The Startup CPG Podcast

In this episode of the Startup CPG Podcast, host Hannah Dittman sits down with Elly Truesdell, founder and Managing Partner at New Fare Partners — a seed and Series A venture fund investing exclusively in food and beverage across the value chain. Elly brings one of the most distinctive full-stack perspectives in consumer investing: she spent nearly a decade at Whole Foods leading local brands and product innovation across the Northeast region and then globally, ran a co-manufacturing facility for 18 months, and co-founded Made by Nacho — a premium cat food brand launched with Bobby Flay that recently closed a successful acquisition. That rare combination of retail buying, operating, and founding experience is the backbone of what New Fare brings to its portfolio.

New Fare Fund 1 is a $20M vehicle (plus a couple of SPVs, bringing total AUM to around $25M), and the fund writes first checks of $500K to $1M at seed and Series A, with the intention of getting to know founders for months — and often years — before investing.

Hannah and Elly dig into what the Venn diagram between retail buying diligence and investor diligence actually looks like, how founders should adjust their pitch when moving from buyer conversations to investor conversations, and what the right team structure looks like when gearing up for a fundraise. They also tackle the question straight from the Startup CPG Slack community: what matters more — sales growth or profitability?

Listen in as they cover:
Elly's path from Whole Foods local brands and innovation to co-manufacturing to co-founding Made by Nacho with Bobby Flay to launching New Fare Partners
New Fare's fund structure, check size, stage focus, and investment thesis around the modern eater and premiumization
The Venn diagram between retail buyer diligence and investor diligence — where they overlap and where they diverge
How founders should adjust their pitch when moving from buyer conversations to investor conversations
The power dynamic difference: why your investor relationship should not look like your retailer relationship
What Elly looks for in founders — motivation, conviction, and why she wants to see a little pushback in term sheet negotiations
Portfolio spotlights: Lucille (senior nutrition), NARA Organics (infant formula), and Bachan's (Japanese BBQ sauce)
Team structure advice: two paths to building — formidable infrastructure from day one vs. lean and fractional with finance as the non-negotiable first hire
The Slack community case study question answered: sales growth vs. profitability — and why it's life stage dependent
Why the overcorrection toward profitability has not lowered growth expectations — the bar is just higher now
Consumer behavior and macro trends driving New Fare's thesis: premiumization, time collapse, and the shift in how people receive food

Whether you're a founder preparing for your first fundraise, an operator navigating the retail-to-investor pivot, or someone building in food and bev who wants to understand how the smartest investors in the room are actually thinking — this episode is a must listen.

Episode Links: 

New Fare Partners: https://www.newfarepartners.com
Elly Truesdell on LinkedIn: https://www.linkedin.com/in/elly-truesdell-5106b65b/ 
New Fare Partners on LinkedIn: https://www.linkedin.com/company/new-fare/ 

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 (35K+ members and growing!)
Follow @startupcpg
Visit host Hannah's Linkedin 
Questions or comments about the episode? Email Daniel at [email protected]
Episode music by Super Fantastics

If you’re interested in learning more about the science behind Cognizin,
Head to www.cognizin.com to learn more.

In this episode of the Startup CPG Podcast, host Caitlin Bricker sits down with Hannah Pollack, founder and CEO of Nightingale Ice Cream Sandwiches—a high-quality ice cream novelty brand celebrating its 10th anniversary. Nightingale crafts elevated ice cream sandwiches using non-GMO, sustainably sourced ingredients in flavors like key lime pie, banana pudding, and caramel churro that melt the way real ice cream should.
Hannah shares how leaving the Marine Corps led her to culinary school, where she met her husband—a classically trained Belgian chef she lovingly calls Belgian Santa Claus—and how a dessert on their restaurant menu became the foundation of a nationally distributed brand. Caitlin shares how she first encountered Nightingale at the UNFI trade show in June 2025, courtesy of a very enthusiastic fellow exhibitor, and has been a devoted fan ever since.
Together, they dig into what real ice cream actually is (and what frozen dairy desserts are trying to get away with), the strict temperature logistics of scaling a frozen novelty from Richmond, Virginia to California, and why doing site visits with distribution partners is non-negotiable. Plus, Hannah shares breaking news about Nightingale's expansion into 175 Whole Foods center store locations.

Listen in as they cover:
How a restaurant dessert became a nationally recognized ice cream sandwich brand
The real difference between ice cream and frozen dairy desserts—and why it matters
Why Nightingale's ice cream melts like ice cream should, and the challenge of keeping it that way through distribution
The red flags and green flags Hannah looks for when vetting distribution partners
How a culinary background and mise en place mentality shaped the way they run their facility
Seasonality in frozen: what April through August looks like for a brand like Nightingale
The breaking news on their Whole Foods center store expansion into 175 locations
What 10 years of growth looks like—from hand-stamped packages at farmers markets to Food Network and Food & Wine recognition

Whether you're a founder navigating the frozen aisle, a buyer looking for the next standout novelty brand, or someone who's been burned by a frozen dairy dessert pretending to be ice cream, this episode is for you.
Episode Links:
Nightingale Ice Cream Website: https://www.nightingaleicecream.com 
Instagram: https://www.instagram.com/nightingaleicecream/ 
Hannah Pollack on LinkedIn: https://www.linkedin.com/in/hannah-pollack-a231b12b2/ 
Nightingale Ice Cream on LinkedIn: https://www.linkedin.com/company/nightingale-ice-cream-sandwiches/

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 (35K+ members and growing!)
Follow @startupcpg
Visit host Caitlin's Linkedin 
Questions or comments about the episode? Email Daniel at [email protected]
Episode music by Super Fantastics

If you’re interested in learning more about the science behind Cognizin,
Head to www.cognizin.com to learn more.

