Kevin Huang

Imagine swallowing the competition whole. That's what many players in tech do via roll-up strategies, gobbling up smaller firms to deliver richer solutions and amass greater market share. Where else are roll-up strategies common? // HEALTHCARE Picture being a patient at a medical practice that’s been part of a roll-up in Healthcare Services. It's an industry ripe for roll-ups due to its fragmented nature and potential for greater efficiency. // CONSUMER SERVICES Or let's say you needed your HVAC serviced, and notice your local repairman is now part of a bigger Consumer Services entity? Centralized management and scale economy turn these localized businesses into roll-up targets. // FINANCIAL SERVICES Think about your insurance agent or wealth management advisor. They're working in complex, highly regulated environments. In the Financial Services sector, roll-ups offer an effective way to consolidate expertise, streamline operations, and enhance customer offerings. // MANUFACTURING Now, imagine driving past factories under a new name — the result of Manufacturing and Industrial Services roll-ups. Bulk purchasing reduces costs, enhances production capabilities, and expands geographical footprints. // REAL ESTATE Lastly, envision your real estate brokerage firm. The industry sees roll-ups as a strategic move to increase market penetration, enhance service offerings, and hike up portfolio value. Roll-ups play a huge role in most industries, rather like a snowball rolling downhill, gaining momentum, and size. Are you seeing roll-ups in your sector or considering M&A?

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Today's post is about our commitment at Bread and Butter Ventures to investing in women's health within our healthcare vertical, which is a big focus of our fund. Our mission in healthtech broadly is to invest in technology that democratizes access to quality care for all. A report this year from Deloitte shared that investment in women’s health rose by 5% between 2022 and 2023 - heading in the right direction, however, women's health represented just 2% of the $41.2 billion in venture funding that went to health companies in 2023, according to Deloitte’s analysis. There is such tremendous opportunity to innovate and invest for half the world's population. This an economic imperative. Spotlighting today 5 outstanding healthcare startups innovation in women's health who are very proud to have in our portfolio: ⭐ Gabbi: is building a comprehensive breast cancer risk assessment and early detection platform, combining cutting-edge technology with personalized care. As a woman's virtual breast specialist, Gabbi ensures every woman knows her risk and has access to early detection via telehealth. https://www.gabbi.com/. Shoutout Kaitlin Christine ⭐ Chiyo: is a personalized & integrative food-as-medicine platform that helps the next generation of mothers looking for guidance as they navigate the acute transitions of fertility, pregnancy and post-partum. https://wearechiyo.com/. Shoutout Irene Liu ⭐ Delfina: is creating an AI-powered pregnancy care platform to solve the global maternal health crisis. Delfina lowers rates of adverse outcomes, hospitalizations, and NICU stays to deliver substantial savings for health plans and risk-sharing providers. https://www.delfina.com/. Shoutout Senan Ebrahim, MD, PhD Priyanka Vaidya Ali Ebrahim ⭐ Nest Collaborative is the first to create a nationwide network of lactation consultants, available to mom 24/7 through virtual consultations. We were also the first to offer mom a no-cost, insurance-paid experience - which means when she has a problem we can connect her with a consultant within hours and we take care of all the payment and paperwork on the back end. We are, in all ways, her BFF - Breast Feeding Friend. https://lnkd.in/gKCVYvtF. Shoutout Judith Nowlin ⭐ Myya: provides breast cancer survivors completely customizable, fully insurance billable post-mastectomy prosthetics with a state-of-the-art fitting experience online and in-person. https://myya.com/ Jasmine Jones #womenshealth #digitalhealth #venturecapital #startups

