Investment Climate Podcast: Iris Ventures’ Florian Wojewodzki on the CPG Venture Math Behind a Series A

In this episode of the Investment Climate Podcast, Florian Wojewodzki, Partner at Iris Ventures, discusses the CPG venture math behind a Series A investment. He shares insights into Iris Ventures' investment strategy, including underwriting deals to 4x their money, targeting a 3-5 year hold, and seeking 15-25% ownership with initial checks of €7-8M. Florian emphasizes the importance of founder incentives and transparency in the investment process, mentioning instances where they have asked existing cap tables to return points to founders who have been over-diluted.

Florian also discusses the health-and-wellness supercycle, explaining why it is reshaping consumer spending habits and how novel, science-backed ingredients are more valuable than commoditized brands. He shares the thesis behind Iris Ventures' recent seed investment in Lucille, a senior-nutrition brand targeting an un-innovated market. Listeners can gain valuable insights into what it takes for consumer brands to clear the Series A bar, the pitfalls to avoid in valuation and dilution, and the importance of aligning founder incentives with long-term success.