Karen Lee

Everybody needs a place to put their love. - Karina Dresses tagline, circa 2012 In 2012 I made my first investment in a #femalefounder who also happened to be 50+. At the time I had no idea how unusual these founder traits were. I just knew the founder was passionate, authentic, experienced, perfectly aligned with both the product and the market. Most importantly there was a strong emotional bond between the product and the customers who bought it. 🤷🏾‍♂️- it just seemed like the smart thing to do. Not a lot of my investor buddies agreed at the time- probably not so surprising. Fast forward 10+ years and the value of my investment is ~20x & the amount of free cash flow distributed to equity holders is substantial & still increasing YOY. My takeaways: ✅Invest in authenticity, passion and intimacy (customer)- no matter what the founder profile looks like relative to others. ✅Follow your gut. ✅Not every deal is venture scale worthy. But there’s a potential investor for every deal. ✅Be the best version of you, not a lame version of someone else. Works for both investors & founders. :) Congratulations to Karina and the team at Karina Dresses! Proud as punch to be on this journey with you all🚀

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How Etsy built a global marketplace one craft fair at a time... Rob Kalin is a maker of things. Bed frames, chairs, cobb ovens for bread—even his own underwear. After graduating college in 2004, he fell in love with carpentry, offering his amateur skills to friends around Brooklyn. In 2005, Kalin crossed paths with Jean Railla—founder of Get Crafty, an arts and crafts forum. Railla needed a new website and asked him to build it. Kalin said yes. During the build, a question loomed large: Where do artists sell their creations? Kalin pitched his idea for an arts and crafts marketplace to Railla, who resonated with the vision but wanted to keep her site focused on community discussion. Armed with the idea, Kalin and his artist friends decided to create their own marketplace for makers and craftsmen. He called it Etsy. On June 18th, 2005, Etsy greeted the internet. The first product? A flamingo print zip pouch for $8. But Kalin and his team didn’t stop with the flamingo. They attended every arts and crafts fair, flea market and vintage sale across the U.S. and Canada. They bought artists lunch, handed out “craft show kits,” and shared handmade Etsy promos. “These were artists and crafters influential in the handmade world,” Kalin said. “We knew if they set up shop on Etsy, and were successful, others would follow.” And follow they did. In year one, Etsy had 9k sellers, 22k buyers, and over $1 million in revenue. Two years later: 450k sellers, $26 million in annual sales, and $3 million in VC funding. Today, Etsy is the powerhouse niche marketplace with 96 million buyers, 8.6 million sellers and over $2 billion in annual revenue. None of that would’ve happened if they hadn’t stepped away from the screens and into the real world. The lesson? Success isn’t built from behind a desk. Show up, connect and the rest will follow.

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Hot take? Driving customers to checkout as fast as possible is not always the right move. Sometimes, removing friction can be a detriment and drive people away from conversion: Here's one example - think about the beauty industry: There's a large category of consumers who want to know about ingredients in their beauty -- they buy all-natural, organic, vegan, etc. If you try to remove steps in the funnel and bring the checkout button as close to the ad as possible, without showing the ingredient list, you're actually going to lose a shopper entirely. They need more information and context to feel confident in their buying decision. The point: Subconsciously, we correlate the "right path" in the funnel with the "fastest path."  The path with the least steps in the funnel. But that's not the right way for a large chunk of buyers. Removing what you consider 'friction' may be valuable information for some shoppers. So what's the fix? Well, we created FERMAT not to circumvent the consideration stage, but to make it a more fluid experience. Informative and engaging PDPs and landers will offer customers a more efficient time in consideration while still giving them the chance to make an informed choice. We don't just turn ads into checkout carts -- we turn them into personalized shopping experiences. In some industries, that's what the customers demand. Do you agree?

