Inside Startup Investing with Chris Lustrino

Victory Hemp turns hemp seeds into clean protein, healthy oils, and even xylitol with a solvent-free, patented process built for every aisle. At 00:00 we define what “hemp food” really is; by 01:20 we outline Victory Hemp’s B2B product stack; at 03:00 we unpack the solvent-free patent and why taste/clean label matter. Around 05:00 we hit functionality (emulsifying, gelling, egg replacement). At 06:30 we cover North American supply and USMCA sourcing, then 08:00 the next facility plan (~$21M, equity + USDA B&I/NMTC). By 10:00 we map capacity (> $30M revenue) and path to self-fund growth. At 11:30 we dive into zero-waste (hulls → xylitol), and by 13:00 we close on macro tailwinds: the protein boom, GLP-1 nutrition needs, and renewable fuels potential.

Most flour today is milled for shelf life, not flavor or nutrition. Cairnspring Mills set out to flip that script. Co-founder & CEO Kevin Morse explains how the company created a premium craft flour category by contracting regeneratively grown, higher-margin grains directly from farmers and stone-milling to retain flavor and nutrients, winning over top chefs and bakeries nationwide. We cover the growth story ($5.1M → $6.4M → pacing $7.9M), why demand is pulling them to expand capacity, and the plan to build a dramatically larger mill in Pendleton, OR (with the Umatilla Tribe) as part of a future network of regional mills. Kevin breaks down how “regional at scale” works (quality, resilience, and local grain identity), the sales playbook (foodservice-led; DTC and retail ramp), and opportunities in co-branded “Milled by Cairnspring” products. If you care about better bread—and better agricultural economics—this is a blueprint for rebuilding a staple industry.Highlights include…Why industrial roller milling strips flavor & nutrition—and how stone milling restores both Direct farmer contracts, regenerative practices, and paying for milling/baking quality (not just protein) Growth: $5.1M (2023) → $6.4M (2024) → ~$7.9M (2025E) Capacity expansion: Pendleton, OR mill (with Umatilla Tribe) targeting ~110M lbs/yr Long-term vision: distributed network of regional mills (CapEx ≈ $40M per mill + granary) Go-to-market: foodservice first (~80%), plus DTC, retail, and co-brand opportunities Influencer flywheel: chef/baker adoption (e.g., Bianco, Tartine) → organic demand 

Founded in 2013, Crowd Street helped popularize online access to commercial real estate. Now CEO John Imbriglia is steering a 2.0 strategy: an institutional-grade private markets platform spanning private equity, private credit, venture capital, and CRE—with lower minimums, improved IRA flows, and heavy investment in education, diligence, and UX. John details Crowd Street’s scale to date (~300K members, ~30K investors, ~$4.5B raised in CRE), the “supply–demand–loyalty” framework driving the rebuild, a new omnichannel acquisition push, and partnering with Callan (advisor to >$4T AUM institutions) to help source and select managers. We cover feeder/registered fund structures (1099s, no capital calls) that bring minimums to five figures for accredited investors, the evolving role of direct CRE deals, and how better IRA integrations reduce friction. If you want a practical roadmap to accessing institutional-style alternatives—from mid-market credit to diversified PE/VC—this one’s for you.Highlights include…Crowd Street’s evolution: CRE pioneer → full private-markets platformSupply–Demand–Loyalty: the 2.0 operating modelWhy education & diligence lead the funnel (with Callan as advisor)Product access: feeder/registered/interval funds, 1099s, five-figure minsKeeping direct CRE while adding PE, credit, and VC optionsOmnichannel growth: targeted campaigns in Pittsburgh & BostonBetter IRA experience via an integrated self-directed partner

