Andy Miller

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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"If you need to be told what to do, don't buy a company-" This is just one of many unfiltered insights from my chat with M&A expert Chelsea Wood. Join us for this profound & unapologetic discussion on The Expertise Economy. Thinking about acquiring a business? Before you do, ask yourself this: When faced with a challenge, do you wait for instructions or take action? According to Chelsea, your answer could make or break your success as a business owner. "If you're somebody that's always just figured stuff out and you'll be fine, then you'll be fine as a business owner too." But if you're not? "Don't buy a company," she warns. Whether you're actively looking to buy or just curious about this wealth-building strategy, this episode is a must-listen. Tune in now. It might just change your entrepreneurial trajectory. #TheExpertiseEconomy #MandA #Entrepreneurship #WealthBuilding

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I just wrapped up a panel with the Marketing Leadership affinity group within the How Women Invest community with my hero Auntie Nancy Hayes, aka the Yoda of board membership, angel investing, and general badassery. We talked about different ways to serve on boards, a role in which experienced Marketers seem to be often underrepresented. Why? If I had to guess, I'd say: 1 - Most heads of marketing are women 2 - marketing is undervalued, especially under sales/revenue experience 3—Compound the first two with the messages you tell yourself about your own worthiness, and suddenly, you're a great marketer for everyone else but yourself. ___________ For those who are interested in getting closer or into the board room, there are so many ways to start/get experience: 1—Board Observer (one of my current board roles)—you represent the investor but have no votes. It is unpaid, but/and hugely essential to act as a bridge of visibility and communication between the fund you've invested with and the company in which the fund has invested. My role brings value to both sides with much less bias than the other VC board seats. 2—Corporate board director—There is much governance but not much influence on the product, as the company usually has big enough teams for that. There is a lot of hiring/firing CEOs (read: drama), which can still be fun, especially for those fresh-popcorn-in-my-bag swag kinda folks (both grossly generalizing and way understating this role's fiduciary importance, but you get the idea). 3—Independent board director—this is another of my favorite places to sit. It is much like the Board observer role but with voting rights and equity (although not always, as these terms are negotiated and influenced by the shareholding board seats). You are NOT representing a VC fund (typically), but you might have subject matter expertise in the product or are a generalist boss gal like myself and bring a sense of neutrality and balance to the board. 4—Advisor. Advisors are similar to IBD in terms of influence and type of advice but are not part of the board or its meetings. This role is usually paid in some combination of equity and cash. It's another of my faves. (Are you seeing the trend here?) We have not even touched non-profit boards (where I got my start and am currently sitting on my sixth), but we will save it for next time as it's a whole 'nother Oprah. If you want to learn more, How Women Lead is hosting its 5th annual #getonboard week, starting October 21. Hybrid virtual and in-person. Check it out: https://lnkd.in/diizwv8j #womeninleadership #boardofdirectors #howwomenlead #governance #boarddiversity #corporategovernance #boardservice #businessleadership #leadership Julie Candelon Susan Greenwood Schroeder Mikayla Ludwig

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This could be a big year for M&A. As a consumer health investor, I had a lot to say about the Walmart news last week. Thanks to Modern Retail and Modern Healthcare for featuring my perspective. The bottom line is that I expect to see more retailers learning their lesson and doing more “buy” than build. This could be a boon for the digital health sector, as I expect we’ll see a lot more buy-ups of high-quality clinic businesses with a loyal patient population already onboarded. This is not the end of retail health care, it’s just the end of a specific strategy that was never setup for success. https://lnkd.in/gbCQqYHi https://lnkd.in/guKNHUkE

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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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We are hosting a small gathering to drive more capital into climate on Nov 14th at 4PM in NYC: "Leveraging DAFs for Climate Impact" Confirmed guests: RMI, Acumen, Activate, Elemental Impact, Neta's Foundation, Social Finance, Toniic and more with my co-hosts Liz Walsh and Rhett Godfrey. Please send me a private message for the link to the event if you are interested in the space and can benefit/contribute, thanks :) ***** Harnessing the Power of DAFs: A Guide to Driving Climate Change Solutions ​Discover how Donor-Advised Funds can make a tangible difference in the fight against climate change. ​Join us to explore the untapped potential of Donor-Advised Funds (DAFs) in addressing the urgent climate crisis. ​Learn how to: ​Identify climate-focused nonprofits: Discover organizations making a significant impact on climate change mitigation and adaptation. ​Allocate your DAF funds strategically: Maximize your contribution to climate solutions through targeted giving. ​Engage with experts: Connect with leading climate scientists, philanthropists, and nonprofit leaders for valuable insights. ​Foster community impact: Explore collaborative opportunities to amplify your climate change efforts. Remarkable Ventures Climate

