In this episode of the Startup CPG Podcast, host Hannah Dittman sits down with Alex Borschow, Managing Partner at Rocana Ventures, to explore what Series A investors actually look for in consumer brands. The conversation dives deep into defining product-market fit, understanding traction metrics across channels, and why thoughtful, mission-driven capital matters for building sustainable CPG brands.
Alex shares how Rocana Ventures approaches Series A investments ($7-25M revenue) with a focus on authentic better-for-you brands, omnichannel traction, and strong unit economics. He discusses the importance of evaluating velocity metrics in retail, repeat purchase rates in DTC, and why Amazon rankings and reviews are critical indicators of consumer adoption. Drawing from portfolio successes like Olipop, Alex reveals what separates compelling investment opportunities from brands that aren't quite ready—and how founders can position themselves for success before they start raising capital.
Throughout the episode, listeners gain insider perspective on investor-founder dynamics, the traits that define resilient leadership, and practical benchmarks for DTC retention (30-60% vs. outdated 10-12% standards), retail velocities (units per SKU per store per week), and club channel performance. Alex also emphasizes why not every metric has to be perfect to raise capital—but founders must demonstrate accountability, self-awareness, and a clear roadmap for addressing gaps. Whether you're building toward Series A or evaluating your first institutional round, this conversation offers clarity on what matters most when building a fundable, mission-driven CPG brand.
Listen in as they discuss:
- How Rocana Ventures evaluates Series A brands ($7-25M revenue, omnichannel traction)
- What product-market fit looks like across DTC, Amazon, retail, and club channels
- Why repeat purchase rates and customer retention define long-term brand value
- Understanding retail velocity metrics: units per SKU per store per week
- The importance of baseline velocity increases post-promo in retail
- DTC metrics evolution: from LTV/CAC to payback periods and 30-60% retention benchmarks
- Amazon rankings, reviews, and ROAS as critical indicators of consumer adoption
- Club channel dynamics: Costco roadshows, rotation benchmarks, and chunky POs
- Why household penetration and unaided brand awareness matter at scale ($50M+)
- Founder traits that matter most: humility, accountability, coachability, and transparency
- The postmortem mindset: learning from failure and embracing dissonance
- Why Rocana's 60%+ strategic LP base creates differentiated value beyond capital
- How to choose the right investment partner and build relationships before fundraising
- Red flags vs. green flags: confirmation bias, honesty, and addressing weak metrics
- Emerging opportunities Rocana is excited about in better-for-you consumer
Episode Links:
Rocana Ventures
Website: https://www.rocanaventures.com
LinkedIn: https://www.linkedin.com/company/rocanaventures
Alex Borschow - General Partner, Rocana Ventures
LinkedIn: https://www.linkedin.com/in/alexborschow/
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Show Links:
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- Episode music by Super Fantastics
