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In The Money: eCommerce, DTC and CPG

Sign up if you're interested in: Listening to some the most interesting $5m-$50m founders, operators, investors, acquirers, and lenders in the DTC and CPG space. Reading about interesting M&A deals in the consumer products category. Seeing a proprietary deal a week from brands who want reach a broader audience of buyers.

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In The Money: eCommerce, DTC and CPG

The Capital Window Is Open, But It’s Ruthless

Hero, Ollie, Once Upon a Farm, and Freestyle show what actually clears in 2026. For 18 months, the narrative in consumer has been: Strategics only want $1B platforms, The IPO market is dead, DTC multiples are gone. This week’s deals say something different. A “boring” conglomerate quietly compounded a 5.5x revenue acquisition into a category leader. A $600M pet food exit cleared in a compressed DTC market. A refrigerated baby food company popped 17% on IPO. A diaper startup won Walmart not with story, but with performance. Capital is back. But it’s backing something very specific.

Fan Bi

From Digestive Health to Chickens: What Gets Funded Now

Feb 9, 2026

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5 min read

From Digestive Health to Chickens: What Gets Funded Now

Wonderbelly, Ultra, NOBULL, and a chicken company, show the new bar for capital.For the last 18 months, the narrative in consumer has been simple:strategics only care about $1B+ platforms.Sub-$100M brands? Nice businesses. Not needle-movers.This week broke that narrative.A digestive startup exited for nine figures at ~$25M revenue.A supplement brand raised on a format shift, not a new ingredient.A “CrossFit shoe company” re-emerged as a $1B wellness platform.And a chicken feed company is quietly building one of the stickiest pet businesses in America.

Fan Bi

What Actually Gets Funded in Consumer Right Now

Feb 2, 2026

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5 min read

What Actually Gets Funded in Consumer Right Now

Non-alcoholic beer, “clean” water, hormone-aware supplements and the real bar investors are setting.The funding window in consumer isn’t closed, but it’s narrow, opinionated, and unforgiving.Capital is flowing to brands that do one thing exceptionally well, can explain why they exist in one sentence, and show early signs of pricing power, margin literacy, and cultural relevance, not just growth curves.This week’s stories all point to the same reality:Premium non-alcoholic beer raised at a $100M+ valuationA water brand raised on lab reports, not vibesA supplement startup raised by reframing pills as protocolsAnd a fund manager explained why “niche” can now mean $200M+ businessesThis issue is about what actually gets funded in consumer right now, and what doesn’t.

Fan Bi

What Paris Reveals About Durable Consumer Brands

Jan 26, 2026

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5 min read

What Paris Reveals About Durable Consumer Brands

From fragrance to fashion to furniture, Paris reveals how durable consumer brands are actually built.I’m in Paris this week, and it’s impossible not to notice something.The most impressive consumer brands here aren’t chasing growth optics. They’re underwriting durability, margin, pricing power, and global portability, often through moves that look irrational if you only model store-level ROI.A minority stake in a Paris perfume house.A fashion brand handing out tea and cookies instead of discounts.A $100M retail “store” that makes no sense on a spreadsheet.These aren’t indulgences. They’re strategy.This week’s issue is about what Paris reveals about how real consumer brands compound, and why the most durable growth often looks slow, expensive, or inefficient right up until it isn’t.

Fan Bi