Top Decile Podcast: Moy Aras

On the latest episode of the Top Decile podcast host, Connor Sattely sits down with Moy Aras, the founder and General Partner of Lucinda Capital. Moy spent over a decade running brand, marketing, and innovation at some of the most recognizable names in food and beverage, including Chobani, Nestle, Nespresso, Aloha, and Applegate. Now he is channeling that operational expertise into an early-stage pre-seed fund backing the next generation of consumer packaged goods founders. Armed with a quantitative math degree and a personal angel portfolio of 13 CPG brands, Moy is filling a gap in the market that most venture investors have ignored entirely.

Moy's path to venture capital was anything but traditional. After a decade inside major CPG companies, he grew restless working on product launches that were still a year and a half from hitting the market. He wanted to move faster and make a more direct impact on founders and the broader ecosystem.

His first step was volunteering his time with accelerator and incubator groups, hoping to build relationships that might lead to a full-time role at a startup. Instead, founders kept asking him to invest. They wanted his operational expertise on their cap tables, not just his marketing playbook. "I originally said no," he recalls. But after two to three years of studying angel investing and venture capital, he felt ready to start writing checks on his own.

As Moy networked through the CPG investment community, he noticed a clear pattern. Consumer-focused venture funds were getting larger and larger, which meant their fund math pushed them toward Series A rounds and later. That left a significant gap at the pre-seed stage for companies doing under one or two million in revenue.

Founders confirmed this firsthand. They would visit venture capital websites, see claims of "early stage" investing, and quickly realize no one was writing checks at their stage. Their cap tables were filled with friends and family, but there was no institutional capital available to them. That gap became the thesis for Lucinda Capital. Once Moy paired the market opportunity with the return profile of pre-seed investing, the fund became an obvious next step.

At the core of Moy's investment philosophy is a deep respect for the courage it takes to build a consumer product from scratch. He describes the journey of a CPG founder as one that requires not just a great idea, but the audacity to walk into a store and argue that your product deserves a place on the shelf.

The complexity runs deep. Founders must figure out their consumer, their pricing, their packaging, their distribution channels, and their exact shelf placement, all before a single unit sells at retail. Moy sees this as a unique form of bravery. "That level of bravery is borderline unhinged," he says, "and I love it." These are exactly the kind of founders Lucinda Capital was built to back.

What sets Moy apart from most consumer investors is that he has actually done the work. He has been in the factories, sat in the buyer meetings, and watched products succeed or fail on the shelf. That decade of operational experience at Chobani, Nespresso, and others gives him a lens that purely financial investors lack.

His thesis centers on spotting early indicators that most funds miss. In-store velocity, subscription rates, retention rates, and repeat purchase behavior all tell a story at the pre-seed stage if you know what to look for. Combined with a quantitative math background, Moy brings both the pattern recognition of an operator and the analytical rigor of a trained investor.

One portfolio company that exemplifies the Lucinda Capital thesis is Laurel's Coffee, founded by Isabelle Washington. Laurel's Coffee makes the first and only canned coffee beverage made with A2 dairy, a gut-friendly alternative to conventional A1 dairy that causes inflammation for many consumers who believe they are simply lactose intolerant.

The results have been remarkable. In year one, Laurel's Coffee crossed seven figures in revenue, a milestone that is almost unheard of for early-stage CPG. Isabelle secured distribution at national retail accounts including Wegmans and Whole Foods, with more on the way. Moy calls her "such an amazing founder" and points to her trajectory as proof that pre-seed CPG can deliver outsized outcomes when the right operator-investor is in the room early.

Moy is candid about one of the more underrated aspects of consumer investing: it is genuinely enjoyable. Unlike deep tech or infrastructure bets, consumer products are tangible. LPs can walk into a Whole Foods or Target and pick up a product their fund helped bring to market. They can taste it, share it with their families, and talk about it with friends.

That tangibility creates a unique kind of virality within the LP base. When investors can physically experience a portfolio company's product and share it with their networks, it generates organic interest in the fund itself. "They can try it. They can taste it," Moy explains. For a first-time fund manager, that kind of word-of-mouth momentum is invaluable. If you are an LP curious about what it looks like to invest in this category, you can learn more about Lucinda Capital and request time with Moy directly on Decile Access.

When asked what wisdom he would share with aspiring fund managers, Moy keeps it grounded. Building a fund is a long journey, but the thesis should feel natural. If you have deep domain expertise, the investment thesis will write itself. The key is leaning into what you already know and turning your operational superpower into a platform that gives founders superpowers of their own.

His path, from corporate operator to angel investor to fund manager, is a reminder that emerging managers do not need to come from traditional finance backgrounds. What matters is authentic expertise, a genuine connection to founders, and the conviction to fill a gap that no one else is addressing.

Watch the full episode on

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Interested in learning more or exploring an investment in Lucinda Capital? Visit the fund's page on Decile Access to review the fund details and schedule time with Moy.

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