SugarCap Recap: The Pipes Are Full. Own the Water. Sugar Capital at RAISE, Portfolio Highlights
"You don’t own distribution anymore - You rent it" says Brian Sugar on his blog, AirSugar. Sugar Capital selected to present at RAISE, Lisa Sugar at BITE NYC, Snif in Ulta at Target, and more.
“Adapt or die.” — Billy Beane, Moneyball (2011)
On a call with an LP yesterday reviewing Fund I & II performance and two new bets from Fund III, both consumer.
“Will your software/consumer investment ratio change in Fund III?”
Fair question. Fund I was 60/40 software to consumer. Fund II: 55/45.
The trend was already there.
That question kept me up. Not because of our ratio. Because of the market’s.
The California Gold Rush taught Silicon Valley to sell shovels, not pan for gold. For twenty years, that worked. Infrastructure was the smart money play. Then something shifted. The prospectors learned to mine.
Since 2020, the best returns haven’t come from the pipes. They’ve come from the water. Rhode sold to e.l.f. for up to a billion dollars on $212 million in trailing sales. Poppi commanded $1.95 billion from PepsiCo. Net of tax benefits: $1.65 billion.
For fizzy vinegar.
Read more on AirSugar, Brian's blog.
Sugar Capital News
👸🏼 Sugar Capital partner Lisa Sugar joined the investor panel at BITE NYC 2025, offering her signature mix of sharp insight and founder-first optimism. She shared how she looks for brands with authentic storytelling, strong leadership, and strategic partnerships that extend beyond the product itself. In a room full of dealmakers, Lisa reminded everyone that heart and vision still drive the best investments. Beauty Independent
💰 We are thrilled to announce that Sugar Capital has been chosen as one of only 24 firms to present on the mainstage at the 10th annual RAISE Global Summit in San Francisco on October 23rd. The RAISE Global summit is the premier community for forward-thinking LPs and emerging VC fund managers. RAISE Global Summit
🫒 In GMA’s “Deals & Steals: Mindy Kaling Edition,” Brightland made a delicious cameo among Mindy’s favorite picks. The cult-favorite olive oil brand joined the lineup of beauty and lifestyle finds - Proving once again that the best glow often starts in the kitchen. Good Morning America
🧸 Grüns just dropped a fresh Green Apple flavor, and fans are calling it their best yet. The chewy, candy-like gummies pack over 60 superfoods and adaptogens to support gut health, energy, and overall wellness, without the chalky greens powder routine. With a crisp, fruity twist and feel-good benefits you can actually feel, Grüns keeps making healthy habits look, and taste, a lot more fun. Grüns also launched Immün, 13-in-1 immunity gummies that taste like sour pineapple candy. Men’s Journal + Fortune + TODAY + Forbes + Wellworthy
🌟 Starface launched two new Star Balm flavors: Dream Berry and Cherry Charm, adding a sweet twist to its cult lineup. The launch feels like part of a bigger glow-up moment for Gen Z beauty brands: Still playful, still sticker-covered, but with a more refined edge. Growing up never looked (or smelled) this cute. Retail Times + Business of Fashion
🕯️Snif’s new Rejects Sample Set lets fans sniff scents that didn’t make the final cut, proving even the “almosts” smell amazing. Their Ulta Beauty at Target debut brings cult favorites like Sweet Ash and Vanilla Vice to the masses, while new drops like Swede Tooth (a candy-inspired blend of watermelon, raspberry, cedarwood, and musk) keep things playful. And in a delicious twist, Snif teamed up with Levain Bakery on a limited-edition candle that smells like warm chocolate chip cookies straight from the oven. Snif isn’t just selling perfume, it’s bottling curiosity with every spritz. TrendHunter + NewBeauty + Target + ELLE + HuffPost + WhoWhatWear+ Cosmopolitan
⚡️ Lucky Energy just unleashed their newest flavor: Mango Pineapple. It’s tropical, tangy, and ready to turn your drink game into an island getaway. Keep your eyes (and your tastebuds) on this one. Lucky Energy
💆♀️ Jupiter’s Balancing Shampoo was spotlighted for fighting flakes while keeping hair soft and hydrated, thanks to a zinc-infused formula that actually feels luxe. The brand also earned a 2025 beauty award finalist nod for its Nourishing Conditioner, praised for leaving hair silky without weight. Together, they prove Jupiter is redefining what dandruff care can look and smell like. Emerge Beauty Awards + Vogue
🔨 Builder.io’s visual development platform just landed on Google Cloud Marketplace, putting its AI-powered design-to-code tools within reach of enterprise teams everywhere. This launch cements Builder.io as the go-to bridge between creativity and code. PR Newswire
🪩 Disco has officially partnered with Mindbody to bring personalized, relevant brand recommendations into the wellness booking experience. Instead of endless ads, Mindbody users now see curated, premium options that fit their wellness journey. With backing from Disco’s AI engine driven by billions in transaction data, this move marks Disco’s first leap beyond retail into the wellness space. Disco
✉️ Orita founder Aaron Schwartz sat down with Caraway’s Jordan Nathan and Sticker Ventures’ Oren Charnoff for a candid founder-meets-investor reality check. They dig into what really turns a “cool brand” into a lasting business, covering pricing, channel strategy, AI’s growing role, and the one metric VCs actually care about. The Orita Podcast
🛍️ Remark looked at 25,000+ brand chats from August 2025 and discovered something obvious in hindsight: most chats happen outside 9–5. In fact, only ~42.5% of chats occur during business hours, weeknights and weekends light up just as much. So rather than trying to manage after-hours asks, savvy brands see this as gold: it’s a chance to build deeper connections, answer questions when they matter, and turn late-night browsers into buyers. Remark
💡 Webeyez just earned a spot on the list of Top AI, Marketing, and Business Tools for Streamlining Marketing Team Operations. The AI-powered platform helps brands spot and fix site issues like broken checkout flows, slow load times, and mystery drop-offs before they hurt sales. With smart tools like session replays, heat maps, and real-time alerts, Webeyez turns tricky tech problems into easy wins, keeping shoppers happy and carts full. Boss Magazine