#359 - Inside Bullish: Lessons from Backing Major DTC Winners (Peloton, Harry’s, Warby Parker)
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Brent Vartan is Managing Partner and Co-Founder at Bullish, a unique hybrid combining a branding agency and a consumer-focused venture fund. With decades of experience in brand strategy, Brent and his team have been early investors and builders behind some of the most iconic DTC and consumer brands of the past decade, including Peloton, Warby Parker, Casper, Harry's, Hu, Bubble, and more.

In this episode of DTC Pod, Brent shares his perspective on what it takes to build generational consumer brands from the earliest stages. He discusses Bullish's hands-on investment approach, the importance of brand strategy as a growth mechanism, and what differentiates brands that become household names. Brent also breaks down real playbooks from companies like Sunday Lawn and Nom Nom, providing founders concrete advice on what it takes to build brands worth talking about—and worth buying.

Interact with other DTC experts and access our monthly fireside chats with industry leaders on DTC Pod Slack).

**On this episode of DTC Pod, we cover:**1. Bullish’s hybrid brand agency and VC model2. What it means to invest as “first money” and why it matters3. The difference between building a business and building a brand4. Why customer lifetime value (CLV) trumps CAC and COGS5. Product-market fit: moving from awareness to lifetime value6. How Bullish supports brands like Harry’s and Nom Nom in their earliest days7. Tactical advice for founders on capital raising and allocation8. Building brands for acquisition vs. IPO9. The playbook for becoming an acquisition target (what buyers actually want)10. The underrated power of innovation and product launches11. The role of cultural relevance in DTC brand building12. Real-world examples from Sunday Lawn, Peloton, Bubble Beauty, and more13. How great DTC brands focus on AOV, CLV, and brand loyalty14. Pitfalls to avoid around capital structure and loss of momentum

Timestamps00:00 Introducing Brent Vartan and Bullish03:49 Bullish’s track record and notable investments05:22 What makes Bullish different10:10 Investing as “first money,” how Bullish evaluates concepts13:19 Patterns Bullish looks for in breakout DTC brands16:09 Deep dive: Sunday Lawn’s growth and strategy18:36 Positioning Harry’s and building a hundred-year business21:04 Timelines, capital, and operational realities for breakout brands23:37 Building for acquisition vs. IPO: how strategies diverge28:57 What buyers are really seeking in DTC acquisitions31:47 Nom Nom’s Mars acquisition and the power of niche audiences33:59 The importance of cultural relevance and taking creative “shots”35:32 Bubble Beauty: case study in innovation and customer engagement38:27 Finding the right capital structure and maintaining founder equity41:06 The risks of stalling momentum and overplanning43:33 Where to allocate raised capital: innovation vs. marketing46:20 Where to find Bullish, Brent’s socials, and their newsletter

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Past guests & brands on DTC Pod include Gilt, PopSugar, Glossier, MadeIN, Prose, Bala, P.volve, Ritual, Bite, Oura, Levels, General Mills, Mid Day Squares, Prose, Arrae, Olipop, Ghia, Rosaluna, Form, Uncle Studios & many more.  

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• #219 JT Barnett: The TikTok Masterclass For Brands

• #223 Lauren Kleinman: The PR & Affiliate Marketing Playbook

• ​​​​#243 Kian Golzari - Source & Develop Products Like The World's Best Brands

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Projects the DTC Pod team is working on:DTCetc - all our favorite brands on the internet)Olivea - the extra virgin olive oil & hydroxytyrosol supplement)Castmagic - AI Workspace for Content)

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Brent Vartan) - Managing Partner & Co-Founder of Bullish)Blaine Bolus) - Co-Founder of Castmagic)Ramon Berrios) - Co-Founder of Castmagic)