# Investor Spotlight: Andrew Montgomery, Partner at Collaborative Fund

- Show: [The Startup CPG Podcast](https://hardwarepodcasts.com/podcast/the-startup-cpg-podcast)
- Published: 2025-08-23
- Length: 49m
- Episode: 189
- Page: https://hardwarepodcasts.com/podcast/the-startup-cpg-podcast/2025-08-23-investor-spotlight-andrew-montgomery-partner-at-collaborative-fund
- Listen: https://share.transistor.fm/s/2da8bcd1

## Summary

Andrew Montgomery, Partner at Collaborative Fund, explains the firm's investment philosophy, which centers on the 'villain test'—ensuring products are compelling enough for a self-interested user to choose them over incumbents. He details how Collaborative Fund evaluates founders by looking for 'inevitability,' strong community traction (citing Bandit Running), and sticky retention metrics (citing Rhythm Health). Montgomery provides specific guidance on fundraising strategy, advising founders to build momentum through a 'drip campaign' of announcements and to structure their pitch decks to highlight brand, market size, and founder traits while avoiding premature valuation discussions.

## Outline

1. Introduction: Andrew Montgomery and Collaborative Fund Background
2. The Villain Test and Investment Philosophy
3. Defining Stages, Check Sizes, and AUM
4. Evaluating Founder-Investor Alignment
5. The Diligence Process and First Meeting Expectations
6. Key Signals: Brand, Market Size, and Founder Traits
7. Differentiation Examples: Bandit Running and Rhythm Health
8. Structuring the Ask and Valuation Strategy
9. Enduring Trends: Distribution, AI, and Precision Health
10. Timing the Fundraise and Contact Information

## Topics

- [Fundraising & investors](https://hardwarepodcasts.com/topic/fundraising)
- [Validation & product-market fit](https://hardwarepodcasts.com/topic/validation-and-product-market-fit)
- [Marketing & brand](https://hardwarepodcasts.com/topic/marketing-and-brand)
- [Leadership, teams & culture](https://hardwarepodcasts.com/topic/leadership-and-culture)
- [Growth, exits & acquisitions](https://hardwarepodcasts.com/topic/growth-exits-and-acquisitions)

## Most relevant to

early-stage companies

## Mentioned

- Collaborative Fund (company)
- Lovevery (company)
- Olipop (product)
- The Farmer's Dog (company)
- Sweetgreen (company)
- Bandit Running (company)
- Rhythm Health (company)
- Smash Kitchen (company)
- Whoop (product)
- Loyal (company)
- Rode (company)
- ChatGPT (product)
- Google (company)
- Whole Foods (company)
- Costco (company)
- Erewhon (company)
- Talkshop (company)
- Starbucks (company)
- TechCrunch (company)
- Michael Arrington (other)
- Craig Shapiro (other)
- Samir Mehta (other)
- Sean Cain (other)
- Glenn Powell (other)
- Tim (other)
- Nick (other)
- Ardith (other)
- Robbie (other)
- Hannah Dittman (other)
- Ready Basics (company)
- Triplelift (company)
- Hungryroot (company)
- Tala (company)
- Upstart Financial (company)
- Reddit (company)
- Kickstarter (company)
- eta (company)
- Speak (company)
- Conde Nast (company)
- Sony Music (company)
- Heim Saban (company)
- Strayer Education (company)

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- [Advice Line with Eric Ryan of Method returns](https://hardwarepodcasts.com/podcast/how-i-built-this/2026-04-23-advice-line-with-eric-ryan-of-method-returns) (How I Built This)
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