Sara McCulloch

At Costanoa Ventures, we pride ourselves on identifying and supporting exceptional founders poised to create impactful, lasting change. Hona is a shining example, driven by a trio of extremely talented founders: Manny Griffiths, Joshua Christensen, and Matt McClellan. They each bring unique, differentiated expertise to the table, and Amy Cheetham and I are extremely excited to partner with them. There are approximately 450,000 law firms in the United States, with half of those firms being B2C - think personal injury, mass tort, or immigration law as opposed to BigLaw. One of the reasons we love how Hona is tackling this market is their focus on B2C law firms and product excellence - B2B firms are historically difficult to sell brand new software products into, but B2C firms are completely different buyers. Oftentimes there's just a handful of lawyers and paralegals in a partnership, and any piece of technology they can use to give them an edge would be valuable. 44% of negative Google reviews on law firms directly reference poor communication as the reason for a negative experience, and the number 1 reason for Attorney Bar complaints in the U.S. is "lack of communication". On the lawyer's side, attorneys, paralegals and legal assistants spend an average of 7.4 hours per week on unnecessary updates, redundant communication, and activities that aren't directly contributing towards getting a client's case solved. Manny and the team at Hona are working to change all of that. Hona delivers a tightly-integrated communications platform to help facilitate better communication between law firms and their clients. During legal proceedings, client communications tend to be a large resource-stressor for law firms. Clients will frequently call firms for case updates, legal explanations, or general administrative questions that tend to eat away at firm resources without providing any additional progress toward case resolution. Hona exists to ease that burden - it’s a platform that allows law firms to efficiently communicate with their clients over text, easily build customizable web pages and embed videos, and share information on case status and basic legal process education. This crucial communication processes allow attorneys to focus on their job – moving cases forward, while keeping their clients informed and educated. If you're a lawyer dealing with these problems - don't hesitate to reach out to us or the Hona team! It's a privilege to work with Hona on this journey. The company has been growing at a rapid pace, and they're delivering meaningful technology to help people get through legal proceedings in a much more fluid, transparent, and easy process. Manny, Joshua, and Matt are exceptional founders whose combined skills and dedication to continuous learning position them perfectly to lead Hona to success. They're just getting started, and we can't wait to see what they'll achieve.

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My colleague Estia Ryan posted her research on consumer trends yesterday (link in the comments). This chart on the increase in health spend stood out to me. Cool to see at a high level but there are three really important considerations: 1. Efficacy: is this spend going on products and services that actually improve long term health. 2. Affordability: if the spend is going on products that really impact health then we need to make sure that the products are mass market affordable and accessible. 3. Distribution / Access: if products work and are affordable then distribution channels should encompass D2C, employees, insurers and public sector health systems so truly everyone can benefit. I think these multi channel distribution models are going to be both a huge challenge and a huge opportunity over the next 10 - 20 years as diagnosis and care move earlier in the life of conditions and further from traditional clinical settings.

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Roon's most recent launch, Roon Fertility, is an exciting one. If you're navigating a fertility journey, or are even fertility curious, I encourage you to check it out! It's a labor of love that brings you trusted responses to any question – all through short-form videos and AI instant answers, powered by fertility experts. From the very basics (Should I freeze my eggs? What factors impact male fertility?) to the most specific (Can I do PGT-M to select embryos without the BRCA mutation?). Personally, it's been a dream to work with my childhood idol (and name twin), Olympian Tara Lipinski, to bring this to life. Check out this People article on why she's passionate about Roon: https://lnkd.in/e3BpxgdY & join Roon for free at roon.com

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🚀 What an incredible year Reflecting on 2024, I'm amazed by what our team has accomplished: ✔️ Billions of records across a variety of data sources ✔️ 92% reduction in compliance timelines ✔️ Partnerships with industry leaders across Big Pharma, Health Tech, Big Tech, AI, and Media But what really energizes me is how we've fundamentally revamped working with regulated, sensitive data for analytics teams: 1. We've proven that compliance doesn't have to be slow. What took 12+ weeks now takes hours to days - with stronger privacy controls 2. We've shown the ROI for data teams when it comes to expensive data purchases and time to value 3. We've established ourselves as a critical infrastructure for enterprises putting user privacy at the forefront of their data stack 4. We've created a way for data providers and data purchasers to seamlessly evaluate and activate data which leads to more data purchasing None of this would be possible without our exceptional team - bringing expertise from LiveRamp, Flatiron Health, Trilliant Health, Salesforce, Datavant, and Apple. To our partners and customers: Thank you for trusting us with your most critical consumer data! PurpleLab, Skyflow, Datavant, LiveRamp Looking ahead to 2025: We’re looking to deepen our unique spot in the ecosystem and contribute to better commercial outcomes for enterprises and consumers 🚀 #DataPrivacy #RegulatedData

