In this episode, I sit down with Caroline Weintraub of True Beauty Ventures, one of the most respected specialist investors in the beauty and wellness space. Caroline breaks down what she and her team look for when evaluating early-stage brands; from their “Five P’s” framework (Positioning, Product, People, Performance, Partnership) to the importance of strong omni-channel distribution and true differentiation in crowded categories.We dive into:- What milestones matter most before raising capital (2–5M revenue, Sephora/Ulta placement, retention & margins).- Why patented tech and expert-led brands (like K18 and Dew) are standing out.- How TBV’s portfolio flywheel creates advantages in retail, data, and partnerships.- Caroline’s perspective on the tight fundraising environment, and why bootstrapping early can lead to better outcomes for founders.- The convergence of beauty and wellness and where she sees opportunity next.- Why affiliate marketing is outperforming traditional influencer campaigns today.If you’re a founder in beauty, wellness, or consumer, this conversation is packed with practical insights on fundraising, positioning, and scaling with the right partners.