What does it actually mean to invest in brand before it's measurable?

Florian Wojewodzki, Partner at Iris, joins In The Money to break down one of the most distinctive approaches to consumer investing in Europe and the US, a fund that tracks over 5,000 brands, backs founders they've known for years before writing a check, and won't hire anyone who isn't genuinely obsessed with brand.

Iris sits at the intersection of health, wellness, and better-for-you consumer, with a portfolio that includes some of the most interesting brands in CPG right now. Their thesis is built around three things every winning consumer brand needs: product, brand, and community. Miss any one of them and the other two can't save you.

We cover:

• Why Iris describes itself as brand junkies, and why that's a hiring requirement, not a marketing line
• The holy trinity: product, brand, and community as the non-negotiable framework for every investment decision
• Why Iris builds a category view before it ever meets a company, and what that looks like in practice
• How to approach a fund like Iris, and why the best time to reach out is years before you're ready to raise
• Portfolio deep dive: Biomel and the instant feedback loop that removes the biggest barrier to supplement adoption
• Superlativa: clinical credibility in cortisol management and why the stress and recovery category is vastly underserved
• Health: the leading online health and wellness retailer in the UK and what international expansion looks like from there
• Maurten: endurance nutrition out of Gothenburg and how to build a fanatical community around cyclists, triathletes, and runners

• What European consumer investing looks like right now versus two to three years ago

• Stage, check size, and what Iris is actively looking for heading into the back half of 2026

• The categories Iris is most excited about right now, and the ones they're actively avoiding

If you're a founder, a consumer investor, or anyone trying to understand where the next generation of health and wellness brands is being built, this episode is one of the clearest windows into how the best funds in the space actually think.