MoviePass became a cultural phenomenon—then imploded under new ownership. Founder Stacy Spikes bought the brand out of bankruptcy for ~$140K, relaunched, and delivered profitable 2023 and 2024—now unveiling Mogul, a fantasy-sports-style game for movies that could 10x ARPU versus subscriptions. In this episode, Spikes recaps the original data behind movie subscriptions (111% lift in theater attendance; concessions tailwind), what broke during the $10-per-month era, and why MoviePass 2.0 pairs a sustainable, any-theater subscription with a knowledge-based gaming platform (salary cap, leaderboards, seasonal play). We cover unit-economics realities (why exhibitors can subsidize with F&B and MoviePass can’t), core user behavior and demographics, state-by-state fantasy rules, and the thesis that theatrical is still the #1 out-of-home entertainment globally. Investors get the scale path; founders get lessons on resurrecting a beloved brand—this time with the right business model.Highlights include…The rise, fall, and return: why the $10 unlimited era failed—and what’s different nowData that started it all: subscription → +111% moviegoing; concessions economicsWhy Mogul (fantasy/prediction game) = higher ARPU, stickier engagementSubscriptions vs. exhibitors: pricing power, F&B offsets, and sustainable marginsCore user profile & frequency patterns; seasonalityState-by-state rules for knowledge-based contests (daily fantasy analog)Building a bigger ecosystem: MoviePass + MogulChapters00:00 Intro & why MoviePass still matters00:28 The cultural phenomenon & collapse01:20 Buying the brand back (~$140K) and relaunch03:22 Founding logic: subscription → more attendance04:42 What went wrong with $10 unlimited07:28 Fraud era, bankruptcy, and reset08:01 Profitable 2023/2024; what changed11:22 Unit economics vs. theater F&B12:38 Pivot to Mogul (fantasy/prediction)14:46 Knowledge-based contests, ARPU potential17:33 Current sub business: usage, demos, seasonality20:46 Growth plan & ecosystem vision22:52 Why theatrical is still king28:37 How to learn more & invest

BabyQuip helps families travel lighter by delivering clean, vetted baby gear—like cribs, car seats, and strollers—right to your hotel or vacation rental. CEO Fran Maier (co-founder of Match.com) shares how the company hit its first profitable quarter and keeps growing through strong word of mouth and a new Vrbo partnership that puts BabyQuip in front of more travelers. The team is also expanding beyond baby gear into beach, pet, and mobility equipment under the GoQuip brand to serve seniors and people with disabilities. We dig into how the marketplace works (trusted local providers, insurance, and safety standards), why partnerships are the biggest growth lever, and where BabyQuip is headed next—including selective international expansion and deeper integrations with travel platforms. Chapters00:00 Why BabyQuip (and why now)01:00 Fran’s track record & revenue trajectory02:19 Profitability & Q3 inflection03:33 Vrbo partnership—scope & impact04:55 Beyond baby: beach, pet & GoQuip mobility05:55 Growth mix: organic/direct ≈ 68%06:45 Marketplace unit economics (take rate, churn, AOV)08:06 International & airport/car-seat opportunities09:12 Provider network, insurance, safety moats10:30 Capital plan: $3M to scale partnerships & GoQuip11:40 Big-picture TAM and long-term scale targets13:00 Closing & how to invest

Early detection saves lives, but today’s tools are often invasive, slow, or used too late. In this episode, Breath Diagnostics CEO Ivan Lo explains how a non-invasive breath test can detect volatile organic compounds (VOCs) associated with disease—positioning breath as a first-line screen for early-stage lung cancer and potentially pneumonia and TB. We cover the science (why breath can capture near real-time biological change), sensitivity/specificity signals from 800+ patients, and a go-to-market/regulatory plan that prioritizes post-op pneumonia (shorter trials, no entrenched standard of care) before lung cancer screening. We also discuss platform economics (low-cost disposables, existing LC-MS infrastructure), trial scale and cost, and how breath could support ongoing monitoring after treatment. Investors get a clear view of timelines, risks, and upside; founders get lessons on platform positioning, capital efficiency, and sequencing indications. Highlights include...Why breath (VOCs) can surface disease signals minutes–hours after biological changeFirst-line screening thesis vs. liquid biopsy and CT workflowsEarly data: ~94% sensitivity / 85% specificity across 800+ patients (lung cancer context)Regulatory path: post-op pneumonia first (faster FDA route), lung cancer nextUnit economics: low-cost cartridge + existing LC-MS labs (hub-and-spoke)Clinical design: trial scale, costs, and companion-diagnostic “cocktail” potentialPlatform beyond oncology: pneumonia, TB, inflammation, RUO for pharmaChapters00:00 Intro & why early detection needs a rethink00:47 What Breath Diagnostics does (the “breath bag”)03:34 VOCs 101: why breath can be earlier than blood06:41 First-line screen vs. confirmatory tests08:19 Will this be ubiquitous at annual visits?11:53 Commercialization path & funding realities12:37 Pneumonia first: faster FDA route14:09 Lung cancer timeline & business model15:34 Hospital economics & pneumonia savings18:24 Trial scale/costs; disposable chip economics20:34 Team, funding strategy, and sequencing22:08 Early data and a “false negative” biopsy case24:12 TAM & eligibility (20M Americans qualify)25:06 What success looks like (2–3 years)27:00 Investor closing thoughts