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Now that I’m a pre-seed founder with no income, I’ve downgraded my commute from Uber to the MTA Bus. It’s humbling but also taught me a lot so I decided to share the biggest lessons I’ve learned from eating this humble pie. 🌟**What Taking the Bus in NYC Taught Me About Enterprise Sales**🌟 Ah, the New York City bus. A beacon of efficiency and comfort. No delays, always on time, and the perfect place to learn about enterprise sales! 🚌💼 1. **Patience is a Virtue:** Just like waiting for that elusive client decision, waiting for the bus teaches you that time is just a construct. Why rush when you can enjoy the scenic view of the same block for 20 minutes? ⏳ 2. **Building Relationships:** Every bus ride is a networking opportunity. Whether it’s the person sharing their life story with you or the one falling asleep on your shoulder, these encounters are invaluable for honing your people skills. 🤝 3. **Handling Rejection:** When the bus doors close right in your face, it’s just like losing a deal you were certain you’d win. Brush it off, wait for the next one, and hope for a better outcome. 🚪❌ 4. **Strategic Planning:** Navigating the bus system requires a level of strategic thinking akin to planning a multi-million dollar sales pitch. One wrong move and you end up in Staten Island. 🗺️ 5. **Optimism:** The sheer optimism of believing the bus will come on time, despite all evidence to the contrary, mirrors the unwavering belief in closing that impossible deal. 🌈 So next time you're frustrated with your sales pipeline, just hop on a bus. It's basically a masterclass in enterprise sales. 🚍📈 #SalesLessons #EnterpriseSales #NYCBus #LinkedInInfluencer #TotallySeriousPost

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Got together with some of the best DTC founders / execs in the NYC area last night! Thanks to Kait Stephens & Sarah Davidson putting together a really nice, intimate dinner. Talked about a lot of topics including Retail expansion, content strategy & process improvement. - Retail expansion has become a key growth lever for many DTC businesses and much of the discussion was around best practices when first starting to expand and how to capture in-store interactions / valuable customer data. - Every single brand founder wants more organic, raw Customer Generated Content to drive brand awareness and increase conversion. - Discussed the transition of early day company building with a few employees to rapidly scaling and putting processes in place to ensure success. Slow down to speed up. The last hour was all about DTC companies banding together for many things, but we'll leave it at "sharing best practices". Justin Allen led that and fired me up along with everyone around the table. I really pick and choose which events I go to having 3 kids under 6 at home, but these smaller and more intimate dinners are at the top of my list.

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It’s NY Tech week and my new favorite thing is teaching underrepresented founders how to talk back to investors. So many of them ask me for help fundraising, and I get it. I may not always think of myself as an expert, since I’m lucky enough to surround myself with people who are much more experienced at it than I am. But we did do it successfully once, raising more than $3M along the way with little more than a deck, a dream, and an incredible founding team. Of course, we’re all aware that this success puts us in the teeny tiny cohort of startups who raise without a traditional-looking founding team. So what’s the common theme in my advice to non-traditional founders at the early stage? Push back. It’s easy to get intimidated by investors. They’re smart, aggressive, and ask really hard questions. It can be hard to remember that YOU are the expert on your market. They are generalists. Even if they have strong opinions on your market, it’s OK to tell them when you think they’re wrong. In fact, if you have the conviction and confidence (plus evidence to back it up), disagreeing with your prospective investors can even be seen as an advantage. When a VC asks you a question at the pre-seed stage about your path to $100M in ARR, it’s OK to say “dude, we’re a pre-seed company. I know what our path is to get to a million, and we will have a lot to figure out after that.” Now, this only works if you have a track record that can support your confidence. Or if you don’t know the answer, but you DO know HOW you’re going to figure it out, talk about the path from experimentation to scalability. It’s better than making up a bunch of stuff that you’ll probably throw out eventually, and VCs will respect your focus and defense of your precious little time. Plus, they can usually tell if your confidence is lacking in your answer, anyway. This investor market is a tricky one, but never forget that they (investors) need you (founders) just as much as you need them. And hey, if you’re an up and coming female or underrepresented founder, and you need some help (or just a pep talk) I’d love to help. Happy Tech Week everyone!!

