In this episode of the Startup CPG Podcast, host Hannah Dittman sits down with Nate Cooper, investor at Barrel Ventures, to explore what early-stage venture capital investors actually look for in food and beverage brands. The conversation dives deep into evaluating product-market fit, understanding the metrics and founder traits that drive conviction in early deals, and why specialization and operator DNA matter when building sustainable CPG brands.
Nate shares his unconventional journey from growing up in a multi-generational food family to building and failing at his own CPG startup (Wise Apple) to becoming an early-stage investor—with Olipop as his very first angel check. He discusses how Barrel Ventures approaches pre-seed to Series A investments ($100K-$750K checks) with hyper-specialized focus on anything pre-farm to post-fork, backed by a network of food industry families, corporates, and executives as LPs.
Drawing from portfolio successes like Olipop, Gonanas, and Nowadays, Nate reveals what separates compelling investment opportunities from brands that aren't quite ready—and how founders can position themselves for fundraising success before they start raising capital. He emphasizes that velocity matters exponentially more than door count, margins must be evaluated relative to category benchmarks, and the "messy middle" of CPG growth (slotting fees, distribution, team building, inventory management) is where most brands struggle.
Throughout the episode, Nate shares critical insights on founder evaluation, including his personal litmus test for investment decisions: "Would I work for this person?" He discusses why humility, grit, team-first language ("we" vs. "me"), and pattern recognition are key indicators of long-term success. Nate also explores why non-consensus bets often become the biggest winners, how to prepare for diligence with radical transparency, and why showing your warts early builds investor trust better than hiding them.
Whether you're building toward your first angel round, preparing for institutional capital, or evaluating early-stage investors, this conversation offers clarity on what food-focused VCs care about most when backing mission-driven founders building real, durable businesses.
Connect with the guests:
Nate Cooper — Investor, Barrel Ventures
🔗 LinkedIn: / nathan-cooper-2ba9aa19
🌐 Website: https://www.barrelvc.com/
🔗 LinkedIn: / about
Hannah Dittman — Host, Startup CPG
🔗 LinkedIn: / hannah-dittman-011b844b
Key Moments:
02:26 – From multi-generational food family to failed founder: Nate's unconventional path to investing
04:32 – Barrel Ventures thesis: pre-farm to post-fork, $100K-$750K checks, early-stage food focus
07:06 – Landing Olipop as first angel investment and getting hands dirty with portfolio companies
11:16 – What founders need before fundraising: margins, velocity over door count, focused vision
16:45 – Why compounding growth (3 triples, 2 doubles) beats hypergrowth in CPG
22:51 – Building conviction: Nate's litmus test of "Would I work for this person?"
28:28 – Non-consensus bets that win: Why Olipop and Nowadays reminded Nate of category winners
32:49 – Preparing for diligence: Show your warts early and build trust through radical transparency
About Startup CPG:
Startup CPG is the largest community for emerging brands: 35,000+ Slack members, the #1 podcast in CPG, 100+ events per year, and award-winning resources to help brands grow. Join free today: https://startupcpg.com/sign-up
Stay connected:
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🔗 LinkedIn: / startupcpg
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