Key Takeaways:

• :Included’s Annual Impact Report shows 61% of their member brands generate more annual revenue than they’ve raised in capital.
• 73% have raised less than $250K, which highlights capital-efficient growth.
• 45% of founders spend over 30 hours weekly securing capital.

Challenger brands in the consumer packaged goods (CPG) industry are increasingly over-indexing on cultural relevance, product integrity, and value-led positioning. Yet scaling remains difficult today amid rising costs and tight capital markets. For founders of color, those challenges are often compounded by limited entryways to relationships, business resources, and the financials necessary to grow.

:Included, a collective of more than 800 founders and CEOs of color across CPG, aims to help close that access gap. The organization creates pathways for entrepreneurs to build connections and opportunities across food and beverage, wellness, beauty, and other product categories. Its programming is designed to help emerging brands access capital and advance their market participation, operational expertise, and economic mobility.

The organization’s programming includes Sponsored Access, where founders are invited to attend industry conferences and exhibit at major trade shows, giving the cohorts exposure to media, buyers, distributors, brokers, and investors. They also provide operator expertise, including interactive webinars with live Q&As, storytelling and education panels, networking meetups, and Founders’ Table Fellowship events ranging from happy hours to family dinners.

“Individually, our members are driving category innovation by anticipating consumer demand long before it appears in syndicated data,” said Victoria Ho, a founding member of :Included, in a press release. “Collectively, they transform lived experience into shared intelligence equity that informs pivotal decisions and builds a more resilient consumer products industry for all.”

:Included’s 2026 Annual Impact Report draws on data from 98 reporting member CPG brands, offering a feel for how these businesses are growing, financing their operations, and navigating how to scale their companies.

Capital Efficiency

Despite having less capital than venture-backed peers, :Included members demonstrate what the report describes as financial efficiency and disciplined execution.

The median reporting member generates roughly $1.33 in annual revenue for every $1 of lifetime capital raised. The data suggests that these brands are not necessarily avoiding institutional capital; rather, they are finding ways to grow with less of it.

• 24% generate more than 4.0x revenue relative to lifetime capital raised.
• 39% generate more than 2.5x revenue relative to lifetime capital raised.
• 61% generate more annual revenue than their total lifetime capital raised.

The majority of reporting brands have raised relatively limited amounts of outside capital:

• 73% have raised less than $250,000.
• 61% have raised less than $100,000.
• 21% are bootstrapped.
• 6% have raised more than $1 million.

Yet these businesses are still selling across channels, managing production, expanding distribution, serving customers, and raising capital.

Revenue Stage

The majority of reporting brands are still in the early stages of revenue growth:

• 30% generate less than $100,000 in annual revenue.
• 50% generate between $100,000 and $1 million.
• 17% generate between $1 million and $10 million.
• 3% generate more than $10 million.

For some founders, fundraising itself has become a significant burden. Up to 45% of founders report spending more than 30 hours per week securing capital. This is time that could otherwise be spent on sales, operations, marketing, and team development. That pressure is also reflected in the areas in which members identify are the biggest points of friction to growth: 

• 33% cite raising capital.
• 30% cite distribution and expansion.
• 30% cite marketing and trade promotions.
• 30% cite sales and growth.
• 25% cite manufacturing and scaling.

“For years, the conversation has centered on who raised the most capital. We think it’s time to pay closer attention to who’s building the most resilient business,” said Jomaree Pinkard, founding member of :Included, in the press release. “This report reinforces something we’ve believed from the beginning: performance deserves access.”