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Hello, I'm Anthony and I'm looking for a A+ killer Head of Growth for Equip Foods! Here are some wild stats on Equip: 🚀 Mid 8-figures in revenue, bootstrapped, and highly profitable (no VC BS) ✌️Only 2 FTE at the moment (no micromanaging or endless meetings) ❗️Only currently focusing on one marketing channel (affiliate/influencer) 🛍️ Industry best CR, LTV, and subscription #s (clear product market fit) 🥤Real food supplement products that are clean, transparent, and of the highest-quality that people absolutely love (actually doing something important in CPG) Perfect role for anyone who gives a damn about health, wants to get their hands dirty and build out a growth process, have huge amounts of agency and autonomy, and keen to make a dent every day when they show up to work. Here's a link to why we exist: https://lnkd.in/gGb-qCA4 Here's a link to the job description and app: https://lnkd.in/gxwE7xk7 (TIP: DO NOT APPLY IF YOU ARE PLANT-BASED) Please tag anyone you think could be a good fit! (P.S. I've been a tad quiet here. Are you interested in anything else about this business? Should I share more on LinkedIn?)

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The future of #commerce is already here! #socialcommerce and #C2M are the ways that younger generation prefer to shop! Super insightful breakdown below👇🏼

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Founders: want to join a curated beach retreat in mid-July? A friend in the NYC ecosystem (who is a good person with a sense for curation, and not the first person that comes to mind when you think of this) is hosting a beach retreat for 50+ seed and series A founders in mid-July in the New York area. -Everything fully paid for - travel, lodging, food, beverage, etc. -Think pickle ball, tennis, cold plunges, kayaking, fully catered, and quality DJ’s. -Special guest speakers who are serial entrepreneurs. If you are a Seed or A stage founder, and want to attend, send me an email at mike@mikemaccombie.com with: -Exact title: “Seed/Series A Beach Retreat” -Your full name if not obvious -Name of your company/blurb -Where you are based (NYC not required if you are willing to fly out) -Your LinkedIn -What someone might say about you if they were referring you for an event to compel the host to invite you. (Could be something memorable, some bulletpoints of interest, what a great testimonial would be like for you.) If you ignore any of the directions, I will not refer you. Thanks :)

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Calling all #Founders: Venture Capital Association of Alberta (VCAA)’s Deal Flow Calls represent a great opportunity for #PreSeed to #SeriesA companies to gain exposure to some of the countries most active Venture Capital #investors. If your company is raising equity capital, I strongly encourage you to check out the link below!

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NYC bars and restaurants are struggling and one of the reasons is legal cannab*s, according to this new report. Bars and restaurants should be able to sell weed, especially at events. These small business owners are relying on the OCM to expedite the events license so they can stop being harmed by legal cannab*s and start being apart of the market. https://lnkd.in/eSbFmtA6

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We’re all buzzing about rhode skin —its products, its aesthetic, its undeniable it-girl factor. But what truly sets Rhode apart? Its genius positioning as an affordable luxury brand. With most products priced under $30, Rhode is not just trending; it's trailblazing, hitting $60M+ in 2024! This same strategy fuels the success of brands like Fenty Beauty, whose minis and Target collabs let us indulge without overspending. And let’s not forget BYREDO, whose testers let us sample the luxe life before fully committing. Curious how these brands are redefining luxury during a recession? Read on to explore how affordable luxury is shaping the beauty and fashion industries—and why it’s here to stay. INSTALLMENT 8 of the Neo-Chrome Dispatch! #Marketing #SocialMedia #ConsumerTrends #LuxuryinRecession

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❗❗ New investment alert ❗❗Want to learn why we led a $10M Series A into Pear Commerce 🍐 ? Read on! 🎯 - A spot-on product. Everyone who used or was familiar with Pear made it clear that their product solved a need, and did it better than the other options available to them. It is a better approach to a problem they all had. 😤 - A great team. Eric Martell and Alex Wyler are great leaders, repeat founders, and building Pear with real purpose. And they have attracted a great team around them to scale their impact! 📈 - Exciting results. Pear had a great 2023, and 2024 is more of the same. Their growth, and the underlying metrics behind it, speaks for itself! https://lnkd.in/gP_FceJC

