Hardware Podcasts

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

The Startup CPG Podcast · 16 Aug 2025 · 52m · Episode 183

What this episode covers

Jason Sherman, Co-Founder and Managing Partner at Top Shelf Ventures, an early-stage fund focused on alcohol and vice brands, shares insights from his background at AB InBev and his experience founding Tapir. He explains that investors prioritize velocity and retention over broad revenue, advising founders to target specific high-velocity markets like New York or Miami rather than expanding prematurely. Sherman highlights the importance of achieving 50% gross margins and profitability by the $1-2 million revenue mark, noting that exits in the alcohol sector often occur at much lower revenue thresholds than other CPG categories due to the operational complexity of managing hundreds of distributors. He advises founders to be open to early acquisition discussions while avoiding minority stakes with major suppliers, and to focus fundraising on inventory and proven marketing levers like sampling.

Most relevant to

early-stage companies

Topics

Mentioned

Companies
Top Shelf Ventures, AB InBev, Tapir
Products
Grazzi, Misguided Spirits, Su Casa Mezcal, Yoju, Tito's, High Noon, Zyn, Heineken, Corona, White Claw, Truly, Carblis, Surfside

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