Morgan Zanotti - Act Two After A $200 Million Exit to Kraft

On this episode, we're joined by Morgan Zanotti, Founder and CEO of Waay - the sparkling protein water brand with 10 grams of protein, zero sugar, and 45 calories a can.

Morgan co-founded Primal Kitchen, which she helped grow from a kitchen to roughly $50 million in revenue before a $200 million exit to Kraft Heinz.

We get into the origin of Waay, starting with the clear whey protein isolate that made Morgan wonder why no one had put it in a sparkling water. Morgan walks through the rapid launch timeline, the rollout across Whole Foods, Sprouts, and a Target protein end cap, where a sparkling protein belongs on shelf, and why the brand took off on Amazon and TikTok Shop faster than she expected.

We also talk about the importance of reaching profitability ASAP in order to maintain ownership, what five years inside Kraft Heinz taught her, and what strategics and PE really look for in a brand.

---------------

Episode Highlights:

💡 The clear whey protein "aha" moment behind Waay
💪 Why the protein message finally tells women to eat more
🥤 10 grams of protein, zero sugar, 45 calories
🔁 Why a second-time founder gets back in the ring
📊 Chasing a $40 billion TAM instead of a niche
🛒 Landing a Whole Foods national yes with blank silver cans
⏱️ Three months to build a brand from scratch
🏁 Riding Target's protein end cap, and the risk
📦 Why beverage blew up on Amazon and TikTok Shop
💰 Staying profitable to keep ownership
🏢 Five years inside Kraft Heinz after the exit
🔭 The brands and trends she's watching now

---------------

Table of Contents:

00:00 – Intro
00:49 – The origin story: a millennial mom and clear whey protein
01:40 – How the message to women shifted to protein
03:06 – Why a second-time founder jumps back in
04:55 – True innovation and a $40 billion TAM
06:40 – How GLP-1 reshaped the category
08:13 – Selling Whole Foods national with silver cans and a trademark
10:43 – Three months to build a brand, find a co-packer, and nail the taste
14:09 – The protein arms race and a "support, not solution" position
14:55 – Sprouts, Target, and the end cap bet
16:31 – Where a sparkling protein sits on shelf
17:57 – Why beverage took off on Amazon and TikTok Shop
19:11 – Staying profitable to keep ownership
21:28 – Her cap table approach vs Primal Kitchen
22:30 – Five years inside Kraft Heinz and "keep being you"
24:40 – What acquirers actually look for
27:21 – Reading an exit, and why she loves Good Culture
29:56 – Brands and trends she's watching

---------------

Links:

Waay – https://drinkwaay.com/
Follow Morgan on LinkedIn – https://www.linkedin.com/in/morgan-buehler-zanotti-31989620/
Waay on LinkedIn – https://www.linkedin.com/company/drinkwaay/posts/?feedView=all
Follow me on LinkedIn – https://www.linkedin.com/in/adam-martin-steinberg/

For help with CPG production design - packaging and label design, product renders, POS assets, retail media assets, quick-turn sales and marketing assets and all the other work that bogs down creative teams - check out https://www.kitprint.co/.

Shout out to my friends over at Glimpse, the go-to partner for automating retail-related back-office operations and unlocking margin trapped in invalid fees and manual processes.

Are you in the market for a new flexible packaging partner? Check out HD Packaging. Third-generation, family-owned and built for the needs of category leaders like Newman’s Own and A Dozen Cousins. Faster launches, lower costs, and no artwork fees.