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Beyonce uses a laundromat🫧? And LVMH was feeling spendy last week 💸. These are my top stories from last week: ♡ Women’s Health & Beauty ♡ • Perelel acquires Loom • Paul Schiraldi appointed as CEO of ILIA Beauty • 4am Skin is officially in Bloomingdale’s • Love x Money Ventures invests in Marlow • Lili Reinhart’s new brand aims to start the conversation about acne • The fertility revolution: How Dandi is transforming patient care ♡ E-Commerce, Retail & Social ♡ • Beyoncé launches Levi’s Reimagine campaign • Luxury fashion’s power sourcer, Gab Waller, is reinventing the job with AI • Off-White sold by LVMH to Bluestar Alliance • Laundromat bars are trending ♡ Tech, Business, & Investing ♡ • Port workers’ strike delayed • Eva, the entertainment booking platform, raises $2M and expands to more cities • LVMH and Formula 1 sign a 10-year global partnership • LVMH invests in non-alcoholic brand French Bloom • Adam Neumann’s new startup is reworking WeWork’s old business model You can read more in this week's issue of ICYMI: https://lnkd.in/gpEiANhM #consumernews #litrendingtopics

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imogene + willie's Austin store sets a new retail standard. While a big fan of imogene + willie (shoutout to Ryan Babenzien for introducing me to the brand!), I'd never actually tried their denim since I don't live near one of their stores. But on a recent company off-site in Austin, I finally got to check out their spot on S. Congress, which shares a communal outdoor space with another awesome brand I love, Sabah Shoes. It was cool to see them collaborating on a event that evening - live music, burgers, beers, and the chance to try stuff on before buying. All things I love! Here are 3 reasons why Imogene + Willie's in-store experience is unbeatable: 1. Next-Level Customer Service: Tyler, the sales associate, was an absolute legend. He totally embodied the brand's vibe through his interactions and went above and beyond by hemming my new jeans in 20 mins while I stepped out for a meeting. Plus, bonus points for Tyler being a big Deadhead and blasting a live show through the speakers! 2. Sizing Made Simple: Tyler knew the sizing quirks of every product like the back of his hand. He encouraged me to try multiple sizes across different styles to nail the perfect fit. Having all the options ready in the fitting room made it a breeze. Buying before trying online is where sizing and return problems rear its head — I'm simply unwilling to charge $1K to my card to try stuff on, resulting in a lower likelihood of finding the perfect fit. 3. Trying New Things: More trying = more buying, and Tyler gets that. He kept nudging me to step outside my comfort zone, so instead of just grabbing the blue jeans I came for, I ended up with this insanely unique charcoal pair that I love. Threw in some shorts too since I was in full discovery mode... upsell for the win. Definitely deepened my brand loyalty! Between the chill, immersive vibe and Tyler's A+ customer service, Imogene + Willie's is nailing the premium in-store experience. Best-in-class products are a pre-req, of course. Products like this require a tactile experience. Getting to actually try more products is such a luxury compared to online shopping. If you're near one of their stores, it's a must-visit! Kieran (K.P.) McNeill, great execution and nice job hiring Tyler — he's the man. #TryNewThings #TryBeforeYouBuy #Retail

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I was asked by a VC friend this morning if I could share any insight I have on the wellness event/experience space. He's helping a brand expand their community/event offerings and asked if there's anything I've noticed people really want from these events. After hosting, attending & featuring thousands of these events on Bloomy the past two years, having someone ask about it felt like a great opportunity to consolidate my thoughts. First off, the social wellness concept is hot & still very early. From brands & influencers to dentist offices and neighborhoods, all types of different businesses and groups of people are coming together to proactively take care of their mind and body. We've seen a massive uptick in interest, mostly positioned as a way to incorporate a healthy balance (or completely substitute) going out + drinking with taking care of your mind + body while still in a social setting. I think what most people want in this space breaks down to two simple things: 1) They are actively looking to surround themselves with people and communities who help uplevel their life in some way. You are the sum of the people you spend the most amount of time with. That can be around taking better care of their physical/mental wellbeing, looking to make new friends, they're looking to meet a partner with similar values, etc. The people who are really passionate about this right now & show up consistently are the ones who have figured out that these events/experiences are a lot of fun (something that not a lot of adults experience day to day) and true connections are made when you endure a little hardship together & take care of your mind and body together. 2) They are looking for a safe place to step outside of their comfort zone. The overwhelming majority of the wellness community events I've gone to have been the most welcoming social settings I've ever experienced (my bar for this is pretty low coming from the Marine Corps Infantry and Naval Academy but still incredibly welcoming). I think the average 25-35+ year old in major metropolitan areas is desperately searching for welcoming groups of people and communities. Loneliness is at an all time high. There's an incredible opportunity to gather people together in delightful, fun, empowering ways. Taking care of your mind and body in a social setting ticks all of these boxes. And from a brand perspective, people become incredibly loyal to a community that genuinely embraces them when they were at their most vulnerable. Do you have any insight or lessons learned in the wellness experience space? Would love to hear your thoughts too! ____ At Bloomy, we're really excited about the future of social wellness. We're excited to help people discover these experiences, to take care of their mind & body and meet great people in the process. Take a look at wellness events happening in your area and around the country: https://lnkd.in/gxjgc9Ma