In this episode of the Startup CPG Podcast, host Daniel Scharff sits down with Blake Horn and Ryan Hall, both partners at CPG-exclusive law firm Giannuzzi Lewendon, to dig into one of the most overlooked parts of building a brand: doing it legally right from day one. From horror stories at the closing table to the nuances of vesting schedules and co-founder agreements, Blake and Ryan share hard-won lessons and cautionary tales that every founder — at any stage — needs to hear.

Blake opens with a jaw-dropping story of a founder at a multi-hundred-million-dollar exit who got a call from someone they hadn't thought about in 20 years claiming to own half the company — based on a napkin agreement. Ryan follows with a tale of informal equity promises that produced costly litigation and wiped out a significant chunk of sale proceeds. Both stories drive home the same lesson: the problems you ignore early on don't disappear — they compound.

The conversation covers the most common early-stage mistakes: misclassifying employees as independent contractors, failing to put basic offer letters and IP agreements in place, and making informal equity promises without documentation. Blake and Ryan explain why these issues are the number one thing that surfaces in investor and acquirer diligence — and why cleaning them up gets exponentially harder the longer you wait.

They also get into the nuances that make CPG uniquely complex: hourly vs. salaried employees, field reps vs. office staff, co-manufacturer relationships, and why co-founder vesting looks very different in CPG than in tech. Blake and Ryan walk through how to structure equity grants using performance-based and time-based vesting schedules, what acceleration clauses mean at exit, and what to say — and not say — when you have to let someone go.

Whether you're hiring your first employee, bringing on a co-founder, or getting ready to raise a round, this episode is the legal foundation you didn't know you needed.

Listen in as they discuss:
Why informal equity promises and napkin agreements can resurface at the worst possible moment — decades later
The real risks of misclassifying employees as independent contractors, and why it's the #1 thing acquirers look for in diligence
The essential documents every early-stage brand should have in place: offer letters, IP/NDA agreements, equity plans, and employee handbooks
Why CPG companies face unique employment complexity — hourly vs. salaried, field reps, contract manufacturers, and more
How vesting schedules work — and when to use performance-based vs. time-based structures
The co-founder vesting conversation: why it's different in CPG, and why you still need to have it
What to do (and what not to do) when you have to terminate an employee — and why a separation agreement is a powerful cleanup tool
How to audit your employment practices before a fundraise or acquisition so you're not scrambling at the last minute
Why using AI or generic templates for employment documents is a false economy — and what it actually costs to fix them later

Episode Links:
Blake Horn – Partner, Giannuzzi Lewendon
LinkedIn: https://www.linkedin.com/in/blake-horn-45034020/
Ryan Hall – Partner, Giannuzzi Lewendon
LinkedIn: https://www.linkedin.com/in/ryan-hall-3517344/
Giannuzzi Lewendon
Company LinkedIn: https://www.linkedin.com/company/giannuzzi-lewendon-llp/
Website: https://gllaw.us/ or email either of them at [email protected] and [email protected].

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 (35K+ members and growing!)
Follow @startupcpg
Visit host Daniel's Linkedin 
Questions or comments about the episode? Email Daniel at [email protected]
Episode music by Super Fantastics

If you’re interested in learning more about the science behind Cognizin,
Head to www.cognizin.com to learn more.

In this episode of the Startup CPG Podcast, host Hannah Dittman sits down with Denise Lambertson, founder and Managing Partner at Constellation Capital — a boutique follow-in venture fund investing in consumable CPG and wellness brands. Denise brings one of the most distinctive backgrounds in consumer investing: she began her career as Madonna's executive assistant, spent six years producing world tours and brand partnerships, then built LMS, a pioneering celebrity and influencer marketing agency that served nearly 250 businesses over 15 years. That experience became the foundation for Constellation Capital, where she pools celebrity, athlete, influencer, and operator LPs to deploy both capital and deep marketing expertise into emerging brands.

Constellation's Fund 1 ($10M, fully deployed, launched 2018) concentrated heavily on consumable CPG, and Fund 2 (targeting $25M) is currently in market. The fund writes initial checks of ~$250K as a follow-in investor — meaning Denise doesn't lead rounds or set terms, but invests alongside institutional or angel leads and brings differentiated value through what she calls her "network capital advantage."