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🌟 Capital for Cures: A New Platform for Healthcare Transformation 🌟 At the beginning of this year, Capital for Cures launched with a bold vision: to mobilize more capital for emerging healthcare companies and solutions. The mission is simple yet urgent—funding healthcare innovation shouldn’t rely solely on the pharmaceutical industry. By expanding our partner network, engaging with pension funds, insurance companies, and other investors, and securing foundational capital, we aim to cultivate the next wave of angel investors, foster collaboration, and provide innovators with the capital they need to thrive. How It Started The idea for Capital for Cures arose from a clear gap in the industry. Early-stage healthcare companies often struggle to secure critical funding, while traditional industry events fail to provide the intimate, action-driven forums needed for impactful collaboration. This inspired the creation of a platform dedicated to fostering meaningful connections among innovators, investors, and policymakers. Recent Milestones Earlier this month, our AI Roundtable in Basel brought together senior leaders from Swiss companies and big data providers involved in foundational AI models, highlighting the urgent need for companies to engage directly with regulators to shape practical AI policies. Additionally, the Capital for Cures event in Frankfurt reinforced the demand for forums like ours. Unlike large-scale conferences, these events showcased the power of action-oriented collaboration to unlock new opportunities. Our Vision for the Future We’re building a fully-fledged platform for transformation: Engaging New Investors: Attracting non-traditional investors, like pension funds and insurance companies, to unlock significant healthcare funding potential. Cultivating Angel Investors: Encouraging successful founders to reinvest in the ecosystem, fueling continuous innovation. Fostering Meaningful Connections: Bridging the gaps left by traditional conferences like Bio-Europe and JP Morgan. Next Steps We are raising $300k USD to scale our vision and mobilize more capital for healthcare innovation. Expanding our partner network is critical to supporting emerging companies and driving impactful change. Join Us Contribute to Our Advisory Board: Bring your expertise or recommend key leaders. Partner with Us: Offer financial or non-monetary support to help scale this transformative initiative. Participate in Upcoming Events: Join our next roundtable to shape the future of AI and healthcare. Together, we can build a brighter future for healthcare by empowering innovators, mobilizing investors, and influencing policies for meaningful change.

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According to the latest report from Rock Health, digital health funding in Q1 2024 totaled $2.7B across 133 deals, with an average deal size of $20.6M. It doesn’t break out device-related investments, but most medtech founders I meet these days are being forced to chase tiny rounds made up of endless little checks, consuming valuable energy and slowing their progress. The benign neglect of this next generation of diagnostic and therapeutic devices is counterproductive and surprising. Given the crowded virtual care market, for example, I’d expect more such companies would be exploring medtech partnerships, investments or acquisitions that'd enable them to back integrate into delivering sharper, and more differentiated, care and treatment. This is exactly what Maverix Medical is doing from the other direction: Reshaping the entire spectrum of lung cancer care by integrating more advanced + effective approaches to screening and diagnosis, treatment and therapeutics, and even palliative care…And putting it all to work through an innovative provider network. One notable investor exception is Y Combinator partner Surbhi Sarna who’s been backing great teams like Selera Medical (YC W24) doing foundational work on ambitious medical devices. Without more support from investors like her, we’re going to increasingly find ourselves stuck with the incremental portfolio improvements from the incumbents, and that’s just not nearly enough.

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🌟 Europe! It’s time to boldly build together to create a better and brighter system of care. 🌟 It was energizing for Alexandre Momeni and myself to meet with so many talented entrepreneurs and leaders across pharma, payers, providers and policy at HLTH Europe, all committed to making a difference in European healthcare. Here are a few of takeaways: ✅ An ambitious new generation of European digital health innovators is emerging. Following in the footsteps of Sword Health, Alan and Doctolib, companies like Doccla, Nabla, Corti and Causaly are pioneering world-class solutions to bridge the critical gaps in Europe’s healthcare infrastructure. They are creating a future instead of optimizing the present and their success will raise the bar, attracting more talent and investment in the space. ✅ Our academic health systems are undergoing a ‘renAIssance’. Lighthouse health systems like Sheba Medical Center, Tel Hashomer, Charité - Universitätsmedizin Berlin, Guy's and St Thomas'​ NHS Foundation Trust and Greater Paris University Hospitals - AP-HP are re-imagining their business models to shift care out of the hospital, making strategic investments and embracing innovative solutions to leapfrog their most pressing challenges, including with (Gen)AI. AI is not just a tool for efficiency; it’s a catalyst for more effective healthcare. ✅ Radical collaboration is the path to success. HLTH, with over 3,500 attendees from over 60 countries convening in Amsterdam, is proof that when we are bold and join together as a community, bringing the best minds and hearts together to engage and share ideas, we make progress. This is critical in Europe where the geographic and regulatory complexities of the market means greater coordination and intentionality is needed to achieve real system-level change instead of diffuse pockets of innovation. As an investor in European digital health for over a decade, I’m excited by how vibrant the ecosystem is becoming. At General Catalyst, we are committed to creating, investing, partnering and operating to enhance the resilience of European healthcare — all in the pursuit of Health Assurance. Let’s seize this moment!

