Crawl, Walk, Run of CPG Growth with Anna Whiteman

We sat down with Anna Whiteman of Coefficient Capital to unpack how institutional investors are thinking in 2025.Key takeaways:Venture funding starts a clock. Founders underestimate how quickly VCs need to return capital. Ask yourself: does your model actually require venture dollars?Operate from strength, not scarcity. Don’t raise to feel safe — raise when you have retention, gross margin, and a clear ROI path for growth spend.Retail success ≠ scale fast. Nail product-market fit in DTC first. Then test retail in small doors before national rollouts. “Hero SKU. Double facings. Iterate fast.”Discipline wins. The best brands today balance growth and profitability from day one — and are more fundable because of it.Anna also teased that TikTok Shop has now surpassed Sephora in GMV. Yes, you read that right.