The K-Shaped Economy and the New Rules of Consumer Investing
Sun Feb 01 2026
Can premium consumer brands still scale in a K-shaped economy even if they never reach most Americans?
In this episode of In The Money, Tyler Morgan of BFG breaks down how seed and Series A consumer investing has changed and why some brands can now reach $100M+ in revenue by serving a smaller, more affluent customer base.
We cover:
The K-shaped economy and why premium brands can still win
How “aspirational consumption” survives downturns
Why some categories no longer need mass-market penetration
Case studies:
Ollipop and underwriting fiber before it was cultural
Vacation and world-building as a growth lever
Oats Overnight and one of the strongest community flywheels in consumer
Seed vs Series A today:
Revenue ranges
Check sizes
Valuation expectations
Why founder quality is still the true X-factor
Product moats vs brand moats in food & beverage
Protein, fiber, and functionality as acceptable price-increase levers
Why volume doesn’t fix bad margins
Contribution margin by channel (DTC, Amazon, retail, Costco)
Where consumer opportunity still exists heading into 2026
Tyler’s advice for founders on fundraising timing and capital planning
If you’re a founder, operator, or investor trying to understand where consumer is really headed, this episode will sharpen your mental model.
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Can premium consumer brands still scale in a K-shaped economy even if they never reach most Americans? In this episode of In The Money, Tyler Morgan of BFG breaks down how seed and Series A consumer investing has changed and why some brands can now reach $100M+ in revenue by serving a smaller, more affluent customer base. We cover: The K-shaped economy and why premium brands can still win How “aspirational consumption” survives downturns Why some categories no longer need mass-market penetration Case studies: Ollipop and underwriting fiber before it was cultural Vacation and world-building as a growth lever Oats Overnight and one of the strongest community flywheels in consumer Seed vs Series A today: Revenue ranges Check sizes Valuation expectations Why founder quality is still the true X-factor Product moats vs brand moats in food & beverage Protein, fiber, and functionality as acceptable price-increase levers Why volume doesn’t fix bad margins Contribution margin by channel (DTC, Amazon, retail, Costco) Where consumer opportunity still exists heading into 2026 Tyler’s advice for founders on fundraising timing and capital planning If you’re a founder, operator, or investor trying to understand where consumer is really headed, this episode will sharpen your mental model.