Most older adults want to age in place, but families and caregivers can’t be there 24/7. wisdom.io uses edge computing + radar + computer vision to detect falls and anomalies without wearables—keeping data inside the home and only sending alerts. CEO Cathy Minter shares:• Market reality & unmet needs in home care• Tech stack, privacy, and why edge > cloud for seniors• B2B2C go-to-market (home-care agencies, hospital discharge, 55+ communities)• Pricing, unit economics, and pilot accuracy targets• Samsung partnership: Wisdom on the Go (outside-home safety & gait insights)• Competition (Sensi.AI, SafelyYou) and empathy-led designChapters:00:00 Intro & the aging-in-place gap03:23 Founder story & market stats05:45 Product overview (edge hub, sensors)06:04 Privacy & on-device AI08:33 Hardware/installation Q&A10:08 Sensor fusion & smart-home vision11:25 GTM & channels14:02 Pricing model17:14 Home-care market size18:27 Pilot design & accuracy20:00 Competitors & differentiation23:10 Scale strategy & Samsung26:42 Closing & investor notes

In this episode, we catch up with Justin Giuffrida, CEO and co-founder of Citizens Coffee, to hear how the company’s Australian-style café model is performing as it scales beyond New York into Texas. The update? Citizens is thriving. After record openings in Houston, the team has now launched Austin, which became the best-performing opening in company history—hitting profitability in just six weeks and trending toward Citizens’ most profitable locations to date.Citizens runs a high-margin breakfast & coffee model, pairing chef-driven, fresh food with third-wave coffee, best-in-class hospitality, and local community partnerships. Their stores open at roughly $500K per unit—a fraction of the cost of many national chains—and achieve a 24-month payback period, with stores averaging 21% four-wall EBITDA. The company plans to scale to 40 locations in five years, targeting $120–$150 million in revenue, with CPG (retail) launching in parallel to expand the brand’s reach and potential exit pathways.With the brand’s strongest performance now outside NYC—specifically in Austin and Houston—Citizens is executing a scalable entry into Tier 2 markets with lower cost structures and equal (or better) unit economics. 02:14 – What’s Brewing in 2025Justin shares current momentum and milestones—record openings in Texas03:36 – Proving Portability Beyond NYCHow Citizens performed in Houston and Austin vs. NYC; why Texas was the bet07:40 – The Risk of Scaling RetailChris on the risk of new locations; Justin on build costs ($500K), efficiency, and payback (24 months)10:26 – Local Marketing & “Local Legends”Citizens’ launch playbook: grassroots, partnerships, and charity-based LRM14:01 – ICW AnnouncementChris plugs Investment Crowdfunding Week (Sept 29–Oct 2)14:46 – Differentiation vs. StarbucksAustralian café model: chef-driven food + third-wave coffee + hospitality & frequency19:42 – Growth Plan: 40 Locations in 5 YearsTexas expansion strategy and the path from 3 openings/year to 10/year22:31 – Managing Debt & Investor ProtectionHow Citizens balances debt and equity while remaining cash-flow positive25:16 – Why CPG (Retail) Fits the BrandCPG strategy to extend brand trust and boost exit optionality28:19 – Localization & Shelf StrategyChris on go-to-market for CPG; Justin on sequencing markets with brand equity29:50 – Projections & Exit Comps$120–$150M revenue target with CPG; comps like Blue Bottle & La Colombe31:55 – Final Message to InvestorsProof of concept in 3 major markets & the 5-year plan