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Emerging from stealth with a bang 💥, Xaira Therapeutics secured a cool $1bn back in March. A collaboration of minds with Foresite Labs & ARCH Ventures - talking about hitting the ground running! The captain at the helm? Marc Tessier-Lavigne, a name synonymous with success in our world. His vision? A future where AI doesn't just support but leads drug development. 🔬🧬 And while funding pours in, showing the unyielding faith in AI's potential in BioTech; the industry buzzes with talks about regulations. Yes, the ever-evolving landscape of AI in pharma demands clarity—a much-needed framework for innovation to thrive safely. Enter CDER's Clinical Trial Innovation hub. A beacon of hope, perhaps, for cutting through red tape, fostering progress, and ensuring that AI's role in pharma doesn't just promise but delivers.

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The (Healthcare) Ground Beneath Our Feet… This year it is likely that over $10 billion will be invested in the digital health sector – a robust amount, no doubt, but inconsequential when compared to the amount of capital tied up in healthcare real estate assets, which is estimated to be $1.2 trillion by Jones Lang Lasalle. Of that amount, approximately $790 billion is in the hospital sector while the remaining $490 billion is in medical office assets. It is estimated that there are 48.6k facilities with 3.4 billion square feet of healthcare real estate, 42% of which are owned by REITs and another 33% held by other private investment vehicles. Much of the digital health investment is meant to make the physical healthcare infrastructure more productive: greater operating efficiencies, greater patient throughput, more relevant personalized care models with better outcomes. As the healthcare system is being pushed to be more distributed to lower cost sites of care, accelerated now by the rapid proliferation of automation and AI capabilities, the potential impact on healthcare infrastructure assets will be profound. Thoughts on what that might look like... https://lnkd.in/eTfAdUbS #digitalhealth Flare Capital Partners

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I couldn’t be prouder to be a Venture Partner at Isomer Capital (aka the best European FoF - at least for me) as we just announced the launch of our pioneering £100m secondaries fund. This fund is dedicated to acquiring stakes from LPs in various VC funds, tapping into a massive and largely unexplored market. 🌟 Key Highlights: - Focused Investment: Primarily targeting stakes in VC funds, with selective investments in private companies. - Robust Funding: Already over 20% funded, thanks to strong support from Nordic family offices and a German foundation. - Market Potential: With a growing number of private tech companies and a VC liquidity crunch, Europe's VC secondaries market is poised for rapid growth. - Track Record: This isn’t Isomer’s first foray into the secondaries market. As a firm we’ve done several secondaries deals with portfolio companies and VC firms, including early-stage VC Seedcamp (in 2021) and mobility giant Bolt (in 2023). - Expert Team: Welcoming the amazing Omolade (Rachel) A., formerly of Coller Capital, as a principal to lead this initiative. 💡 Investment Strategy: - 65-75% of the fund will buy "LP interest" stakes in VC funds. - 15-25% will be directed towards stakes in companies. - Up to 15% reserved for flexible investment opportunities. 📈 Looking Ahead: We're targeting returns of 2-3x, with significant distributions expected in the next 4-7 years. As one of the few players in this space, we're not just participating in the market—we're driving it forward. Read all about it here: https://lnkd.in/dc7sbC3G #VentureCapital #SecondariesFund #EuropeanVC

