Marc Baselga

Couple of weeks ago had the pleasure of sharing my story to Alexander Benkendorf about starting CastPrint and later moving on to join Verge HealthTech Fund and the learning along the way. Some topics we discussed: 💡What does it take to bring innvation in healthcare 💡How did my startup background help me better prepare for VC work 💡How founders can better engage with VCs and what are the tips and tricks from the "other side" Thanks Alexander for having me!

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Health tech founders: Are you tired of the endless fundraising cycle? Here's why your pitch deck isn't cutting it anymore and what you need to do instead: 🔔Ditch the generic investor outreach 🔔Leverage the Capital Readiness Scorecard 🔔Streamline due diligence (save 118+ hours!) 🔔Master every funding stage from pre-seed to Series C In today’s #LinkedinAudio event, we dive deep into the challenges and strategies of capital fundraising in health tech. Here's what you'll learn: 💰Why many startups get caught in a perpetual fundraising cycle 💰How to target the right investors and stand out from the crowd 💰The power of the Capital Readiness Scorecard in streamlining due diligence 💰Key strategies for successful fundraising at every stage Don't miss out on these game-changing insights! Tell us: What is one of the biggest frustrations when fundraising for your innovative solution? Can't make it to the Audio event? Listen to the full episode on your favorite podcast app. It will be published on Sep 17th. See the specific link in the comments below. #HealthTech #Fundraising #StartupAdvice #CapitalReadiness

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VC funding in healthcare has been more resilient than in other industries. Here are some key takeaways from recent Carta data: 👉 At the priced seed, Series A, and Series B stages, dilution for health startups has noticeably decreased, while dilution for SaaS startups has stayed flat or increased slightly. 👉 In priced seed rounds, median dilution for healthcare companies dipped to 14.2%, compared to 20% for SaaS.  👉 The frequency of bridge rounds surged in the health sector in Q1, jumping to 44.3% from 36.9% in Q4 2023. This is the first significant increase in bridge rounds in healthcare over SaaS since early 2022. 👉 More founder-friendly terms for health startups may result from enduring VC interest since COVID. Healthcare has remained strong through economic turmoil, enabling higher valuations with smaller round sizes. What are the implications? The healthcare sector might see a rise in new ventures due to favorable investment conditions and lower dilution rates. The surge in bridge rounds suggests that certain sectors within healthcare face unique challenges that require interim financing solutions. Founders and investors in the healthcare space- what are your thoughts on this? I’d love to hear from you. If you know a founder innovating in healthcare, tag them in the comments! The Artemis Fund is especially interested in groundbreaking care tech companies. You can check out Carta’s full blog linked in the comments. If you haven’t read our latest blog on care tech, you’ll find that there too. #healthcare #caretech #fundraising

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📈 Curious about the startup scene in Massachusetts? Explore our detailed funding list featuring startup names, HQ locations, and investor info. Perfect for investors and entrepreneurs alike! Check it out: https://lnkd.in/dAp3xj-Q #startup #startups #venturecapital #funding #vc #managementconsulting

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Sharing some insights/trends we are seeing in the first half of 2024: - The majority of startups HQ’d in NYC & SF founded in the last two years are hiring most if not all of their employees in the office (at least 3 days a week) - Less than 5% of those are mandating 5 days a week in office. - Most top candidates are optimizing for hybrid with remote up to 3 days a week - Compensation across the board for early-stage startups has remained relatively flat since 2023 - For startups located outside of core major tech hubs, there is more openness and even preference for remote to tap into broader markets and compete for top talent The overview is that local talent and teams are making a comeback and salaries are not rising as drastically as they have in the past 5 years. Make sure to choose your next move based on fit, impact, passion, upside, growth, and not purely on comp. #startups #venture #VC #seed #Engineering #Hiring

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Today was a big win for consumer health, with Flo Health Inc.'s valuation at $1 billion. We're hearing talk about the market becoming frothy again, but I’d argue—without seeing the detailed financials—that this valuation could be entirely warranted. Flo has built an impressive business, with 5 million paid subscribers and 70 million monthly active users. At $60 per year for users to access the product, this business has hundreds of millions in revenue and plenty of room to grow. It's increasingly clear to me that innovators focused on healthcare have been wildly underestimating consumer business models for years, believing that patients would only opt for solutions covered by their health plans and prescribed or recommended by their doctors. That thesis needs updating, particularly given high deductible plans and soaring co-pays. Innovators building solutions that users genuinely love will win - even in healthcare. These businesses also have the potential to move into B2B channels, which is far easier to do when you have an engaged, loyal user base. I expect we’ll see many more consumer health businesses “pop” in the years to come, further proving that consumers are ready and willing to pay for such solutions. We're watching closely at Cherish Kudos to the team at Flo for this impressive milestone. Lainie Muller Charlotte Yeh Aashima Gupta Avanlee Christine Esther Dyson Alexandra Drane Jessica Kamada Vin Gupta, MD MPA Asheesh Saksena Paul Crnkovich Josh Kampel Steve Chazin Lee Wagner #agingwithattitude #independentliving #consumerdrivencare