In this episode, we talk with Rob Creighton, founder and CEO of Windlift, a deep tech company developing airborne wind energy systems and tethered flight platforms that can both generate power and serve as elevated sensing platforms for defense and commercial applications.Windlift’s core platform is a tethered winged UAV—a cross between a quadrotor and a high-lift airfoil—that can autonomously fly patterns to extract energy from wind, delivering power to the ground via tether. Their current small demonstrator (about 25 lbs) can supply 1–3 kW (enough for a household in windy regions), while planned systems around a 40-foot wingspan aim to produce around 75 kW—all container-portable for microgrid and remote deployments. With over $24 million in support from the U.S. Department of Defense, Windlift has built a capability that extends beyond energy: tethered, stable, high-altitude platforms for communications, radar, and maritime sensing (e.g., towed behind ships to detect piracy or drone threats at ranges of 40–50 miles).Underlying their hardware is a software-first approach: Windlift develops its systems using autonomously directed synthetic evolution (AI-guided design optimization) and high-fidelity physics—allowing rapid iteration, mission-specific tailoring, and steep cost-down potential as systems mature.Defense is the first go-to-market, where mobility, weight, and autonomy matter. But commercial energy applications, especially remote microgrids, islands, and areas with wind/solar complementarity, present significant medium-term opportunity. Looking ahead, Windlift believes its technology can reach cost-competitive or lower-cost wind power within 3–5 years—with the right capital and execution.

In this episode, we sit down with Jeremy McCool, founder and CEO of HEVO, a company building wireless charging systems for electric vehicles. Think of a garage-floor charging pad—pull in, align, and your car charges automatically. HEVO has been solving the physics, standards and automotive integration work for over a decade, and now stands at the front line of commercial adoption.HEVO is underway with two major global automakers, including Stellantis (Jeep, Dodge, Fiat, Peugeot, and more), to integrate wireless charging into up to seven EV platforms beginning 2027–2028. This isn’t a small bolt-on—the company has achieved UL certification and alignment with SAE wireless charging standards, clearing essential hurdles for true automotive-grade integration.Beyond the OEM opportunity, HEVO is partnering with Steer Tech to enable autonomous parking + wireless charging for fleet yards—a use case that eliminates manual charging attendants and enables round-the-clock operation. Wireless charging isn’t just convenient—it’s the missing piece for scaling autonomous fleets.HEVO’s cost and efficiency discipline makes this more than a vision. The company’s target pricing for on-vehicle components aims to be competitive with plug-in equipment, while the 11 kW bidirectional home charger is priced at $1,200, enabling vehicle-to-home (V2H) power during outages. With grid-to-battery efficiency in the low-to-mid 90%, 85 kHz universality, and a 12-inch air gap tolerance, HEVO is designed for scale.The most striking part: once an OEM launches, the curve goes from flat to 50,000+ units in year one—across multiple vehicle programs. HEVO expects to be profitable on hardware and software at volume from day one of scaling production.

In this episode, we speak with Groomit co-founders Sohel Kapadia and Lars Rissmann about building a mobile, on-demand pet grooming platform designed for convenience, quality, and scale. Unlike typical marketplace models (e.g., Rover/Wag), Groomit vets groomers, provides fully outfitted mobile vans, manages logistics/technology, and delivers a consistent standard of service—for both pet parents and groomers.After bootstrapping for years, Groomit has achieved $7.4M in 2024 revenue (up from $5.8M in 2023), with over 150,000 pets groomed and an average rating of 4.8 stars. The company now operates in 17 states and 50+ cities, with a repeatable playbook for entering new markets and building recurring revenue, including auto-scheduling that now accounts for ~30% of bookings.Groomit’s hybrid model—supporting independent groomers with vans, bookings, payments, and software—has unlocked earnings potential for groomers (often earning ~$117 per appointment) and a premium, convenient service for pet owners. The vans are third-party investor-owned, minimizing Groomit’s capex, and groomers operate as independent contractors who can keep vans at home for efficiency.If you’re interested in how to scale a premium services marketplace with high operational complexity, tight quality control, and strong unit economics, this episode offers a clear blueprint.

In this episode, Maxwell Salzberg, co-founder and CEO of BackerKit, shares how his team built the infrastructure behind rewards crowdfunding—and why they’re now operating their own crowdfunding platform with a distinct focus on community, continuity, and creator success.BackerKit started by solving the most painful and underappreciated part of rewards crowdfunding: the post-campaign chaos of fulfillment, logistics, and communication. Over the past 13+ years, they became the backbone for creators raising on Kickstarter and others—helping manage backers, collect shipping/taxes, handle upgrades, and more. Today, BackerKit has evolved into a full-stack crowdfunding platform—supporting from the first dollar raised to the last package shipped, and beyond.They’ve powered major campaigns—including a $23M+ launch with author Brandon Sanderson, and their annual platform revenues exceed $20M. Now, with BackerKit Collab Funding, they’re building multi-creator event-style campaigns that drive bigger engagement, discoverability, and long-term fan relationships. 

