#237 - Inside Founders & Funders with Alex Michaelsen from Leisure Hydration and Alex Malamatinas from Melitas Ventures

The Startup CPG Podcast

Startup CPG

Startup, Food, Business, Beverage, Cpg, Entrepreneurship

4.9 • 642 Ratings

🗓️ 24 February 2026

⏱️ 42 minutes

🔗️ Recording | iTunes | RSS

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Summary

In this episode of the Startup CPG Podcast, host Daniel Scharff recaps the biggest investor event of the year—Founders & Funders—with two standout guests: Alex Malamatinas, founder of Melitas Ventures, and Alex Michealsen, founder and CEO of Leisure Hydration. Together, they pull back the curtain on what it's really like to be in the room: from the 10-minute speed dating meetings to the panel content, the VC dinner, and the hard-won fundraising lessons early-stage founders need to hear.

Alex Malamatinas shares what makes a founder truly stand out in a short meeting—charisma, clear vision, and product differentiation—and why meeting in person unlocks things a deck simply can't. Alex Michealsen breaks down his methodical approach to pitching: leading with questions for the investor, then firing off the numbers that matter most (velocity, contribution margin, channel performance) before the bell rings. He also introduces the "CPG triangle"—margin, velocity, and cash flow management—as the framework every operator should run every decision through.

The conversation covers the nuances of margin (why contribution margin is the only one that truly matters when running a business), how to build investor relationships over years rather than days, and why the prep work before an event like Founders & Funders is just as important as the meetings themselves. Both guests also offer candid feedback on how to make the event even better next year.

Whether you're an early-stage brand trying to break into the investor ecosystem, a founder preparing your first pitch, or just trying to understand what VCs are actually looking for, this episode delivers honest, tactical insight from two people who've been on both sides of the table.

Listen in as they discuss:

The Founders & Funders format: curated one-on-one meetings, 70 VCs, 160 brands, and 600+ meetings in a day
What makes a founder stand out in a 10-minute meeting: vision, charisma, and knowing your numbers cold
Alex Michealsen's pitch framework: interview the investor first, then lead with velocity and contribution margin
The CPG triangle: why margin, velocity, and cash flow management are the only three things that matter as an operator
Margin explained clearly: product margin vs. gross margin vs. contribution margin—and why contribution is king
Why beverage brands' Amazon contribution margin is often lower than retail despite higher gross margin
Building investor relationships over years, not days—and why most of Leisure's investors took two years to close
PR and content from the event: hot deals of 2025, trends vs. fads, real talk on margins, deal terms 101, and a keynote with Paul Vogue
Ideas for leveling up Founders & Funders: wildcard meetings for early-stage brands and mixed founder-investor social events
The Startup CPG Roadshow: a mobile version of Founders & Funders coming to major cities in 2025

Episode Links:

Founders and Funders: fandf.startupcpg.com

Alex Malamatinas – Founder & Managing Partner, Melitas Ventures
LinkedIn: https://www.linkedin.com/in/alex-malamatinas-17a25124/

https://www.linkedin.com/company/melitasventures/

Alex Michealsen – Co- Founder & CEO, Leisure Hydration

LinkedIn: https://www.linkedin.com/in/alex-michaelsen-35b395162/

https://www.linkedin.com/company/leisure-hydration/

Don't forget to leave a five-star review on Apple Podcasts or Spotify if you enjoyed this episode. For potential sponsorship opportunities or to join the Startup CPG community, visit http://www.startupcpg.com.

Show Links:

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Questions or comments about the episode? Email Daniel at podcast@startupcpg.com
Episode music by Super Fantastics

Transcript

Click on a timestamp to play from that location

0:00.0	All right, my friends, over the next few months, we get to feature some of the amazing brands backed by Redwood Capital Partners.
0:08.7	They are one of the leading funds in the space.
0:10.9	You need to know about them, and you're going to hear about one of the brands in their consumer fund.
0:14.9	So here we go.
0:15.8	If you believe great food starts with great ingredients or you're just a hummus fan, you need to know about Little Sesame. They are on a mission to make the world smoothest hummus using organic and
0:26.3	regeneratively grown chickpeas from Montana and zero shortcuts. It's chef crafted, obsessively smooth,
0:33.2	and made fresh in their own hummus factory right outside my hometown, Washington, D.C.
0:38.6	You can find Little Sesame nationwide at retailers like Whole Foods and Sprouts or order directly online.
0:44.6	Visit eatlittlecesome.com and use our code startup CPG for 20% off.
0:51.4	Enjoy.
1:12.6	I think it's really important to not put too many people at the table. If you get 10 people giving you advice, you're going to get 10 different responses, and a lot of them are going to be in completely outless of directions.
1:20.6	So I think finding the right people at different stages and in different parts of the industry that can guide you is super impactful.
1:28.5	But then not always taking advice at face value.
1:32.9	Like, I think it's really important in something that's helped us a lot is getting advice,
1:38.3	digesting it, and then contextualizing it to your business.
1:43.8	Hello, friends.
1:45.1	Back in December, startup CPG put on the biggest investor event of the year.
1:49.3	It's called Founders and Funders.
1:51.3	We had the 70 most active VCs, the top 160 brands of the year, and we facilitated
1:57.2	more than 600 one-on-one meetings.
1:59.7	I'd love for you to hear all about what it was
2:01.6	actually like to be at this unforgettable event, both from the brand and VC perspective.
	...

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