In this episode of the Startup CPG Podcast, host Hannah Dittman sits down with Denise Lambertson, founder and Managing Partner at Constellation Capital — a boutique follow-in venture fund investing in consumable CPG and wellness brands. Denise brings one of the most distinctive backgrounds in consumer investing: she began her career as Madonna's executive assistant, spent six years producing world tours and brand partnerships, then built LMS, a pioneering celebrity and influencer marketing agency that served nearly 250 businesses over 15 years. That experience became the foundation for Constellation Capital, where she pools celebrity, athlete, influencer, and operator LPs to deploy both capital and deep marketing expertise into emerging brands.

Constellation's Fund 1 ($10M, fully deployed, launched 2018) concentrated heavily on consumable CPG, and Fund 2 (targeting $25M) is currently in market. The fund writes initial checks of ~$250K as a follow-in investor — meaning Denise doesn't lead rounds or set terms, but invests alongside institutional or angel leads and brings differentiated value through what she calls her "network capital advantage."

Hannah and Denise dig into what it really means to be a follow-in investor, what Denise's diligence process looks like through a marketing lens, and what she's seeing work — and not work — in digital and influencer marketing today. They also tackle the growing importance of AI literacy for CPG founders, what pre-launch marketing done right actually looks like, and what team structure should look like before an early-stage fundraise.

Listen in as they cover:

Denise's path from Madonna's executive assistant to pioneering celebrity/influencer marketing to venture capital
Constellation Capital's fund structure, LP base (celebrities, athletes, influencers, operators, independent grocers), and investment thesis
What a follow-in investor actually does — and how it differs from a lead investor
How Denise sources deals, collaborates with co-investors, and adds value post-check
The "network capital advantage" and why celebrity alone does not make a business
A standout portfolio company that built 30,000 qualified email subscribers before launch — and why it worked
What founder EQ looks like: the portfolio founder who consistently does exactly what she says she'll do
Why AI literacy is now a core diligence criterion in Fund 2 — and how it can add 12–18 months of runway
Influencer marketing reframed: building it as a performance channel and distribution network, not just getting posts
Why "we haven't spent anything on marketing" is not a flex — and what investors actually want to see
Team structure advice: no more than four people pre-fundraise, lean into fractional talent and AI tools
How to reach Denise, co-invest with Constellation, and get started in CPG investing

Whether you're a founder preparing to fundraise, an operator building out your marketing strategy, or someone curious about what non-traditional paths into venture capital look like, this episode is full of sharp, practical insight from someone who's been in the room — and on the stage — from the very beginning.

Episode Links:

Constellation Capital: [constellationcapital.com]
Denise Lambertson on LinkedIn: linkedin.com/in/deniselambertson
Denise Lambertson on Substack: Constellation Capital
Pitch Constellation: diligence@constellationcapital.com
Co-invest or connect: info@constellationcapital.com
Angel investing platforms mentioned: Sidecar (sydecar.com), AngelList

Connect with the guest:
Denise Lambertson — Founder & Managing Partner, Constellation Capital
🔗 LinkedIn: https://www.linkedin.com/in/deniselambertson/
📧 Pitch: diligence@constellationcapital.com
📧 Connect/co-invest: info@constellationcapital.com

Don't forget to leave a five-star review on Apple Podcasts or Spotify if you enjoyed this episode. For potential sponsorship opportunities or to join the Startup CPG community, visit http://www.startupcpg.com.

Show Links:

Transcripts of each episode are available on the Transistor platform that hosts our podcast here (click on the episode and toggle to “Transcript” at the top)
Join the Startup CPG Slack community (35K+ members and growing!)
Follow @startupcpg
Visit host Hannah's Linkedin
Questions or comments about the episode? Email Daniel at podcast@startupcpg.com
Episode music by Super Fantastics

If you’re interested in learning more about the science behind Cognizin,
Head to www.cognizin.com to learn more.

Investor Spotlight: Denise Lambertson, Constellation Capital