D2C brands raised $10 billion globally since 2019. Yet funding dropped 97% from 2021 peaks.
The game changed. Growth-at-all-costs died. Profitability wins.
Smart founders adapt. They target the right investors. Show unit economics that work. Build brands that matter.
This guide maps the D2C funding landscape in 2025. Active investors. What they want. How to reach them.
The D2C space generates $187 billion in e-commerce sales in the US alone. Digitally native brands expect to reach $40 billion.
Investors notice. But they're selective.
You need the right approach. The right metrics. The right story.
Let's start with understanding who's actually writing checks.
What Are D2C Investors?
Definition and Investment Thesis
D2C investors back brands that sell directly to consumers. No middlemen. No retail markup.
They bet on three things:
- Higher margins through direct sales
- Customer data ownership
- Brand control
These investors understand modern consumers. They know digital acquisition. They value authentic brands over traditional retail plays.
How to pitch your D2C brand to investors
You've built a brand customers love. Revenue grows 20% month-over-month.
But investors ignore your emails.
Stop sending PDF pitch decks. They disappear in inboxes. You can't track engagement. Partners can't see which metrics matter.
Use trackable pitch deck links instead. Know when investors open your deck. See time spent on traction slides. Get alerts when shared with investment committees.
Ellty makes investor tracking simple. Upload your deck. Share secure links. Monitor real-time engagement. Follow up when interest peaks.
No more blind pitching. Data shows you exactly who's interested.
40+ Top D2C investors
Finding the right investor makes the difference between scaling sustainably and burning through capital.
These firms actively invest in D2C brands. Each has specific check sizes, stages, and sector preferences.
Match your needs to their investment thesis. Research their portfolio companies. Understand their value-add beyond capital.
Leading D2C venture capital Firms
1. Andreessen Horowitz (a16z)
Global powerhouse with $35 billion AUM investing across all stages.
Investment focus: D2C brands, consumer tech, marketplace models
Investment range: $1M - $100M+
Notable investments: Facebook, Coinbase, Airbnb
Contact: a16z.com
2. Forerunner Ventures
Early-stage firm with 147 portfolio companies including 6 unicorns.
Investment focus: Modern consumer brands, e-commerce, digital health
Investment range: Seed: $5.28M average, Series A: $14.6M average
Notable investments: Warby Parker, Glossier, Chime, Oura
Contact: forerunnerventures.com
3. Felix Capital
London-based firm with 85 portfolio companies including 11 unicorns.
Investment focus: Digital lifestyle, creative brands, consumer tech
Investment range: $1M - $50M, typically first or second rounds
Notable investments: Farfetch, Peloton, Ledger
Contact: felixcap.com
4. Greycroft
Active investor with 461 portfolio companies across consumer sectors.
Investment focus: Consumer brands, marketplaces, sustainability solutions
Investment range: Seed: $4.62M average, Series A: $11.5M average
Notable investments: Venmo, Acorns, Bird, Bumble, HuffPost
Contact: greycroft.com
5. Lerer Hippeau
Seed-stage firm with 400+ portfolio companies.
Investment focus: Consumer and enterprise equally, brand-focused founders
Investment range: Pre-seed to seed stage, typically $500K - $5M
Notable investments: Allbirds, Casper, Guideline, K Health
Contact: lererhippeau.com
6. CRV (Charles River Ventures)
One of the oldest VC firms with consistent high returns.
Investment focus: Consumer tech, e-commerce infrastructure, PropTech
Investment range: $5M - $50M
Notable investments: Twitter, Zendesk, DoorDash
Contact: crv.com
7. Maveron
Consumer-only VC founded in 1998, B Corp certified.
Investment focus: Consumer brands that change culture
Investment range: Seed to Series B, flexible check sizes
Notable investments: eBay (first investment), Trupanion
Contact: maveron.com
8. Craft Ventures
Prominent firm supporting disruptive D2C brands.
Investment focus: Enterprise, Consumer Electronics, E-Commerce, Marketplaces
Investment range: $2M - $30M
Notable investments: Tesla, SpaceX, Reddit
Contact: craftventures.com
9. Summit Partners
Global growth equity firm with significant D2C presence.
