In this fast-paced episode, recorded live at the CommerceNext Growth Show, we sit down with Pano Anthos, Managing Partner at XRC Ventures, an early-stage venture capital firm that sits at the intersection of consumers and technology. Pano shares his insights on why retail innovation often stalls, despite transformative technologies and seemingly compelling financial returns. We explore his investment theses on retail media and other key retail priorities. Pano also offers candid advice to startups selling to retailers —and a bold blueprint for restructuring retail to meet the demands and pace of modern shoppers.
In this episode of the Remarkable Retail podcast, hosts Michael LeBlanc and Steve Dennis welcome XRC Ventures' Managing Director Pano Anthos, for a deep dive into the future of retail innovation, investment strategies, and overcoming the systemic challenges that keep great technology from scaling.
Pano shares his journey from serial entrepreneur to leading a venture fund focused on pre-seed and seed-stage investments at the intersection of retail, consumer behavior, and technology. With over 150 investments since 2015, XRC Ventures targets transformative sectors including retail media networks, the consumerization of healthcare, commerce enablement, and new distribution channels. Pano highlights examples of groundbreaking innovations—from AI-driven financial automation to diagnostics that detect autism in under two hours—that are redefining operational efficiency and customer impact.
A major focus of the conversation is retail’s organizational dysfunction, where siloed leadership and competing P&Ls create “warring tribes” that hinder adoption of transformative solutions. Pano argues that true progress requires structural change—appointing an operational leader with end-to-end responsibility for traffic and sales across all channels.
The discussion also explores the promise of retail media, particularly in-store applications with untapped margin potential, and spatial intelligence, which can bring the precision of e-commerce analytics into physical stores. Pano shares candid insights on startup strategy, stressing that early-stage companies must demonstrate material ROI—significant EBITDA or revenue growth—to make it into a retailer’s short list of investment priorities.