In this episode, Chris speaks with Alex Wright-Gladstein, founder & CEO of Sphere, the company behind the Sphere 500 Climate Fund—a low-fee, index-like mutual fund for 401(k)s that excludes fossil fuel companies and is now available on Fidelity and Schwab. Alex explains how her team navigated years of audits, platform approvals, and AUM thresholds to unlock real adoption within the retirement ecosystem—and why crossing $100M AUM is the tipping point that could lead to billions in inflows from the largest corporate 401(k)s.Highlights include...Why most 401(k)s don't offer real climate-friendly fundsHow Sphere built a low-fee (0.07% expense ratio) S&P 500-like fund that screens out fossil fuelsThe 3-year effort to get approved by Fidelity and SchwabWhy $100M AUM unlocks access to the biggest 401(k) plansHow employee movements at Google, Apple, Microsoft create demand for these optionsSphere’s go-to-market via creative advocacy campaigns (150M+ views)Business model: starting with low-fee scalability → expanding to higher-margin productsAlex’s track record (co-founded Ayar Labs, now $1B+ valuation)2:00 – Alex’s background & founding Sphere4:30 – What is the Sphere 500 Climate Fund?6:45 – Why 401(k)s are hard: fees, lawsuits & mutual funds vs ETFs9:40 – Getting onto Fidelity & Schwab: the 3-year process12:10 – AUM milestones: Why $100M matters14:50 – Building demand: Employee movements & advocacy campaigns17:30 – Business model & future fund lineup20:15 – Competitive moat & brand trust23:00 – Market size & exit thoughts (IPO vs M&A) 

David Webb’s Yarnhub pulls 400 million annual views for cinematic WW2 stories—no ad spend required. On Inside Startup Investing he details how that captive audience now funds a historically accurate video-game, why the company’s CPMs beat integration ads, and the path to 3–5 billion monthly views across multiple channels. If MrBeast can sell burgers, Yarnhub can sell history. Listen in and judge whether this next-gen studio merits a spot in your alt-portfolio.Accidental media empire. Webb left Intel, acquired “War History Online,” and pivoted from publishing to high-quality animated shorts on YouTube.Huge organic reach. Yarnhub generates ~35 M YouTube views and ~150 K new subs per month—with minimal paid advertising.Quality over clickbait. Films cost ~$40 K each, use game-engine animation, and weave “goose-bump” human stories rather than dry battle timelines.Revenue today. ~US $1 M annual from YouTube ads; expected to scale to several million as channels expand.The bigger play. Audience demand led Yarnhub to develop a WW2-themed game—with 40 K Steam wish-lists after just a few months.

On this week’s Inside Startup Investing, Dr. Nicole Paulk—founder & CEO of Siren Biotechnology—details her AAV gene-therapy “FedEx truck” that can deliver anti-tumor cytokines directly to brain cancers. Early animal data show 86 % complete responses; the FDA has signaled a fast-track path for Siren’s first-in-human trial set for 2026. With analog comps like Keytruda earning $30 B a year, Siren’s upside—and impact—could be enormous.Highlights include...Why viruses? AAV viruses don’t cause disease in humans yet efficiently deliver genetic payloads; Siren re-engineers them to express anti-tumor cytokines.Twin “firsts.” Siren pursues the first AAV-based cancer therapy and the first single virus platform scalable to hundreds of indications.Animal data. >500 mouse models show 86 % complete responses; large-animal pig study indicates strong safety with real-world neurosurgical delivery.Clinical plan. Combined Phase 1/2 trial in adults with recurrent high-grade gliomas targeted for 2026 with potential for rare-disease (orphan) fast-track.Market context. Current SOC for brain tumors is largely ineffective; analogous immunotherapies like Keytruda generate ~$30 B annually.