Investment focus: Software, Health Care, E-Commerce, SaaS, D2C
Investment range: $10M - $500M
Notable investments: Multiple growth-stage D2C brands
Contact: summitpartners.com
10. Cowboy Ventures
Seed-stage fund focused on digital startups.
Investment focus: D2C brands, marketplaces, "Life 2.0" products
Investment range: $500K - $5M
Notable investments: Dollar Shave Club, Brandless
Contact: cowboy.vc
11. Accel
Early-stage focused firm with investments in Facebook and Etsy.
Investment focus: Consumer, SaaS, fintech, healthcare
Investment range: $1M - $100M across stages
Notable investments: Spotify, Slack, Dropbox
Contact: accel.com
12. Lightspeed Venture Partners
Global multi-stage firm with strong consumer portfolio.
Investment focus: Consumer brands, enterprise, healthcare
Investment range: $1M - $100M+
Notable investments: Snapchat, Nest, Stitch Fix
Contact: lsvp.com
13. Bessemer Venture Partners
Global firm with $19 billion AUM.
Investment focus: Consumer internet, e-commerce, cloud
Investment range: $1M - $100M
Notable investments: Pinterest, Shopify, Twilio
Contact: bvp.com
14. VMG Partners
Consumer-focused growth equity firm.
Investment focus: Branded consumer products, D2C
Investment range: $10M - $100M
Notable investments: KIND, Drunk Elephant, Sun Bum
Contact: vmgpartners.com
15. Redpoint Ventures
VC firm with $4 billion AUM investing at every stage.
Investment focus: Consumer, SaaS, fintech, applications
Investment range: $1M - $50M
Notable investments: Twilio, DraftKings
Contact: redpoint.com
Specialized D2C Investors
16. SuperAngel.Fund
Early-stage fund focused on ambitious D2C founders.
Investment focus: D2C brands with deep brand story and mission
Investment range: $100K - $1M
Notable investments: Cutting-edge design and innovation brands
Contact: superangel.fund
17. Vorwerk Ventures
European fund pioneering D2C investments.
Investment focus: Direct-to-consumer brands revolutionizing markets
Investment range: €1M - €20M
Notable investments: European D2C leaders
Contact: vorwerkventures.com
18. Mouro Capital
Prominent D2C investor driving growth in consumer brands.
Investment focus: Fintech, E-Commerce, Logistics, D2C, Climate, SaaS
Investment range: $5M - $30M
Notable investments: Fintech-enabled commerce brands
Contact: mourocapital.com
19. Flow Capital
Growth capital provider for D2C brands.
Investment focus: Direct-to-consumer brands seeking strategic investment
Investment range: $2M - $20M
Notable investments: Revenue-based financing for D2C
Contact: flowcap.com
20. 645 Ventures
Early-stage firm with D2C expertise.
Investment focus: Direct-to-consumer brands driving industry innovation
Investment range: $1M - $15M
Notable investments: Modern consumer brands
Contact: 645ventures.com
21. Tiger Global Management
Investment firm with $51 billion AUM focused on technology and growth.
Investment focus: Fintech, consumer, and software startups
Investment range: $10M - $100M+
Notable investments: Spotify, Peloton, Warby Parker
Contact: tigerglobal.com
22. General Catalyst
Venture capital firm investing in early-stage transformative companies.
Investment focus: Consumer brands, healthcare, education
Investment range: $1M - $50M
Notable investments: Stripe, Snapchat, Airbnb
Contact: generalcatalyst.com
23. Index Ventures
Multi-stage international VC firm with strong consumer portfolio.
Investment focus: Consumer internet, marketplaces, D2C brands
Investment range: $2M - $100M
Notable investments: Dropbox, Etsy, Glossier
Contact: indexventures.com
24. NEA (New Enterprise Associates)
One of the largest venture capital firms globally.
Investment focus: Consumer technology, healthcare, enterprise
Investment range: $1M - $100M+
Notable investments: Casper, Jet.com, Groupon
Contact: nea.com
25. Thrive Capital
Technology-focused investment firm backing consumer brands.
