How Slate Milk Raised $30M+ by Reinventing Protein Drinks for the Healthy Minded

Guest: Manny Lubin – Co-founder of Slate Milk

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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

Guest: Manny Lubin, Slate Milk

Instagram: @mannylubin / @slatemilk
LinkedIn: Manny Lubin
Website: https://slatemilk.com/

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