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Swing and a miss for CVCA CEO at international LP meeting We were in London last week, meeting with co-investors & LPs as we work on the launch of our next fund after a busy year that has included 5 realizations, 1 IPO, 4 new investments & tons of financial, clinical, commercial and impact milestones for our companies As a past Chair of the CVCA I am always proud to advocate for our industry, and as such the LP/GP event organized by the Global Affairs CA Liaison to the CVCA & hosted by The Honourable Ralph Goodale at CA House, seemed like a fantastic opportunity to do just that Unfortunately the meeting was a bit of a miss because the CEO of the CVCA appeared unwilling or unable to advocate for the largest part of its membership Strike1 The CVCACEO failed to kick off the meeting with a thoughtfully prepared presentation highlighting the CDN VC story: its growth, VC-backed success stories, strong financial performance, how GPs have thrived despite the lack of domestic PP engagement, and why GPs like those in the room are tougher & more resilient because of it Strike2 Spending more than 1/3 of the meeting on a broad CA economic update when the event was about promoting the CDN VC opportunity & encouraging foreign investors to participate as co-investors and/or LPs Strike3 When a UK-based FO asked the elephant-in-the-room question “why given that CDN mega PP are splashing their cash everywhere in the world (PE, infra & real estate) are top CDN VCs, having to fundraise abroad”. The CVCACEO responded “The reason for the lack of engagement is because the Maple 8’s sole objective is performance,” leaving the audience to draw one, totally wrong conclusion - that performance is the core issue. Despite the damage having been done, the GPs in the room then offered the correct answer: 1) With 2 exceptions (OMERS & CDPQ) CDN mega PP have been largely disengaged from the VC asset class globally since the mid2000’s when they all transitioned to quasi-PE firms. 2) Since then they consistently articulated to foreign & domestic VC GPs that it was mostly about “cheque size & that even a $100M is simply too small.” and 3) they have not built teams with the experience to engage, particularly in the private part, of innovation economy, and so unlike with PE it is virtually impossible for them to get meaningful co-invest - with seems to drive a huge part of their model OMG. This event had 1 purpose, build engagement & attract foreign capital to CDN VC GPs & companies, & the CVCACEO just threw the entire sector under the bus.  As a trade association for VC/PE members the CVCA's fundamental role is to advocate for the CDN VC/PE sector and this means having a CEO who is passionate, high conviction and unfailingly willing to promote our sector to LPs everywhere by delivering the message that the CDN VC asset class can & should be accretive to their overall performance. If the CEO won’t do that for the majority of members then that is a problem

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Some VC investors believe that brick and mortar - referring to a physical presence of some kind - should be avoided at all costs. Yet, the track record of clinic and hybrid care businesses in health care indicates otherwise. ==> One Medical (sold for $3.9 billion to Amazon), Oak Street (bought by CVS for $10.6 billion), Lifestance (IPO at $7.5 billion market cap), and PE-backed Premise Health (acquired by OMERS Private Equity for $1.1 billion) If a clinic is indicated as the optimal way to deliver care for that patient population, there are creative ways to build and operate them. Full article below with advice and strategies on how to build and operate hybrid clinics from my teammate Anarghya Vardhana from Maveron, Amir Dan Rubin from OneMedical Group, Steven Eidelman from Modern Animal and more!