Investment focus: Internet, software, consumer products
Investment range: $5M - $100M
Notable investments: Instagram, Spotify, Warby Parker
Contact: thrivecap.com
Consumer-focused growth funds
26. L Catterton
Largest consumer-focused private equity firm globally.
Investment focus: Consumer brands across all categories
Investment range: $50M - $500M+
Notable investments: Peloton, Sweaty Betty, Vogue International
Contact: lcatterton.com
27. TSG Consumer Partners
Leading private equity firm focused on consumer brands.
Investment focus: Food, beverage, beauty, fitness brands
Investment range: $50M - $500M
Notable investments: Revolve, Canyon Bicycles, Backcountry
Contact: tsgconsumer.com
28. CircleUp Growth Partners
Data-driven early-stage consumer investment fund.
Investment focus: CPG brands with $1M-$20M revenue
Investment range: $1M - $10M
Notable investments: Halo Top, HUM Nutrition, 4505 Meats
Contact: circleup.com
29. Amplify.LA
LA-based seed fund focused on consumer technology.
Investment focus: D2C brands, marketplaces, consumer tech
Investment range: $100K - $1M
Notable investments: MeUndies, The Honest Company
Contact: amplify.la
30. BrandProject
Seed-stage fund partnering with brand-focused founders.
Investment focus: Consumer brands with strong narratives
Investment range: $250K - $2M
Notable investments: Modern consumer brands
Contact: brandproject.com
Sector-specific D2C investors
31. Fireside Ventures
India's premier early-stage consumer fund.
Investment focus: D2C brands targeting Indian consumers
Investment range: $500K - $5M
Notable investments: Mamaearth, boAt, Vahdam Teas
Contact: firesideventures.com
32. DSG Consumer Partners
Consumer-focused investment firm with operational expertise.
Investment focus: Emerging consumer brands
Investment range: $10M - $50M
Notable investments: Kind Snacks, Coolhaus
Contact: dsgconsumer.com
33. Encore Consumer Capital
Private equity firm focused on consumer products.
Investment focus: Food, beverage, personal care brands
Investment range: $20M - $150M
Notable investments: Mighty Leaf Tea, Alterna Haircare
Contact: encoreconsumercapital.com
34. AF Ventures
Early-stage fund focused on food and agriculture.
Investment focus: Food tech, sustainable consumer brands
Investment range: $100K - $1M
Notable investments: Alternative protein brands
Contact: afventures.com
35. Seaside Ventures
D2C specialist focused on health and wellness brands.
Investment focus: Health, wellness, lifestyle D2C brands
Investment range: Pre-seed to Series A
Notable investments: Health-focused consumer brands
Contact: seasideventures.com
Emerging D2C investors
36. Coefficient Capital
Early-stage fund investing in commerce innovation.
Investment focus: D2C brands, commerce infrastructure
Investment range: $500K - $3M
Notable investments: Modern commerce brands
Contact: coefficientcapital.com
37. Consumer Ventures
Chicago-based fund building next-gen consumer brands.
Investment focus: US brands with $500K-$10M revenue
Investment range: $250K - $2M
Notable investments: Emerging CPG brands
Contact: consumerventures.com
38. VMG Catalyst
Consumer-focused fund backing emerging brands.
Investment focus: Food, beverage, beauty, wellness
Investment range: $1M - $10M
Notable investments: Health-focused consumer brands
Contact: vmgpartners.com
39. Fluid Ventures
India-focused D2C venture capital firm.
Investment focus: Digital-first innovative consumer brands
Investment range: $200K - $2M
Notable investments: Indian D2C brands
Contact: fluidvc.in
40. Canaan Partners
Early-stage venture firm with consumer focus.
Investment focus: Consumer technology and brands
Investment range: $1M - $15M
Notable investments: The RealReal, Lending Club
Contact: canaan.com
Alternative D2C Funding Sources
41. Clearbanc (now Clearco)
Revenue-based financing for e-commerce brands.
