Lerer Hippeau investor Caitlin Strandberg: Venture funding isn't to be spent on Facebook ads

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Before startup founders woo thousands of customers, they often try to convince investors to get onboard with their company's mission.

As a principal investor at Lerer Hippeau, an early-stage venture capital fund based in New York, Caitlin Strandberg is on the other side of the table.

The fund has invested widely, including in DTC brands like Allbirds, Casper, Everlane and Lola.

Strandberg joined the Modern Retail Podcast to talk about how the VC game has changed since the rebirth of direct-to-consumer companies, what she considers a waste of venture dollars and why early growth (in percentage, not in raw numbers) is key to gauging a company's potential.

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