First Run noted that PepsiCo paid $1.95 billion for Poppi and Hershey paid a reported $750 million for LesserEvil.

First Run (firstruncpg.com) backs and builds the next generation of food brands from day one with three integrated pillars: • Accelerator — builds & validates early • Angel Network — invests at the point of conviction • Fund — scales the winners We start at the idea stage and work alongside founders to turn strong products into real businesses. Once we see it working in the real world, we invest early and lean in behind the companies that can scale. Our formula is simple: Early Access + Customer Obsession + GTM = next big consumer brands.