How Slate Milk Raised $30M+ by Reinventing Protein Drinks for the Healthy Minded
Guest: Manny Lubin – Co-founder of Slate MilkApple Podcasts Spotify
In this episode, I sit down with Manny Lubin, co-founder of Slate Milk, to unpack the journey from a simple idea in 2017 to being a dominant player in the protein drink market. Manny shares hard-hitting lessons on brand positioning, product innovation, and some keys to winning in the beverage industry.
We dive into:
- The early struggles of launching a better-for-you chocolate milk
- How Slate Milk stacked TAM’s to find its niche between bodybuilder protein shakes and chocolate milk
- The business of dairy including ultra-filtration, removing lactose, and optimizing for a low sugar, high protein product
- Raising over $30 million with key investors like Peter Rahal (RXBAR) and Drew & Amanda Cohen (Yasso)
- The Shark Tank experience
- Leveraging influencer marketing, UFC partnerships, and retail expansion to scale
- The biggest mistakes in CPG fundraising and marketing
Whether you're an entrepreneur, fitness enthusiast, or just fascinated by building a challenger brand, this episode is packed with tactical insights you won’t want to miss.
Chapters:
00:00 Intro
01:15 Brand Positioning, Starting Slate
04:21 Target Audience and Market Growth
05:13 Core Thesis of Slate
07:14 Market Analysis, Stacking TAM’s
09:54 Masterclass on Dairy Industry
11:29 How Slate Makes Their Product
12:45 Deep Dive into Product Development
20:32 Mistakes When Building the Product
22:01 Raising $30M and Investor Insights
22:33 Advice from Peter Rahal, RxBar
23:33 Advice from Nick Rellas, Drizly
25:04 Advice from Drew and Amanda, Yasso
27:32 Choosing Board Members
28:42 Slow vs Fast Growth
29:20 Board Seat Deal Structure
30:39 Common Blindspots in Business
31:45 Meeting with Stu Klane, Chobani
33:26 Working with Skyview and Riverbank
34:39 Advice when Raising Money
35:24 Partnering with Maxx Crosby
36:30 Intro with the UFC
38:14 Launching with Kickstarter
39:35 Marketing: Overarching Strategy
41:26 Working with the UFC, Deal Structure
44:08 Marketing: Top Funnel
44:38 Influencer Partnerships
49:24 Marketing: Middle Funnel
53:14 Retail Strategies and Field Team Operations
55:00 Succeeding In Stores, Advice from Retail Managers
59:23 Getting in Whole Foods
01:04:17 Cavinder Twins
01:13:05 Mental Resilience
01:23:27 How Big Can Slate Be?
01:26:24 Outro
01:15 Brand Positioning, Starting Slate
04:21 Target Audience and Market Growth
05:13 Core Thesis of Slate
07:14 Market Analysis, Stacking TAM’s
09:54 Masterclass on Dairy Industry
11:29 How Slate Makes Their Product
12:45 Deep Dive into Product Development
20:32 Mistakes When Building the Product
22:01 Raising $30M and Investor Insights
22:33 Advice from Peter Rahal, RxBar
23:33 Advice from Nick Rellas, Drizly
25:04 Advice from Drew and Amanda, Yasso
27:32 Choosing Board Members
28:42 Slow vs Fast Growth
29:20 Board Seat Deal Structure
30:39 Common Blindspots in Business
31:45 Meeting with Stu Klane, Chobani
33:26 Working with Skyview and Riverbank
34:39 Advice when Raising Money
35:24 Partnering with Maxx Crosby
36:30 Intro with the UFC
38:14 Launching with Kickstarter
39:35 Marketing: Overarching Strategy
41:26 Working with the UFC, Deal Structure
44:08 Marketing: Top Funnel
44:38 Influencer Partnerships
49:24 Marketing: Middle Funnel
53:14 Retail Strategies and Field Team Operations
55:00 Succeeding In Stores, Advice from Retail Managers
59:23 Getting in Whole Foods
01:04:17 Cavinder Twins
01:13:05 Mental Resilience
01:23:27 How Big Can Slate Be?
01:26:24 Outro
Guest: Manny Lubin, Slate Milk
- Instagram: @mannylubin / @slatemilk
- LinkedIn: Manny Lubin
- Website: https://slatemilk.com/
Get in Touch:
- Instagram: @openresidency
- LinkedIn: Mark Mastrandrea
- Website: https://openresidency.com/
- Email: info@openresidency.com
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