Investment focus: D2C brands with proven revenue
Investment range: $10K - $20M
Notable investments: Non-dilutive capital for 5000+ brands
Contact: clear.co
42. Lighter Capital
Revenue-based financing for startups.
Investment focus: SaaS and e-commerce companies
Investment range: $50K - $3M
Notable investments: Tech-enabled consumer brands
Contact: lightercapital.com
43. Foundry Group
Thematic-focused venture capital firm.
Investment focus: Technology-enabled consumer brands
Investment range: $5M - $50M
Notable investments: Fitbit, Zynga
Contact: foundrygroup.com
44. Homebrew
Seed-stage venture fund for the "bottom-up" economy.
Investment focus: Consumer marketplaces, D2C brands
Investment range: $500K - $2M
Notable investments: The Farmer's Dog, Plaid
Contact: homebrew.co
45. Primary Venture Partners
NYC-based seed fund investing in consumer brands.
Investment focus: NYC-based consumer companies
Investment range: $1M - $3M
Notable investments: Jet.com, Mirror
Contact: primary.vc
How to find the right D2C investor
Not all money is equal. The right investor accelerates growth. The wrong one creates friction.
Match your stage, sector, and vision to their portfolio. Look beyond check size to value-add.
Matching stage
Pre-Seed ($0-$1M revenue)
You need believers, not analysts. Target angel investors and micro-VCs who invest on vision.
Look for:
- Check sizes $100K-$500K
- Operators who built brands
- Strategic angels from your industry
Best fits: SuperAngel.Fund, Amplify.LA, BrandProject
Seed ($1M-$3M revenue)
Prove product-market fit first. Show consistent monthly growth. Document unit economics.
Target investors writing $500K-$5M checks:
- Forerunner Ventures for innovative brands
- Lerer Hippeau for NYC-based companies
- Maveron for culture-shifting products
- CircleUp for CPG-focused funding
Series A ($3M-$10M revenue)
Scale requires capital and expertise. Find specialists who've done it before.
Focus on:
- $5M-$20M check sizes
- Board experience
- Portfolio synergies
- Distribution relationships
Top choices: Greycroft, Felix Capital, CRV, Accel
Growth Stage ($10M+ revenue)
Profitability matters more than growth rate. Show clear path to exit.
Target:
- $20M+ investments
- Strategic buyers preparing acquisition
- PE firms with operating expertise
Best options: L Catterton, TSG Consumer, Summit Partners
Geographic
US West Coast
Highest concentration of D2C investors. Tech-forward thinking. Higher valuations.
Silicon Valley: Andreessen Horowitz, NEA, Maveron
Los Angeles: Greycroft, Amplify.LA, BAM Ventures
US East Coast
Brand and retail expertise. Fashion and beauty focus.
New York: Lerer Hippeau, Forerunner, Primary Ventures
Boston: Bessemer, General Catalyst
Europe
Sustainability focus. Lower valuations. Patient capital.
London: Felix Capital, Index Ventures
Berlin: Vorwerk Ventures
Paris: BrandProject
Asia
Massive markets. Manufacturing advantages. Different consumer behaviors.
India: Fireside Ventures, Fluid Ventures
Singapore: Various regional funds
Sector-specific
Beauty & Personal Care
Need: Retail relationships, influencer networks, regulatory knowledge
Best investors: VMG Partners, L Catterton, TSG Consumer
Food & Beverage
Need: Supply chain expertise, retail distribution, food safety compliance
Best investors: CircleUp, AF Ventures, Encore Consumer Capital
Fashion & Apparel
Need: Inventory financing, seasonal planning, trend forecasting
Best investors: Forerunner Ventures, Felix Capital, Greycroft
Health & Wellness
Need: Clinical validation, regulatory navigation, healthcare networks
Best investors: Maveron, Seaside Ventures, General Catalyst
Pet Products
Need: Subscription expertise, community building, retail placement
Best investors: VMG Partners, L Catterton, Consumer Ventures
What D2C investors look for in 2025
The game changed. Growth without profit died. Investors want sustainable businesses, not growth experiments.
