to level up the product with a well-defined scope of work rather than spending months experimenting in his own kitchen.Adam and Drake dig into how Drake filtered and vetted eight different product developers, why having a clear scope of work upfront made those conversations more efficient, how founders and food scientists can use shared reference points like well-known snack brands to communicate flavor and texture, and what "soft skills" mattered most in choosing the right long-term partner.Listen in as they discuss:How Drake and his sister built Dimitri's Greek Kitchen around whipped feta and pita chipsWhy a viral TikTok moment around spicy whipped feta helped validate the product ideaHow Drake used Startup CPG's Product Developer Database to find and filter relevant expertsWhy having a clearly defined scope of work made his vetting conversations far more efficientWhat matters most when choosing a product developer beyond price, including communication style and personality fitWhy quick follow-up and pricing transparency were strong signals in choosing the right partnerHow food scientists use a "gold standard" reference product to reverse-engineer texture and flavorHow Drake described mouthfeel and flavor using widely available snack brands as a shared reference pointWhy founders shouldn't take early "no's" from experts personally, even when they stingWhat's next for Dimitri's Greek Kitchen, including new pita chip flavors and a whipped feta relaunchEpisode Links:Drake Nickell LinkedIn: www.linkedin.com/in/drake-nickell-267b54161Dimitri's Greek Kitchen Website: www.dimitrisgreeksnacks.comDimitri's Greek Kitchen Instagram: @dimitrispitachips  Don't forget to leave a five-star review on Apple Podcasts or Spotify if you enjoyed this episode. For potential sponsorship opportunities or to join the Startup CPG community, visit http://www.startupcpg.com.Show Links:Transcripts of each episode are available on the Transistor platform that hosts our podcast here (click on the episode and toggle to "Transcript" at the top)Join the Startup CPG Slack community (40K+ members and growing!)Follow @startupcpg Visit host Adam's LinkedInQuestions or comments about the episode? Email [email protected] Episode music by Super Fantastics

In this Investor Spotlight, host Hannah Dittman sits down with Ellen Gorra of Whole Foods Market, who leads the retailer's equity investment and warrant partnership programs, to unpack how one of the industry's most influential retailers evaluates, invests in, and supports emerging brands.Ellen's path to Whole Foods wound through equity research at Piper Sandler, buy-side coverage of hedge funds and private equity, and a stint at L Catterton in Asia, where she helped lead an $80 million investment in K-pop entertainment company YG Entertainment. After a brief detour into music at Live Nation, she found her way back to consumer - this time in food - and has been investing in and partnering with emerging brands at Whole Foods ever since.Hannah and Ellen dig into how Whole Foods' equity and warrant programs actually work, how the warrant program ties brand sales to charitable giving through the Whole Foods Market Foundation, what trends are shaping the perishables category right now, and what founders should understand about underwriting a return before pitching an investor.Listen in as they discuss:How Whole Foods' equity investment program differs from its warrant partnership programWhy proceeds from Whole Foods' equity stakes are donated to the Whole Foods Market Foundation when a brand exitsWhat stage and category of brands Whole Foods typically targets for equity vs. warrant dealsEmerging trends in perishables, including branded produce varieties and flavor-forward breedingWhat Whole Foods looks for when evaluating a brand's exit potential before entering a warrant partnershipHow founders can "underwrite" their own return for potential investors, including EBITDA benchmarks and typical return multiplesWhy revenue thresholds for a strategic acquisition have risen in recent yearsWhat Ellen wishes founders understood about communication and transparency with their Whole Foods merchantEllen's advice on getting noticed by investors, including keeping outreach short and having a clear product roadmapEllen's career lessons, from cap table math to navigating LinkedIn's highlight reel cultureEpisode Links:Ellen Gorra LinkedIn: www.linkedin.com/in/ellengorraWhole Foods Market LinkedIn: www.linkedin.com/company/whole-foods-market/homeWhole Foods Market Website: www.wholefoods.comWhole Foods Market Instagram: @wholefoodsDon't forget to leave a five-star review on Apple Podcasts or Spotify if you enjoyed this episode. For potential sponsorship opportunities or to join the Startup CPG community, visit http://www.startupcpg.com.Show Links:Transcripts of each episode are available on the Transistor platform that hosts our podcast here (click on the episode and toggle to "Transcript" at the top)Join the Startup CPG Slack community (35K+ members and growing!)Follow @startupcpgVisit host Hannah's LinkedIn: http://www.linkedin.com/in/hannah-dittman-011b844b/Questions or comments about the episode? Email [email protected] music by Super Fantastics