Coterie

We invested in Coterie because few consumer categories are as stuck in their ways as diapering. Materials that hadn't changed in decades. Formulations designed around cost of goods more than outcomes for the baby. Coterie set out to redesign the product itself. And did.

Parents are the most protective customer base in consumer. They don't switch for marketing. They switch when the product is visibly, measurably better. Coterie won on exactly that criterion, which is how we knew it would last long enough to return the investment.

The commercial case was retention-first. The DTC cohort data showed repeat-purchase rates that simply don't happen in diaper DTC unless the product is doing something different. When we looked at the reorder curves in diligence, we could see the decision framework a parent goes through: try the product, notice the difference on the baby's skin, tell the other parents in their circle, subscribe.

Our investment compounded through growth stage and exited cleanly. Coterie is one of the reference investments in our consumer portfolio, and the build pattern, material-led innovation, parent-trust distribution, careful retail cross-over, is one we look for now in every baby-care pitch we see.

Coterie rethought baby care from the materials up. Premium-grade diapers and wipes, designed around skin outcomes and sleep outcomes, with an operating team that treated product development with the seriousness the category usually reserves for marketing.

The company earned the trust of parents who had reason to be skeptical, and built one of the clearest examples of a consumer brand that won by being better, not louder. The retail and DTC presence grew in parallel, and the company exited to a strategic acquirer at growth stage.

We exited Coterie and remain proud of the investment.