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Modern Retail wrote a great post about fatigue around celebrity-founded brands setting in. As an investor in celebrity-founded brands, I get pitched by celebrities launching new companies all the time. I developed a framework to assess those pitches, which is quite in line with the comments made in the article. The article talks about things such as: Celebrity-founded brands need to have a lot more than the celebrity to become a legacy brand. The brand needs full-time, experienced people to operate the brand. Incubated celebrity-founded brands and the cons of it. Most celebrity-founded brands not solving a real problem (which Jordan Wolfe and I talked about in our latest newsletter). Celebrities having skin in the game. And more. I can highly recommend everyone in the space to read through it. https://lnkd.in/eT_7V3y8

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🚀 How do you get a pre-seed or seed round done *quickly* in NYC? ✅ Assemble a list of over 80 of the earliest-stage fund and angel investors in town ✅ Curate a dozen or so of them based on relevancy ✅ Break bread together. That's what nextNYC is doing with Checkwriters--and applications are OPEN. We're looking for pre-seed and seed NYC founders to pitch at our dinner next Wednesday night. The only criteria is that you have to have at least one *professional* investor committed to a currently open round--be it a fund, angel, scout, etc. 🗓 Applications are due *this Thursday*: https://lnkd.in/epJjny4P 🤝 Shoutout to the folks at Orrick Tech and Rho for helping to make this happen: Orrick is a tech-focused law firm passionate about helping entrepreneurs, innovators and investors push boundaries. Through our extensive client portfolio, deal volume, and relationships in the ecosystem, we provide commercial insight to each client’s strategy. From financing to protecting IP to retaining talent to advocating for innovation-friendly public policy, we offer a holistic solution across the tech & venture lifecycle. Rho is the business banking platform with everything founders need to manage their company cash and grow their business. See how they are supporting founders in NYC (https://lnkd.in/ef7uzDQv) – and earn rewards for switching your operating account to Rho.

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Some thoughts after spending some time with a handful of builders and investors in NYC this past week! 1. New York City is quietly fostering one of the most vibrant and underrated consumer founder communities in the country. This ecosystem is bursting with innovative energy, driven by founders who are deeply embedded in culture and consumer behavior. For those who haven’t tapped in yet, I strongly recommend paying attention—it’s a hotbed of potential that’s primed for growth. 2. Understanding and valuing consumer products demands more than just financial acumen; it requires a deep understanding of culture, trends, and human behavior. Many investors are stepping away, not because the space isn’t viable, but because they lack the nuanced taste and cultural insight necessary to identify and nurture truly impactful consumer products. This gap presents a massive opportunity for those who “get it” to dominate the market with culturally relevant investments. 3. In today’s world, a product or service that lacks a strong community component is missing the mark. Community isn’t just an add-on; it’s the foundation upon which modern consumer brands are built. Doubling down on building and nurturing a community around your product can create a powerful network effect, driving organic growth and fostering long-term loyalty. 4. The next wave of consumer social platforms won’t look like the traditional social networks we’ve become accustomed to. Instead, we’ll see social experiences seamlessly integrated into other aspects of daily life, such as fashion, education, and real-world interactions. This evolution will redefine how we connect, share, and engage, creating new opportunities for innovation at the intersection of technology and everyday life. 5. Simplicity wins — In a world overflowing with options and information, simplicity is the ultimate competitive advantage. Products and services that cut through the noise with straightforward, intuitive designs and clear value propositions will stand out. Complexity might seem impressive, but simplicity is what drives adoption and sustained success in the consumer market.

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