Hannah and Denise dig into what it really means to be a follow-in investor, what Denise's diligence process looks like through a marketing lens, and what she's seeing work — and not work — in digital and influencer marketing today. They also tackle the growing importance of AI literacy for CPG founders, what pre-launch marketing done right actually looks like, and what team structure should look like before an early-stage fundraise.

Listen in as they cover:
Denise's path from Madonna's executive assistant to pioneering celebrity/influencer marketing to venture capital
Constellation Capital's fund structure, LP base (celebrities, athletes, influencers, operators, independent grocers), and investment thesis
What a follow-in investor actually does — and how it differs from a lead investor
How Denise sources deals, collaborates with co-investors, and adds value post-check
The "network capital advantage" and why celebrity alone does not make a business
A standout portfolio company that built 30,000 qualified email subscribers before launch — and why it worked
What founder EQ looks like: the portfolio founder who consistently does exactly what she says she'll do
Why AI literacy is now a core diligence criterion in Fund 2 — and how it can add 12–18 months of runway
Influencer marketing reframed: building it as a performance channel and distribution network, not just getting posts
Why "we haven't spent anything on marketing" is not a flex — and what investors actually want to see
Team structure advice: no more than four people pre-fundraise, lean into fractional talent and AI tools
How to reach Denise, co-invest with Constellation, and get started in CPG investing

Whether you're a founder preparing to fundraise, an operator building out your marketing strategy, or someone curious about what non-traditional paths into venture capital look like, this episode is full of sharp, practical insight from someone who's been in the room — and on the stage — from the very beginning.

Episode Links:

Constellation Capital: [constellationcapital.com]
Denise Lambertson on LinkedIn: linkedin.com/in/deniselambertson
Denise Lambertson on Substack: Constellation Capital
Pitch Constellation: [email protected]
Co-invest or connect: [email protected]
Angel investing platforms mentioned: Sidecar (sydecar.com), AngelList

Connect with the guest: 
Denise Lambertson — Founder & Managing Partner, Constellation Capital 
🔗 LinkedIn: https://www.linkedin.com/in/deniselambertson/ 
📧 Pitch: [email protected] 
📧 Connect/co-invest: [email protected]

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 (35K+ members and growing!)
Follow @startupcpg
Visit host Hannah's Linkedin 
Questions or comments about the episode? Email Daniel at [email protected]
Episode music by Super Fantastics

If you’re interested in learning more about the science behind Cognizin,
Head to www.cognizin.com to learn more.

In this episode of the Startup CPG Podcast, host Caitlin Bricker sits down with Gabriella Labi and Tonya Reznikovich, co-founders of Gato Dates—dark chocolate covered, nut butter stuffed Medjool dates in four decadent flavors: pistachio butter, cashew butter and walnut, almond butter, and peanut butter.

Gabriella shares how years of working with functional medicine doctors, studying nutrition, and hosting Friday night Shabbat dinners led her to create a treat she could eat every day without guilt—one that just happened to blow every guest's mind. Tonya shares how one bite at that dinner table sent her straight to the freezer for seconds and eventually to writing a full business plan email.

Together, they built Gato Dates from a home kitchen staple into a brand with celebrity fans, a loyal DTC following, and major retail accounts on the horizon—all while staying true to the premium, giftable identity that sets them apart in a crowded snack landscape.

Caitlin and Gabriella and Tonya dig into why quality ingredients are non-negotiable, how five months of LA farmers markets became their proof-of-concept lab, and why organic celebrity discovery (think: LeAnn Rimes sharing with Kristin Cavallari) beats any influencer gifting strategy. They also cover the logistics of co-packing whole Medjool dates, the case for local delivery as a farmers market transition, and what it really looks like to go full-time on a food brand in year two.

Listen in as they cover:
How a Shabbat dinner dessert became the foundation of a luxury confection brand
Why Medjool dates are the perfect vessel—and why size really does matter
The farmers market strategy that generated $1,500 on day one and proved the concept
How LeAnn Rimes, Kristin Cavallari, and Addison Rae found Gato Dates completely organically
The giftable format strategy that's turning customers into brand ambassadors
Their retail expansion playbook: knocking on doors, building buyer relationships, and landing major grocery accounts
What being invited into a giveaway with Fishwife, Poppy, and Loops Beauty meant to them
The upcoming healthy Nutella spread and what's next for the brand
Why year two is the hardest—and what separates brands that survive from those that don't

Whether you're a founder figuring out how to scale a premium food product, a buyer looking for the next breakout confection brand, or a date obsessive who just needs to know where to get your next fix, this episode is for you.

Episode Links: 
Gato Dates Website: https://gatodates.com 
Gabriella Labi on LinkedIn: https://www.linkedin.com/in/gabriella-labi-25a3079b/ 
Tonya Reznikovich on LinkedIn: https://www.linkedin.com/in/tonya-reznikovich/
 Gato Dates on LinkedIn: https://www.linkedin.com/company/gato-dates/

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 (35K+ members and growing!)
Follow @startupcpg
Visit host Caitlin's Linkedin 
Questions or comments about the episode? Email Daniel at [email protected]
Episode music by Super Fantastics