How a Five-Minute Startup CPG Roadshow Meeting Turned Into an Oversubscribed Pre-Seed Round

In this Founder + Funder episode, host Hannah Dittman sits down with Lindsay Leopold, Founder and CEO of Joy Supply, and Brandon Alster, Founder and Managing Partner of Sling Ventures, to unpack how the two met at a Startup CPG Founders & Funders Roadshow event and went on to close an oversubscribed pre-seed round.

Lindsay comes from a culinary background that includes pastry at one of Tom Colicchio’s restaurants, the Martha Stewart Kitchen as a recipe tester and food editor, and product development for Martha Stewart, Home Chef, and Sakara. Joy Supply brings back a crisp oat cookie from her great-grandfather’s family bakery, which he opened in Illinois after emigrating from Sweden in 1908. Brandon’s firm, Sling Ventures, invests in active lifestyle, “food is health,” and offline experience businesses, and Joy Supply is its first investment in the cookie aisle.

Hannah, Lindsay, and Brandon dig into what made Joy Supply stand out, how a five-minute roadshow meeting turned into months of relationship-building, what Brandon looks for in diligence, and the fundraising lessons both of them would pass on, from embracing rejection to knowing your investor’s thesis. They also tackle a Slack community case study on what to have ready in a data room.

Listen in as they discuss:

How Lindsay and Brandon met at a Startup CPG Founders & Funders Roadshow, with cookies in handWhy Brandon looks for the right founder and a category that needs innovationWhy Joy Supply leads with “we’re delicious” before “we’re healthy”Why the cookie aisle can feel crowded yet stale, and what that means for new brandsHow Lindsay funded the first year of R&D and packaging before raising her pre-seedHow a five-minute meeting grew into a coffee, a steady stream of updates, and a close in AugustHow early retailer enthusiasm and consistent updates built Brandon’s convictionWhy fundraising is “a match, not a prize,” and why researching investors mattersWhy Brandon says to embrace rejection and build supporters through regular investor updatesWhat to have ready in a data room, from a monthly P&L to retailer pipeline and unit economics

Brands and names mentioned in this episode:

Jesse & Ben's SauzRainforest DistributionTate's Bake ShopCentral MarketPalm Tree Crew

Hiring: Lindsay is looking for a content creator or brand marketer in the New York area to work directly with her on activations and content. Sling Ventures is also always looking to meet talented people in social media, operations, sale