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🔥Tune In to the Latest Fireside Chat with a VC in Healthech🔥 What percentage of VCs are former founders? 30% maybe more? I'd think a fair amount, yet how *exactly* does that transition happen and what perspectives change *radically* afterwards? Sigvards Krongorns shared exactly that - his journey from PwC consultant to Healtech founder, to a VC shaping the future of Healthtech startups. What we talked about: ✨ Sigvards' transition from a PwC consultant to founder to a VC ✨ What steps are necessary to bring innovative medical devices from concept to market ✨ How being a founder can prepare you for a role in venture capital ✨ What strategies help navigate the regulatory landscape in healthtech startups ✨ The right way to engage with VCs for startup funding ✨ What future trends in venture capital and Healthtech look like #HealthTech #VentureCapital #Innovation #StartupJourney #HealthcareInnovation #Entrepreneurship #FiresideChat #VentureCapitalInsights Full conversation can be found here:

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Impactful Biz, Ops & Investment Roles at Early Startups & VCs: • Chief of Staff to Ex. Head of Product at Google • Founding GTM at the most YC product used by other YC companies in the past four years • Chief of Staff to a Partner at a Top-Tier VC Fund • Head of Platform of a NY State Backed Accelerator • Investment Associate at a Seed Stage Fund Investing in Category-Defining Companies • Partner at a Defense-Focused VC Fund • Chief Revenue Officer of a New Space Company in El Segundo • Venture Capital Analyst at a fund investing in overlooked geographies • Investment Associate at a Spirit-Focused Fund • Strategy & Ops Lead at a Company Focused on Helping Improve Autism • Senior Product Manager at a Company Focused on Building Shopify for Content Creators • Program Manager for a Space Security Company • Open-ended Investment Position at a Top-Tier Accelerator • Biz & Ops Lead for One of the Most Loved Digital Consumer Products 💸 All companies are well-funded and backed by top-tier investors. ⬇ You can find links to the roles above, plus many more, in the comments.

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Last week, the Apollo 21 team attended the 2024 NY Venture Summit. The VC panels were jam packed with golden insights. A few of our favorites were: "You should have tried *everything* you can to get funding BEFORE you approach VCs. If you're approaching a VC, you'd better be ready to scale." "With the acceleration of AI, we will see the first one-man unicorn emerge within the next 5 years." "I'm interested in 2 things from early founders: Tell me a story about how you're going to change the future in non-obvious ways. And be transparent...to a fault. I'd rather learn about your skeletons in the first or second meeting than right before I wire money." Read the entire list at the link in the comments 👇 --- Don't miss out on Innovate, Disrupt, or Die — our weekly newsletter focused on corporate innovation, startup disruption, and venture-building. InnovateDisruptorDie . com

Someone broke down the estimated costs of a $15 Sweetgreen salad. We need these cost graphics for digital health to help future founders. Especially for tech enabled cos, the greatest cost is labor. Much of the "value created" is in curation and matching, which means the gross margins are reliant on labor arbitrage. Pay someone $X, but get paid $X+Y% per visit. The challenge with healthcare is that you often have to pick one of two business models: 1. specialized, low volume, high cost, low gross margin % 2. generalized, high volume, low cost, high gross margin % I'd argue founders should focus on gross dollars over the lifetime of the customer (like Jeff Bezos said) instead of gross margin %'s, but we'll leave that for another time. The challenge is that many tech enabled digital health cos have high cost of goods sold (labor) and moderately high product, design, and engineering budgets. We must build differentiated solutions for patients, clinicians, and clients to be out incumbents, however, we're realizing that companies are ultimately valued on the discounted value of future cash flows. And the high SG&A costs at most organizations might be inbalanced to the unit economics of the business. I'm not sure the math pencils out for everyone unfortunately. But I'm just a guy on the internet, would love to hear the thoughts from those smarter than I (you!). Comment below. --- p.s. I have no idea the accuracy of the graphic and not an investor in Sweetgreen. Cheers. Credit: David Crowther

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How can founders better prep themselves for early stage VC meetings? 🤔 Bill Georges partner at AlleyCorp tells me how founders need to PREP PREP PREP ✨ Address the top button early stage: 1️⃣ What's your founder story? 2️⃣ What's your go to market strategy? 3️⃣ What your product development strategy? 4️⃣ How big do you think this can get AND over what period of time? *Understand what your VC is looking for, and really try to understand their culture* ▶ https://lnkd.in/dZvciK2w Check out the entire episode of Digital Health Heavyweights Podcast and SUBSCRIBE ON YOUTUBE 🏃‍♂️🏃‍♀️🏃‍♂️🏃‍♀️💨💨

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Bold prediction for 2025: Investors will pay founders to access their venture data. Founders own their data and grant access to investors for a fee. This shift promotes transparency, trust, and efficiency in fundraising, while giving startups a new revenue stream.

