Consumer VC takes a look into early-stage consumer investing and venture capital. If you are interested in learning about consumer trends, have a b2c business and interested in learning about the fundraising process at the early stage, you have come to the right place.
Mike interviews some of the top venture capitalists in the world that focus on B2C and consumer type companies or have a deep track record investing in these categories such as marketplaces, SaaS, social, CPG and non-tech subscription.
Mike also interviews founders that are building some of the most disruptive consumer facing companies in the world. The conversation usually includes the insight the founder discovered, fundraising strategy, and the pitch.
This podcast also includes bonus episodes. Each bonus episode dives into a particular subject that might not have to due with the fundraise or venture capital, but still would be helpful to founders. For example, a bonus episode on brand strategy or how to construct a board of directors. All bonus episodes will be clearly labeled.
For all episodes, please visit www.theconsumervc.com. For updates, you can follow @mikegelb on Twitter.
Consumer VC takes a look into early-stage consumer investing and venture capital. If you are interested in learning about consumer trends, have a b2c business and interested in learning about the fundraising process at the early stage, you have come to the right place.
Mike interviews some of the top venture capitalists in the world that focus on B2C and consumer type companies or have a deep track record investing in these categories such as marketplaces, SaaS, social, CPG and non-tech subscription.
Mike also interviews founders that are building some of the most disruptive consumer facing companies in the world. The conversation usually includes the insight the founder discovered, fundraising strategy, and the pitch.
This podcast also includes bonus episodes. Each bonus episode dives into a particular subject that might not have to due with the fundraise or venture capital, but still would be helpful to founders. For example, a bonus episode on brand strategy or how to construct a board of directors. All bonus episodes will be clearly labeled.
For all episodes, please visit www.theconsumervc.com. For updates, you can follow @mikegelb on Twitter.
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He helped scale JUUL from $1M to $1B in just three years. Now, he’s investing in the next generation of consumer brands.
In this episode, Mike sits down with Alex Cantwell, founder of Cartograph Ventures, an early-stage technology and consumer fund built by operators for operators. Alex shares what it was really like to scale one of the most controversial startups in the world—and what he learned about hypergrowth, backlash, regulation, and leadership along the way.
You’ll learn:
✅ How JUUL went from failure to billion-dollar rocket ship
✅ Why vape shops—not gas stations—became JUUL’s secret weapon
✅ What founders get wrong about retail expansion
✅ The dark side of hypergrowth and founder burnout
✅ Why “disruption” always invites controversy
✅ How operator-investors think differently about building vs. funding
✅ The future of vice categories: nicotine, caffeine, and beyond
✅ Why fiber might be the next big consumer trend
👉 If you want to understand how to build a disruptive brand, survive a backlash, and think like an operator-investor—this conversation is packed with hard-won lessons.
Timestamps
00:00 Intro
01:00 From Wharton to JUUL: The Accidental Entry Point
03:00 Why JUUL Failed in Gas Stations
05:00 Finding Early Adopters in Vape Shops
07:00 Rethinking Retail & Route to Market
09:00 The Fallacy of “Instant Scale” with Big Retail
11:00 Lessons from Hypergrowth Inside JUUL
13:00 The Psychological Cost of Scaling Too Fast
15:00 What JUUL Got Right (and Wrong)
17:00 Should JUUL Have Been Banned?
19:00 Why Every Disruptive Brand Becomes a Lightning Rod
21:00 How Operator VCs Think Differently from Traditional Investors
25:00 The Real Difference Between Operators and Financial Investors
30:00 Betting on Regulated Categories (and Knowing When to Walk Away)
33:00 The Nicotine Pouch Boom: Zen vs. JUUL
36:00 Is Nicotine in a Harm Reduction Era?
38:00 Nicotine vs. Caffeine: The Mental Shift
41:00 Why Venture Has Become Hits-Driven
43:00 The “Cowboy Diet”: Protein, Nicotine & Caffeine
45:00 The Future of Consumer: Simplicity, Identity, and Less Friction
48:00 When to Go Deep vs. Broad in Retail
50:00 What Great Founders Do Differently
53:00 Why Operator-Led Funds Push Founders Harder
56:00 The Real Bubble in AI (and What Comes Next)
60:00 Underrated Categories: Why Fiber Might Be the Next Big Thing
63:00 Lightning Round: Lessons, Regrets & Fast Food Favorites
📬 Subscribe for more founder stories & scaling insights: 👉 The Consumer VC Newsletter - https://www.theconsumervc.com/
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