In this episode, Chris speaks with Hiten Sonpal, CEO of Rise Robotics, a company developing an energy-efficient alternative to hydraulic systems. Using a patented belt-based actuator technology called Beltdraulic™,  Rise delivers the same power as hydraulics — but with significantly more energy efficiency, lower weight, and no fluid leaks. Their tech also supports built-in sensing, enabling AI and autonomous operation out of the box.Sonpal shares how Rise is approaching commercialization through a focused entry into the lift gate market, a $2 billion space where hydraulic failure and maintenance are common pain points. The Rise solution reduces vehicle downtime and increases driver productivity — offering an ROI that some pilot partners are already validating.

In this episode of Inside Startup Investing, Chris Lustrino speaks with Ryan Duey, co-founder and co-CEO of Plunge, the cold therapy and sauna brand that has quietly scaled to $80M+ in annual sales with minimal outside funding. Ryan breaks down how a garage-built idea during COVID turned into a high-growth wellness hardware business with over 40,000 customers, including a fast-growing B2B channel. Founders will appreciate his transparency about scaling manufacturing, solving shipping nightmares, and building technical moats through operational execution. If you’re in DTC, hardware, health & wellness, or considering community rounds, this is a must-listen.Highlights include…Founding story: From brick-and-mortar wellness to e-comm hardware (2:01)Shark Tank ROI and national brand awareness (5:00)Market sizing: Comparing cold plunge to hot tubs & sauna categories (6:33)Expanding product lines to drive retention & cross-sell (8:55)B2B growth: Cold plunges entering hotels, gyms & commercial spaces (9:00)Solving hard problems: Damage-in-transit, demand planning, and support infrastructure (11:39, 14:45)Bootstrapped to $80M+: Smart cash management, customer pre-orders, and debt usage (17:57)Manufacturing capacity & scaling challenges (20:18)Moat = execution: Why hard ops are the defensible layer (14:45, 22:17)Acquisition potential: PE, wellness tech, or DTC conglomerates (23:35)

In this episode of Inside Startup Investing, Chris Lustrino interviews Sharon Samjitsingh, co-founder and CEO of Health Care Originals, a respiratory health startup using wearable technology and predictive AI to help asthma and COPD patients avoid flare-ups before they happen.Sharon shares her personal journey as an asthma patient and how that experience — paired with her background managing $150M+ in innovation deployments — led her to build a platform now supported by independently validated clinical results, $5.8M in ARR contracts, and a waitlist of 12,000+ patients. Founders will learn how to productize deep tech, unlock B2B2C healthcare sales, and design for scale in a hardware-software business model.Highlights include…Founder story: From chemical engineer to patient-turned-healthtech CEO (1:50)Product overview: Wearable + AI + coaching + environmental support (5:32)Predicting asthma attacks 3 months in advance (6:57)How to turn sensor data into behavior change, not just alerts (8:48)Proving outcomes: Clinical results, validation, and third-party guarantees (11:08)

 In this episode of Inside Startup Investing, Chris Lustrino sits down with Dr. Zwade Marshall, founder and CEO of Doc2Doc Lending, to explore how a physician-turned-founder built a fintech company by solving a deeply personal problem — the financial barriers doctors face early in their careers. Zwade shares how Doc2Doc raised $21M almost exclusively from fellow doctors, built a flexible underwriting model to beat SoFi’s default rates, and scaled to over $100M in originations while staying lean and mission-driven. For any founder tackling industry-specific pain points or looking to raise capital from within a community, this conversation is a masterclass in focused execution and founder-market fit.Highlights include...Founder-market fit: Why Zwade understood this medical niche better than traditional lenders (4:18)Outperforming SoFi: 2.23% default rates with a 600 FICO borrower base (12:05)Revenue model breakdown: interest spread, servicing, referral, and origination fees (14:08)Structuring capital efficiently: lending with $150M in debt capacity, not equity (15:33)Strategic expansion to other healthcare professionals with high LTV (22:57)

Brad Larschan, CEO of Avadain, joins Chris Lustrino to share how his company is transforming one of the world’s most promising materials—graphene—into a commercial product ready to reshape advanced manufacturing. Brad unpacks the science behind graphene’s extraordinary properties, how Avadain’s licensing model is unlocking large-scale industrial use, and why their patented production method positions them at the forefront of a materials revolution.Topics include…Spinning out tech from research institutions Scaling from lab to market Strategic licensing as a business model Raising capital while building long-term IP advantage