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One of my proudest moments as an investor occurred today as Alaffia Health announced its series A because it shows how the Aperture® Venture Capital vision of multi-level, multi-generational #impactinvesting is succeeding in the marketplace. Here’s the model in its most basic form : ✅As diverse fund managers with meaningful capital to allocate, we are changing the VC landscape every day just by doing our day jobs. ✅As Black/Brown investors with ~40 years experience collectively, Aperture GPs have access to talent /excellence that others do not, so our portfolio *organically* is more inclusive by race, gender and geography even while optimizing for financial outcomes (all about the alpha). ✅Our most successful portco’s are using financial #innovation to solve market problems that impact underrepresented demographics and underserved communities. Alaffia Health is a shining example of the impact portion of our overall fund thesis, and we couldn’t be prouder of TJ Ademiluyi and Adun Akanni, MPH, PMP - the dynamic brother-sister founder duo whose vision we have steadfastly supported on their journey. Congratulations to TJ and Adun from William Crowder and myself, as well as the whole Aperture team- Marjorie King Philip McKenzie Yves Louis-Jacques Tanvi Lal Michelle Dhansinghani Lisha Bell Katie Kelly Amy Chung Cindy Chong, CFA Brian Fernandes-Halloran Monroe France Jayden Pantel Darren Herman Evan Wladis Neal Triplett Thomas Scriven Peter Ammon Irina Bit-Babik Tim Milanich Rob Rahbari

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Should you go into VC straight out of undergrad? Here’s my take 👇 For early stage investing, I think you can learn everything you need to on the job so no prior experience is absolutely necessary, though it could be helpful. So from the pure day to day tasks perspective, I think you should be fine right out of school. However, I think there are two major things that put you at a disadvantage with no prior work experience: 1. You don’t have a robust network, you’re starting from scratch. 2. You haven’t learned how to be a full time worker in the workforce. For 1. VC is all about networks. In order to see the best deals, to diligence companies, to help portcos and so much more, you need a robust network. Often times, the best VCs have the best networks. Out of undergrad, you’re starting from zero so the ramp will be harder. For 2. Often times working at a VC firm is like working at a startup esp at the early stages. As someone learning how to navigate the workforce for the first time, it’s helpful to have more structure to your days w clear tasks to complete. VC is often more autonomous & self starting than that. Going from undergrad straight into VC, you can lose the opportunity to adjust to being a full time employee in a structured setting. So my overall sentiment on undergrad to VC is you can do it, but there are advantages and disadvantages to doing so. Generally you’d probably benefit from getting other work experiences under your belt before jumping into this world. This is just my opinion though. Open to all discussion! #venturecapital #startup #founder #hiring #recruiting

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Flo Health became the first women’s health tech unicorn this week. There’s just one problem… It’s: -> Male-founded -> Male-backed -> Male-led So the first fem-tech unicorn is essentially…male? This is ironic at best and sad at worst. If this doesn’t show you the dire need for female funding, I don’t know what will. The odds are stacked against women at every step of the way. 98% of capital in the UK goes to backing male-led companies. Yet, female-powered businesses generate 35% higher returns for investors. From starting a business, to scaling it, to watching it succeed… Female entrepreneurs are constantly undervalued and underbacked. If you want to be a part of the solution, reach out to the Invest in Women Taskforce.

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Thanks Kai Nicol-Schwarz for including my thoughts in this piece on areas investors are looking for health startups in!

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Great article from PitchBook on why domain expertise amongst VCs matters. TL;DR -- in verticals like healthcare, having investors with high amount of domain expertise can result in up to 40% higher odds of achieving an IPO, 20% higher chance of being acquired and 30% higher chance of an overall successful exit. Importantly, the marginal value of having investors with domain expertise varies by sector and stage, and is not uniform, so your mileage may vary, and generalist investors still have a very important role to play in the venture ecosystem. https://lnkd.in/dXpi8gzm Curious to hear from founders: Do you have examples of seeing specialist investors be helpful in unique ways that you can share? Or alternatively, do you have an experience with a generalist investor who has been more helpful than the specialists?

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Imagine you’re meeting a VC today and pitching your company. Now, also imagine the VC goes home tonight and tells his or her spouse about the meeting with you. How do you think the VC would (or should) describe your product to the spouse? Remember, this is for someone who doesn’t have any context, and probably doesn’t have time to listen the whole story. If you can think of a story version that's plain and simple -- how you want the VC to describe your product to the spouse -- perhaps that version should be your pitch in the first place?

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