EUVC ACT #283 Susan Lin, Partner & Investor at Felix Capital on consumer investing
Feb 24, 2024
Susan Lin, Partner and investor at Felix Capital who backs digital lifestyle and consumer brands. She discusses her journey from consulting to VC. Talks cover why consumer brands still create value. She highlights resilient verticals like personal care, pet care, wellness and food. She explains the limits of D2C, the need for omni-channel distribution, and the power of brand-driven organic growth.
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Founder Family Shaped Her Venture Path
- Susan Lin grew up with parents who were serial entrepreneurs and witnessed their dot-com rise and crash in Hong Kong and Shenzhen, which shaped her empathy for founders.
- She tried startup life herself after Bain, launching a social commerce app then joining AppDirect before moving into investing at HgCapital and later Felix Capital.
Boutique VC Model Focused On Deep Founder Support
- Felix Capital is a boutique, founder-operator led VC that invests thematically at the intersection of technology and creativity across consumer and complementary B2B SaaS.
- They run concentrated funds (15–18 companies), split Fund 4 into $300m early and $300m growth, and keep a small team to stay deeply involved with founders.
Consumer Still Holds Long Term Value
- Venture allocation swung from mostly consumer a decade ago to heavily B2B SaaS today, yet consumer remains where much GDP and brand value live.
- Susan argues strong brands (Apple, LVMH) capture disproportionate margin and consumer behavior (community, identity) creates durable opportunities.