Investor Spotlight: Alcohol & Vice Investing with Jason Sherman of Top Shelf Ventures

The Startup CPG Podcast

Startup CPG

Startup, Food, Business, Beverage, Cpg, Entrepreneurship

4.9 • 642 Ratings

🗓️ 16 August 2025

⏱️ 53 minutes

🔗️ Recording | iTunes | RSS

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Summary

In this episode of the Startup CPG Podcast, Hannah Dittman speaks with Jason Sherman, Co-Founder and Managing Partner at Top Shelf Ventures, an early-stage fund specializing in alcohol and vice brands. Jason shares his journey from Harvard Law to leading billion-dollar investments at AB InBev, to building and selling one of the fastest-growing alcohol companies in the United States, and ultimately launching Top Shelf Ventures to back the next generation of disruptive brands. Drawing on over a decade of operational and investment experience, he offers a candid look at what founders need to know to succeed in this unique category.

Gain valuable insights into identifying the right markets, avoiding costly expansion mistakes, and understanding the key metrics that matter most to investors, such as velocity, retention, and operational efficiency. Jason explains why many alcohol industry exits occur earlier than in other CPG sectors, shares practical fundraising strategies, and outlines how to effectively position a brand for acquisition. He also discusses what differentiates Top Shelf Ventures in a competitive funding landscape and how his team works closely with founders to support growth.

Tune in to learn how to stand out to investors, grow strategically, and set your brand on the path to a profitable exit.

Listen in as they share about:

Top Shelf Ventures Overview
Defining “Vice” & Category Boundaries
Stage, Check Size, and Metrics
Distribution Strategy
Examples of Successful Approaches
Margins & Profitability
Fundraising Guidance
First Investor Meeting Best Practices
Exit Strategies & Acquisition Dynamics

Episode Links:

Website: http://topshelfventures.com/

LinkedIn: https://www.linkedin.com/company/topshelfventures/
LinkedIn: https://www.linkedin.com/in/jasondsherman/

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Show Links:

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

Transcript

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0:00.0	Brands should focus on where they think they'll sell the best.
0:14.7	Brands in the alcohol space, they aren't all the same in every place.
0:19.2	You know, and I think when you're thinking about your consumer and who's going to want to order it,
0:23.1	it may work and you may have a brand that only does well in New York City and Miami, Los Angeles,
0:28.1	so you should expand to those three states, right?
0:30.6	That's where you should be.
0:32.0	Or you could be like a carbless or a mom water that do terribly in major cities,
0:37.3	but do exceptionally well in the rural Midwest.
0:44.2	Hey, everybody. I'm Hannah Ditman, Operations and Finance correspondent at Startup CPG and the current founder of Ready Basics.
0:51.7	As a former CPG investor, I'm especially excited to host this investor
0:55.7	spotlight with Jason Sherman of Top Shelf Ventures. If you're building in the alcohol space
1:00.0	or just want to understand how investors think, this episode is for you. We're going behind
1:05.0	the scenes with Jason Sherman of Top Shelf Ventures and Early Stage Fund focused on the next
1:09.1	generation of alcohol and vice brands.
1:11.8	Jason brings a deep operational background with experience across the alcohol industry, including
1:16.4	a wealth of knowledge from his time at AB. He sat in nearly every seat, founder, operator, and investor.
1:22.7	In this conversation, we break down what founders should really know about the fundraising process,
1:26.8	investor psychology, and target metrics that matter.
1:29.7	We also dig into what makes the alcohol category unique and exits and acquisitions in the space.
1:35.0	So crack open that can or pop that cork and let's get into it.
1:39.9	Cheers!
1:47.0	Hey, everybody! Cheers. Hey everybody. Welcome back to the Startup CPG podcast. I'm Hannah. And today I'm here with Jason Sherman and investor from Top Shelf Ventures. Jason, welcome to the show.
	...

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