From Yogurt to Ramen: Founders Reinventing the Everyday

🥛 Chobani Raises $650M at a $20B Valuation

It’s been nearly two decades since Hamdi Ulukaya turned a defunct yogurt plant into a billion-dollar brand. Now, Chobani has raised $650 million at a $20 billion valuation, one of the most remarkable capitalization stories in consumer.

The path so far:

• 2005 → Founded with an SBA loan.

• 2014 → $750 M debt round from TPG Capital with warrant coverage (~20%).

• 2016 → 10% employee equity grant (valued ~$3 B).

• 2018 → HOOPP pension fund buys out TPG.

• 2021–22 → IPO filed and withdrawn.

• 2023–24 → Acquires La Colombe ($900 M) and Daily Harvest.

• 2025 → New funding to expand U.S. production capacity by $1.7 B across NY and Idaho.

📊 Outlook:
Projected 2025 sales ≈ $3.8 B (+28% YoY).
Chobani has evolved from yogurt → modern food house, with plant-based, coffee, and meal brands under its umbrella.

💡 From SBA loan to $20B valuation Chobani is a masterclass in founder control, capital timing, and operational reinvention.

💄 LVMH’s Kendo Brands and the Fenty Beauty Playbook

LVMH is reportedly exploring the sale of its 50% stake in Fenty Beauty, co-founded with Rihanna in 2017. The brand generated ~$450 M in 2024 sales and could fetch $2B+, one of the largest celebrity beauty exits ever.

Behind the scenes sits Kendo Brands, LVMH’s internal beauty incubator born inside Sephora in 2010.

Kendo’s model:
Create → Test → Scale → Exit.

Portfolio:

• Fenty Beauty / Fenty Skin (Rihanna)

• Ole Henriksen (clinical skincare)

• KVD Vegan Beauty (artist-driven, cruelty-free)

• Bite Beauty / Lip Lab (custom lipstick)

• Marc Jacobs Beauty (paused, expected relaunch)

🎯 Kendo operates like an in-house VC fund with Sephora distribution data as deal flow. It lets LVMH prototype brands with startup agility while retaining luxury cachet, a blueprint for conglomerate venture building.

💆‍♀️ KilgourMD Raises $5M to Scale Women’s Scalp Health

KilgourMD, a dermatologist-led scalp-care brand, has closed a $5 million round (led by Willow Growth Partners) to address hair thinning driven by menopause, GLP-1 use, and hormonal change.

Why it matters:

• Targets an underserved category in women’s health.

• Leverages dermatologist authority and clinical data for credibility.

• Premium pricing ($89 per treatment serum) balances margin and accessibility.

Context:

• Unilever → K18 ($100 M+ rev, biotech hair-repair).

• L’Oréal → Color Wow (2025, $300 M rev, $1 B exit).

• BIC → Tangle Teezer (2024, ~£53 M rev, $220 M exit).

🧠 Scalp-care is becoming the new skincare where science, beauty, and prevention converge.

🎙 Podcast Highlight: Immi Co-Founder Kevin Lee on Reinventing Ramen

What happens when tech operators enter CPG and decide to rebuild a beloved comfort food from scratch?

Kevin Lee, Co-Founder of Immi, joins the show to share how he and his co-founder turned ramen into a low-carb, high-protein, plant-based staple without sacrificing taste.

We cover:
🍜 Evolving from “healthy ramen” to taste-first mainstream brand
🕒 Why founders need to “live long enough to catch a trend”
💡 How celebrity investors like Naomi Osaka and Usher came aboard
🛒 Scaling from DTC to Target & Whole Foods retail
💰 Margins, channels, and how food operators can stay profitable

🎧 A must-listen for anyone operating at the intersection of taste, timing, and traction in CPG.

🎧 Watch on YouTube, listen on Spotify.

That’s it for this week.
If you liked this issue, forward to a friend who obsesses over brand strategy, capital flows, or exit timing.

In the Money – following the flow of capital in consumer

P.S. We love talking to brands interested in exiting in the next 3-18 months. If you know of any brands interested in exiting, or any firms trying to help port cos manage turnarounds, we'd love to share a POV.

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