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I’m excited to publicly share something that has been in the works for a few months at the 9point8 Collective. We’ve launched our Virtual Studio! This is a program for early-stage companies that provides the coaching, development and venture-building tools they need to find traction and scale. The program is modeled off of the venture-building processes found inside #VentureStudios, which have delivered 2X IRR and exit 45% faster than traditional #VC-backed #startups over the last 10 years. Some of the secret sauce to this is that studios have found a way to validate strategies early on, de-risk execution, preserve and extend limited runway, and create efficient business models very fast. We at 9point8 are seasoned studio builders and are on a mission to bring this value to founding teams as they navigate their startup journeys. What we’ve done with the Virtual Studio is distill these key processes and techniques, add in our own expertise and best practices, and package them into a program which meets start-ups where they are. We are now opening up our Summer 2024 Cohort, slated to begin in July. Space is limited, so I’m sharing the opportunity with my network before we fill the cohort. Here are the details: -It’s a 3-month program which takes the founder through the key phases of venture-building and de-risking (refining target market, product-market fit, economics and financials, planning, and fundraising). -Founders can expect to achieve greater focus, improved operations and increased marketability to customers and investors. -The end results include collaboratively-drafted operational plans, commercial / investment pitch decks, and elevated management practices within the founding team. These draft off frameworks from 9point8's proprietary venture-building process: Targets Over Everything. -It’s built for founders facing (or approaching) a critical inflection point, where fresh perspectives and strategic management levers are critical. These might include fundraising preparation, new product launch, market expansion, and post-MVP scaling efforts. Why did we build this program? Because building a new company is really hard. 90(!) percent of startups fail, and even moderate risk reduction can create a huge lift to survival rate and eventual returns. The studio model is proven to drive greater venture success; our virtual program is extending that success to more and more teams. The program is highly collaborative and hands-on, so we only take on a few companies at a time. This is a great opportunity for founders who are looking to level-up their abilities when it comes to unlocking traction, growth, and an express lane to superior returns. If interested, please reach out immediately as we expect the program to be fully enrolled very soon! Blair Merlino Evan Allen Neal Ghosh

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It was wonderful to be in conversation with Madison Mills of Yahoo Finance at their annual Invest conference earlier this week. We covered everything from the venture outlook for 2025, impact of elections on women's health investing and innovation, and more. Full clip and summary below 👇 https://lnkd.in/gS67sc2Y

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Today, Two Chairs announces $72M of new funding to continue building a world where everyone has access to exceptional mental health care. Since late 2017, when Maveron led the Two Chairs Series A, the need for mental health services has grown considerably as our society has become lonelier and more isolated than ever. At the same time, our culture’s willingness to openly acknowledge these challenges is greater than ever. Sadly, the rapid growth of Two Chairs affirms the fact that our society is in desperate need of better mental health support. Two Chairs has built a business that believes clinical quality is the defining characteristic of success. Alex Katz has always emphasized the paramountcy of measurement-based clinical outcomes, which the team works tirelessly to achieve. In the process, Two Chairs has illustrated that embracing the ‘move fast and break things’ mentality doesn’t always work. Instead, Two Chairs opted for a different approach: they went slow to go fast. They built a proprietary algorithm that matches patients with the perfect therapist at the onset and hired a team of W2 clinicians oriented toward providing the highest quality care available. Even as the Two Chairs team has grown, their culture has remained small. This has enabled more intimate relationships within the team and between clients and clinicians. Reflecting on this milestone brings me back to the founding of Maveron and the values we hold dear. In 1998, my friend Howard Schultz and I founded Maveron to help entrepreneurs build companies that improve the lives of everyday people—their employees and their customers. There is perhaps no better example of this than Two Chairs. *** Thank you to TechCrunch's Marina Temkin, CFA for the great write-up. https://tcrn.ch/4aMt7yG

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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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If you start down the path of #enterpriseimaging – which many health systems are doing (or considering) – "there have to be some objectives and a clear understanding of what you're attempting to do," said Joseph Marion during a recent discussion with Alex Towbin and Lenny Reznik. What you don't want is to go into it with "a false expectation or limited expectation." https://lnkd.in/gg3PkCim AGFA HealthCare #itimaging #healthcareit #enterpriseimagemanagement #patientsafety #patientexperience

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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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NY Climate Tech Founders! 1) YES PLEASE save the date to join us at #techweek (6/3!), and 2) YES PLEASE share your top NY resources to complete our NY INSIDER GUIDE, in collab with NYCEDC!

