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Dwight’s 2023 in Review

2 January 2024

2023 presented it’s fair share of both opportunities and challenges for digitally native and omnichannel brands in the consumer products space. Investors adopted a more conservative approach than previous years, forcing many brands to pivot growth strategies to focus on profitability at all costs. Despite having to make some fundamental strategic changes, many brands are ending the year on a positive trajectory with big plans for the New Year.

In this blog, we’re sharing noteworthy growth metrics from within our portfolio as well as the broader CPG industry. Join us in taking a look back at 2023.

Portfolio by the Numbers

As our portfolio grows in quality and quantity, we’re continuously impressed by the growth and innovation of our partners.In 2023, bottom line growth was driven by retail expansion and streamlined operations. Plus, clients leaned into Dwight’s non-dilutive financing more than ever as investors tightened their purse strings.

Consumer Fundraising Trends


Stay up-to-date on the latest fundraises in your Consumer category with the help of our comprehensive index of brands that brought in investor capital each quarter.


January – March Fundraises


April – June Fundraises


July – September Fundraises


October – December Fundraises


Plus, we’ve been following along as brands secured fresh funding, collaborated with each other, launched behind new doors, released new products, and exited the space. Here are some standout trends from 2023, according to Dwight.


The Skinification of Hair


The Fragrance Frenzy


Personalization & Premiumization of Care

Functional Beverage

RTD Caffeine & Energy Drinks


“In 2023, there was a notable shift in the consumer goods sector, affecting companies at various stages of growth. Brands crossing the $30-$50 million revenue threshold entered the mainstream spotlight, leading to a dramatic increase in both revenue and profitability. This year was a turning point for these larger players as they evolved into key market influencers.

At the same time, early-stage brands focused on refining operational efficiency and improving profitability. Their aim was to optimize their operations, which helped extend their financial runway and move towards sustained profitability. Throughout these shifts, investor interest remained robust. Investors kept an eye out for, and actively supported, brands that not only had strong fundamentals but also showed a clear potential for growth.”

Co-Founder + Managing Director

CPG Insights & Resources

We’ve tapped into our market, data, and expertise to publish valuable content for brands and the community that supports them. In case you missed it, check out some of our most popular insights and resources from 2023.

Mastering your company’s cash flow can be a daunting task, but having the right tools in your toolbelt can make all the difference between success and failure for a CPG brand. In this blog, we’ll explore seven tips and tactics for shortening cash cycles and maximizing your cash flow. Let’s dive in.
In today’s environment, scaling businesses have access to a variety of funding options. If you’ve looked at financing options, you’ve probably come across Asset-Based Loans (ABL) and Revenue-Based Financing (RBF). Both provide non-dilutive access to capital, but they differ in lending structure and how they think about risk. In this post, we’ll explore their differences and key considerations.
When you read the tagline “Intimacy for All,” you get a glimpse into Éva Goicochea’s vision for maude’s customers. As a sexual wellness brand with ambitious goals, maude would have to navigate strict advertising regulations, limited wholesale opportunities, and societal taboos to effectively bring its intimacy products to the masses. Fast forward to today — maude made history as the first brand in the sexual wellness category to be sold in Sephora’s brick-and-mortar stores (264 of them to be exact), and boasts a cult-like following of men and women of varying ages in over 30 countries across the globe.
Sandra Velasquez fearlessly crafted Nopalera as a high-end aspirational Latina brand, intentionally drawing from the cultural tapestry of Mexico to redefine the perception of luxury for Latino products. Her emphasis on cultural storytelling and visually clear messaging became the catalyst for Nopalera’s rich identity, allowing the brand to connect authentically with customers and evolve into a force to be reckoned with in the beauty space.

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