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We founded Oak HC/FT to invest in diversified market opportunities and built a team that would get to know those subject areas broadly and deeply. To succeed in #healthcare specifically, we have a few key focuses: 1. High-quality patient care is our number one priority. We're looking to build companies that provide better access and services at a lower cost. 2. We look for opportunities to streamline processes. We want to build administrative efficiency to reduce waste and free up resources that can positively impact patients. 3. Talent is everything. It's a key ingredient in scaling, which requires human capital and a great deal of support that we're eager to provide. Want to hear more? I dove deeper into these insights with RJ Lumba on the GrowthCap Growth Investor podcast. Listen to our full conversation here: https://lnkd.in/eiCbqDSU

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📣 I’m proud to announce Springhood Ventures’ investment in NeoPrediX AG, a company committed to revolutionizing maternal and neonatal care through cutting-edge predictive analytics. 💡 Our decision to invest in NeoPrediX is driven by their groundbreaking approach to improving health outcomes during the most critical, formative days of life. By empowering clinicians with real-time, personalized insights, NeoPrediX enables proactive interventions that not only save lives but also elevate the quality of care for mothers and newborns. ✨ NeoPrediX is also tackling the urgent need for greater efficiency and productivity within hospitals. By streamlining processes and equipping healthcare providers with advanced tools, they are helping to reduce costs and improve operational outcomes—a win-win for both patients and healthcare systems. 🌟 📈 NeoPrediX aligns perfectly with Springhood’s mission to improve child health profitably and at scale. This partnership exemplifies the exceptional investment opportunities available in the child health sector. We are excited to collaborate with Thorsten Waloschek and the NeoPrediX team, and we look forward to their continued success in transforming this vital area of healthcare innovation. #SpringhoodVentures #NeoPrediX #investinkids #investinhumanity #mostimportantinvestment

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 📣Join Our Mission: Women's Health! Despite recent growth in the women’s health space, there is still unmet demand for products and services. Menopause has been a particularly overlooked segment of the market: only 5 percent of FemTech start-ups address menopause needs globally (McKinsey & Company, 2024). Nevertheless, the acceleration of advances in women’s healthcare holds considerable implications for investors and stakeholders across the value chain and beyond. At KRING, we're pioneering innovative solutions in women's health, focusing on cognitive health, sleep management, menopause, fertility, and more - with Menopause, an active health challenge we are currently exploring. While diving into Validation, our concept has garnered significant interest across the health innovation ecosystem, corporate partners, and investors. ✅ Chief Commercial Officer (Co-founder) We're seeking dynamic Commercial Co-founders with robust entrepreneurial backgrounds with experience of scratch to commercialization, and exceptional leadership skills. Experience in negotiating complex agreements is advantageous, but a passion for women's health is essential. https://lnkd.in/dVRwJ6i8 ✅ Menopause Expert: Chief Product Officer (Co-founder) We're looking for a scientific expert with a deep understanding of medical science, clinical research, and regulatory requirements, to lead the development of innovative healthcare solutions for women's health. https://lnkd.in/dXX3RWQY 🧠 The Concept: Building a Digital Platform for Women's Health Our digital platform helps women tackle midlife challenges, including menopause, by enhancing sleep quality, addressing weight gain, and boosting self-confidence. Components include data gathering, tailored recommendations, personalized wellness programs, and a supportive community. 📍Join Us in Copenhagen Our team is headquartered in Copenhagen, offering an exciting opportunity for individuals based in these cities or open to relocation. If you're intrigued by this opportunity, we'd love to hear from you. Reach out to Marina Miteva and Agnes Agada to learn more. Join Entrepreneurs, Innovators, and Investors like Britt Meelby Jensen, Kristine Leerbeck, Christina Høgh Selmer Kirk, Anne Mette Bang, Benjamin Suhr, Anja Monrad, Sonal Pendharkar Kulkarni, Ella Smoraczewska Harris, Fanny Hauterat, Sumeya Hassan, Rosemarie Wedell-Wedellsborg, Jane Kudsk, Susanne Brønnum, Pernille Foss, Sara Maria Franch-Mærkedahl, Gitte Nipper, Jenny-Ann Axson Johnson, and more in revolutionizing healthcare and shaping the future of women's health. Apply now.