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Last month, founders and funders convened at Founder Collective's: Future Collective Boston 2024 Summit to discuss the evolving digital health landscape. It was a joy to have a candid conversation with many including co-facilitators: Giuseppe Stuto and Steven Lee. The conversation spanned key challenges and opportunities in the sector, with a focus on value-based care, AI integration, and market dynamics. VBC: A Long Complex Transition The shift towards value-based care (VBC) emerged as a central theme. Participants highlighted the difficulties in defining metrics for innovative care models. The lack of established benchmarks and slow adoption rates too often hinder progress. Many comments emphasized the misalignment of incentives in VBC and the gnarly complexities of attribution. We covered the impact of lengthy sales cycles, often spanning years, add another layer of challenge for startups in this space. AI It didn’t take too long for us to use our favorite vowels:AI. We discussed Thatch’s recent Series A funding round as an example of a company that is detangling some of the broken incentives in healthcare. Thatch is leveraging AI-powered tools, fintech infrastructure, and deep integrations to make shopping for healthcare as easy as possible. Investment Strategies in Digital Health The discussion also touched on investment dynamics in the sector. Healthcare is largely a service-based business, which correlates to missing out on the higher margins of a typical SaaS business. Given how challenging this space is, we discussed a tactic that is counter to most VC investing: back companies focusing on incremental improvements in healthcare delivery, not revolutionary paradigm-shifting plays. For the near term, the group recognized significant ROI potential in models that enable existing practices and known technology, rather than creating new standalone entities selling into difficult-to-scale and expensive customer bases. Looking Ahead: Policy Outlook Shifts The summit concluded with a debate on the future of healthcare systems. This conversation happened before we understood which White House Administration to plan for. While acknowledging that the current system fails to effectively incentivize long-term health outcomes, opinions were divided on whether policy changes or new business models would drive future improvements. There was a consensus on the need for innovation within existing reimbursement frameworks to catalyze meaningful change. The digital health landscape continues to evolve, it's clear that collaboration between founders, funders, and policymakers will be crucial as the regulatory environment shifts under the next administration. Drop links, reports, or predictions below on any early thoughts on how you think the sector will shift. Source: https://lnkd.in/ePfsv9iT

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Wonderful article about Emily Knight and the whole The Engine Accelerator team on the amazing work their doing changing the world with #ToughTech!

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In the context of the Governor’s proposed Mass Leads Act, my colleague Benjamin Downing and I spent some time thinking through Massachusetts' edge in our country’s expanding clean energy economy. In today’s Boston Business Journal, we caution that while Mass has long been a global leader in driving the energy transition, our pole position is no longer a given in an increasingly competitive environment. As we state in our op-ed: “At stake is the significant economic growth that comes from the convergence of multiple new trillion dollar markets for clean energy in electric power, transportation, heating and cooling. Doing nothing will cede this leadership to other states, limit our ability to direct the future of climate change mitigation, and result in the gradual erosion of our workforce.” We focus our recommendations on the need for new demand formation for clean technologies across sustainable cement and steel, and pathways for decarbonizing our natural gas infrastructure with hydrogen and heat pumps. These types of incentives were foundational for securing MA’s leadership in solar and energy efficiency a decade ago and should be replicated for the next phase of the state’s energy transition. https://lnkd.in/ef8x5BdY

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Join us tomorrow for a panel discussion on the complex relationship many FirstGens have to money and how that affects founders, investors, operators and others. See you tomorrow! https://lu.ma/9rixyzgs

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🚀 Calling all fundraising Boston Metro B2B tech startups! 🚀 Are you currently fundraising and ready to pitch in front of Boston's top angel investors and early-stage fund managers? On November 19th, Venture Lane | Startup Hub is hosting our exclusive Pitch Night 👉 - a rare opportunity for Boston Metro’s early-stage B2B tech founders to present their investor pitch live and connect directly with key decision-makers in the local investment community. We’re on a mission to showcase the next wave of standout B2B tech companies from Boston. If you're ready to elevate your fundraising efforts and make meaningful connections, don't miss this opportunity. ⏰ Apply by October 22nd to secure your spot! 📲 Find the application link in the comments below. #B2BTech #Startups #Fundraising #BostonStartups #PitchNight #VentureLaneStudio

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