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: diligence@constellationcapital.com
- Co-invest or connect: info@constellationcapital.com
- 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: diligence@constellationcapital.com
📧 Connect/co-invest: info@constellationcapital.com
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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 podcast@startupcpg.com
- Episode music by Super Fantastics
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