The non-negotiables
Unit Economics That Work
- CAC payback under 6 months
- LTV/CAC ratio 3:1 minimum
- Contribution margin 40%+
- Path to profitability within 18-24 months
Diversified Growth
- No channel exceeds 40% of revenue
- 40%+ organic traffic (not paid ads)
- 25%+ repeat purchase rate in 90 days
- Multiple acquisition channels proven
Real Differentiation
- Unique product that solves actual problems
- Brand story that creates loyalty
- Design that stands out on shelf and screen
- Community that advocates for you
Omnichannel Reality
- D2C website: 30-50% of revenue
- Amazon/marketplaces: 20-30%
- Retail partnerships in pipeline
- International expansion plan
Data-Driven Operations
- Daily dashboards tracking key metrics
- A/B testing everything
- Professional tech stack (Shopify Plus, Klaviyo, etc.)
- Clear understanding of cohort economics
Bottom line: Investors returned to fundamentals where organic growth is valued over paid acquisition. Show a real business, not a Facebook arbitrage play.
How Ellty helps you close D2C investors
Track investor engagement
See which D2C VCs actually review your deck.
Monitor time spent on unit economics and CAC/LTV slides. Get notifications when partners share internally. Know when investment committees discuss your metrics.
Improve your D2C pitch
Analytics show what resonates with investors.
They skip your market size? Add TAM specifics. Studying your retention cohorts? Add more customer data. Quick glance at team? Strengthen founder-market fit story.
Perfect follow-up timing
Connect when investors are most interested.
Reach out within hours of engagement peaks. Reference the traction metrics they analyzed. Send new monthly results when they return to your deck.
Protect your sensitive data
Keep competitive metrics secure.
Limit access after initial meetings. Revoke links from investors who passed. Track if competing portfolio companies receive forwarded decks.
Ready to raise from D2C investors? Create trackable pitch deck links with Ellty and know exactly when to follow up.
Frequently asked questions
Why do most D2C pitches fail?
They pitch growth stories to investors who want profit stories. Show path to positive contribution margin, not just revenue charts going up and right.
What's the biggest red flag for D2C investors?
"We'll figure out retention later." If customers don't come back, you're running a customer acquisition company, not a brand.
Do investors actually care about our packaging?
They care if customers care. Unboxing videos with millions of views? That's investable. Pretty box nobody photographs? That's expensive cardboard.
Should we hide our China manufacturing?
Never hide anything. Investors know 90% of D2C uses overseas manufacturing. Show how you manage quality, lead times, and tariff risk.
What if we're not profitable yet?
Show when you will be. Most D2C brands hit contribution margin positive by $3M revenue. If you're at $10M still burning, explain why.
Is 20% monthly growth enough?
Depends on the base. 20% on $50K is noise. 20% on $500K is interesting. 20% on $5M is exceptional.
Why do investors ghost after great first meetings?
They talked to your competitors. Or discovered your hero SKU is 80% of revenue. Or their partner who knows D2C shot it down.
Should we mention our celebrity investor?
Only if they actively promote the brand. Silent celebrity investors mean nothing. Active ones with 10M+ followers matter.
What if Amazon is crushing our website sales?
Own it. Explain your Amazon strategy. Some brands thrive there, others avoid it. Both work if intentional.
How honest should we be about attribution?
Completely. Every D2C brand struggles with attribution. Investors respect founders who admit Facebook's numbers are fantasy.
Do we need to be in retail to raise Series A?
No, but you need a retail strategy. Even if it's "we're staying online only because our margins work better."
What's the worst answer to 'who are your competitors'?
"We don't have any." Second worst: naming Amazon or Walmart. Show you understand your actual competitive set.
Should we share our supplier contacts?
Never in the pitch deck. Maybe in due diligence with heavy NDAs. Your supply chain is competitive advantage.
Is D2C dead like everyone says?
Pure-play D2C is harder. Profitable omnichannel brands thrive. Investors want sustainable businesses, not Facebook arbitrage plays.
What's one thing that instantly improves our pitch?
Stop saying "we're building the Warby Parker of [category]." Show why you're building the [your brand] of [category].