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🌱 Emerging VC managers - a topic close to my heart, having seen it from both the GP and the LP side. 🌱 Thank you for moderating our panel Lisa Edgar, a pleasure to discuss with you and Charles Conn ,Regina Cho and Ertan Can. Thanks to everyone who listened and engaged in conversations after. For those who couldn't join us, here are two emerging managers profiles we touched upon: 1. Partners who are leaving established firms to start their own ➕ available track record to dilligence ❓can they replicate that performance without the infrastructure and support of the bigger brand ❓ can they actually build a firm from scratch, are they entrepreneurial enough 2. Founders turned funders i.e. entrepreneurs who've been through the fundraising process themselves, had some success with their ventures, typically an angel investing portfolio and are now looking to take their investing to the next level ➕ usually they can relate to founders on a deeper level ➕ entrepreneurial mindset that should help with firm building ❓ can they secure the right allocations ❓ can they think about portfolio construction in a disciplined way Regardless of profile, something that has stayed with me is a conversation with one of our GPs who said there are 3 types of people in investing, those who: 👍 like it ❤️ love it 💥 are prepared to live it If you just like venture and investing, then being an emerging manager is probably going to be too demanding. You have to be somewhere between "love it" and "live it". #SuperVenture SuperReturn #VC

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🔔 In today's HealthTech of the Week series, I'm presenting something special. Instead of showing you another exciting startup, I will share an insightful interview with Olivia BLANCHARD, Managing Director at Health Venture Lab (HVL), an international accelerator supported by GE HealthCare. 🔥🔥 🔍 Discover how HVL is empowering startups to redefine healthcare through innovation and technology. Highlights from our conversation include: 🔹HVL’s role in accelerating medical innovations without equity participation. 🔹Benefits for startups include access to a robust international network and strategic development opportunities. 💡 Dive into the full interview to see how HVL is shaping the future of healthcare! The article is available in two language versions. 👉 EN: https://lnkd.in/dvvThsBA 👉 PL: https://lnkd.in/dfGTfyuF Olivia BLANCHARD, Thank you very much for sharing your amazing experience with us! 💙 PS. If you are interested in the HealthTech of the Week series, you can find more interesting materials on my blog! #HealthTech #Innovation #HealthVentureLab #HealthTechOfTheWeek #MedTech #HVL

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When I invest I want to invest in a team of missionaries not mercenaries.... When deciding on an investment the most important points from the comparison are: Customer centricity: In my experience the best founders are driven by delivering value to their customers. The pitch: if the deal seems to be to good to be true it is most likely not true. I have made bad experiences when there is time pressure on the deal and the founders do not stop to drop names who else is on the captable. And like mentioned in my last post the lust for making money vs. the lust for meaning & making money. #venturecapital #vc #investments #startupinvesting

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TL;DR - 1) Mario & team at Oscar are testing (and writing about) LLMs in real-world healthcare applications and their blog is a good read for the AI-curious. 2) o1, even in preview format, is a must-try to address complex problems where 4o might not have delivered consistent results. Hopefully folks are starting to set up AI-sandboxes with test data and tinkering!

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As I said right at the start of this week's The Heart of Healthcare Podcast, Shivdev Rao is one of the most exceptional founders I have ever worked with. He is also a great human being. In this week's episode he shares what is it like leading the 🚀 that is Abridge and some awesome life lessons. IMHO this is a great listen for founders building in both the AI and healthcare fields!

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This week Mikal Ventures brings you a 2-week breakdown of the US capital market with an emphasis on the Mikal verticals. Over the 2-week period ending May 13, 450 new companies were added, with just under 95,000 companies included in the US Health Tech, Med Tech, Fin Tech, AI Tech, and Ed Tech verticals. AI Tech again saw the greatest percentage of growth in new companies and transactions, weighing in at over double the vertical averages for the period. The US Med Tech vertical led the way in SEC Filings, with Fin Tech leading in news articles. Mikal Ventures publishes these stats to provide a perspective on how the verticals and new startups move through time. We hope you find them informative and thought-provoking. VC Investors are always adjusting their "Play Book" with a variety of options for investing. Mikal Ventures is one of those alternatives, offering curated solutions to real world problems. Reach out if you have questions on how we can be of assistance and bookmark https://mikalventures.com/ for additional insights and information.

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