70: How to Get Funded With Nick Papanicolaou of No Sleep Beverage - Business of Drinks

On this episode of Business of Drinks, we sit down with Nick Papanicolaou, the founder and CEO of No Sleep Beverage, one of the most dynamic early-stage strategic investment platforms in the beverage alcohol space. Nick has deployed millions in capital across brands like Madre Mezcal, Barr Hill Gin, and Artet — and in this candid conversation, he outlines exactly what founders need to know to secure funding, navigate investor relationships, and build a beverage brand with staying power.

Before launching No Sleep, Nick built his expertise from both sides of the table — first as a founder of a brand, then as the architect of Pernod Ricard’s New Brand Ventures division. With No Sleep, he’s developed an investment and acceleration model that prioritizes deep engagement with just 8–10 brands at a time, helping them optimize everything from brand positioning to sales strategy to compliance and legal.

Nick doesn’t just hand out checks — he and his team roll up their sleeves and work side-by-side with founders to turn smart brand into scalable businesses. In today’s tight funding environment, that kind of partnership is increasingly rare — and invaluable.

We cover:

• The No Sleep criteria: What revenue thresholds, margin profiles, and market presence VCs are really looking for
  

• What founders get wrong when pitching for investment — and how to stand out
  

• The death of “growth for growth’s sake” and what sustainable scaling actually looks like
  

• Why No Sleep takes a “slow and steady wins the race” approach to expansion
  

• How founders should think about valuation and and share of equity as they bring on funding partners

Whether you’re just starting out or navigating a critical growth stage, this episode delivers a rare look behind the scenes of what top beverage VCs really want — and how to prepare your brand to succeed.

Last Call: 

Are celebrity spirits past their prime? In our latest Last Call segment, we dig into a new report from 3 Tier Beverages showing that only 16 of the top 50 celebrity-backed brands are still growing. It’s a candid convo for any drinks founder or marketer asking: Is celebrity still a smart strategy? Or has the novelty worn off?

Link to 3 Tier Beverages report recap. 

Don’t miss our next episode, dropping on July 2.

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Erica Duecy, co-host: Erica Duecy is founder and co-host of Business of Drinks and one of the drinks industry’s most accomplished digital and content strategists. She runs the consultancy and advisory arm of Business of Drinks and has built publishing and marketing programs for Drizly, VinePair, SevenFifty, and other hospitality and drinks tech companies.

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Scott Rosenbaum, co-host: Scott Rosenbaum is co-host of Business of Drinks and a veteran strategist and analyst with deep experience building drinks portfolios. He currently serves as Head of Search at Distill Ventures. He was formerly the Vice President of T. Edward Wines & Spirits, a New York-based importer and distributor.

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Caroline Lamb, contributor: Caroline is a producer and on-air contributor at Business of Drinks and a key account sales an