OWN THE NEXT
GENERATION OF
CONSUMER BRANDS.
Investing the moment a brand proves itself: reorders, margins that hold at full price, an aisle worth owning.
Most angel groups evaluate pitches. We invest after the First Run Accelerator has already built and validated the brand for our filter. The First Run Angel Group (FRAG) sits between the accelerator and the fund — the exact moment conviction is earned and the valuation is still early.
Pitches are
opinions. Shelves
are evidence.
| What you're underwriting | A typical angel group | First Run Angel Group |
|---|---|---|
| The product | A deck and a sample | Built for the consumer, not for a co-packer |
| The margins | A model in a spreadsheet | Checked at full price, after trade |
| The demand | A launch plan | Reorders on real shelves, door by door |
| The relationship | A one-hour meeting | Relationship working alongside one another |
| The price | Whatever the round is marked at | Set before the Series A markup |
Proof is up.
Price isn't yet.
Valuations balloon at Series A. The group invests where the evidence already exists but the entry basis is still a fraction of what it becomes.
Proof is up.
Price isn't yet.
Valuations balloon at Series A. The group invests where the evidence already exists but the entry basis is still a fraction of what it becomes.
Bar heights are indexed to median food & beverage pre-money valuations by stage. Illustrative, not a forecast.
We build the brand: product, pricing, packaging, first shelves.
Conviction is earned and the valuation is still early.
Doubling down on the breakouts for national scale.
THREE SIGNALS. EVERY DEAL,
EVERY PASS.
Ten years of operating and investing in food and beverage boils down to a single filter. Every deal we bring the group clears all three — and every pass is explained with the same three.
MARGINS
Profitable from price, not promotions. 40–50% gross earned by the product itself.
CUSTOMER OBSESSION
Repeat rate — the one signal that can't be faked. Reordering before marketing spend.
LOW COMPETITION
Stale categories where the work is hard — frozen, cold chain, self-manufacture — so few startups even try.
FOR MEMBERS
You are not judging a pitch. You are judging three signals we have already watched hold up in real stores and distributors.
The Mechanics.
No management fees. No carried interest.
You pick the deals.
Accredited investors by conversation.
We aim for 6–10 deals per year. Early stage consumer food & beverage.
Deal participation is completely flexible. You choose which opportunities, if any, you wish to invest in.
Members typically invest directly into the companies. There are no management fees or carried interest on standard direct investments.
We will occasionally organize a special purpose vehicle (SPV) for select deals when specifically requested by the founder.
As part of First Run's integrated platform (Accelerator + Angel Group + Fund), we have strong visibility into follow-on rounds and will support SPVs where appropriate.