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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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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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Excited to announce Frist Cressey Ventures' investment in Qualified Health and privileged to partner w/ SignalFire, Healthier Capital, Town Hall Ventures and others!   Healthcare costs are increasing at a faster rate than ever before, with the US spending nearly twice as other wealthy countries and still ranking bottom in outcomes. It's a story you've all heard - - US healthcare is known for astronomical inefficiencies, waste, workforce supply constraints, fragmented access, appalling patient experiences, and driving patients and businesses into debt.   Yes these problems present opportunities. But opportunities are limited to the system's appetite for change, desire and incentive to try something new and the innovation available. At FCV we believe we've hit the trifecta with Generative AI. Generative AI has given us truly transformational tools in the toolkit and the healthcare ecosystem is demanding to absorb its benefits. This perfect collision of supply and demand means healthcare is poised for big change.   Generative AI is everywhere, it's buzzy, it dangles hope and opportunity. But many things need to be true for the Gen AI transformation in healthcare to take hold, such as but not limited to:   💡 Patient lives and data need to remain safe: We believe in a highly regulated and human life-touching sector such as healthcare we must ensure Gen AI can drive to unrivalled savings and improvements in the quality of care WHILE not putting patient lives or data at risk.   💡 Systems need to own their utilization of Gen AI: We believe systems will use some hybrid of external partners and homegrown solutions but importantly will want full control of data provisioning and utilization as well as the ability to solve an unlimited number of nuanced issues and not cookie cutter algorithms.   💡 Costs need to be looked at on an enterprise level: We believe the speed of innovation in Gen AI means costs will continue decreasing dramatically but at an enterprise level this will still not be a small detail. Systems will want the ability to understand costs and delegate as needed for the outcomes desired at the organizational level.   Enter Qualified.   We knew when we met Justin Norden, MD, MBA, MPhil and team we were standing in front of changemakers. These individuals have lived and breathed the true application and implementation of Generative AI far before we were asking ChatGPT to write our emails. In fact, if you’ve ever driven in a Waymo you’ve benefited from past products this team has built.   Qualified Health is on a mission to enforce governance in Gen AI, allow systems to rapidly build for their needs, monitor and make decisions for all GenAI (homegrown and external) and accelerate the value the sector can glean from these new technologies.   Huge shout out to William T., Tommaso Auerbach and Jamie Kuntz for their hard work!

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Ubiquity in healthcare. It's what consumers are demanding and what we need to transform. There are few "best practices" to take from banking but this is one we can emulate. More 👇

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To my amazing network - I am thrilled to announce the launch of Pave Health Ventures, an early-stage venture fund dedicated to broadening access to healthcare and improving the overall well-being of our communities. I’ve been very fortunate in my healthcare career. As the Founder & CEO of MedPilot, we capped off a seven-year journey with a successful exit when we were acquired by Vytalize Health. For the last three years, serving as Chief Innovation Officer, I’ve had the honor to contribute to the remarkable growth at Vytalize, impacting the lives of hundreds of thousands of patients by enhancing the quality of care they receive. I am immensely grateful to Matt Buder Shapiro, not only for being the perfect partner and co-founder but also for being an incredible friend. Additionally, I extend my heartfelt appreciation to Faris Ghawi, Amer Alnajar, and Jordan Brown for their outstanding leadership and for broadening my perspective on the significance of value-based care. This journey has not only provided me with industry expertise but has allowed me to cultivate invaluable relationships and an incredible network. As I embark on this new chapter, I am profoundly grateful to be supported by top executives and thought leaders in the investment, wellness, and healthcare industries. Within the healthcare ecosystem, we are represented by key stakeholders from health systems, insurers, governmental organizations, retail health businesses, provider groups, and value-based care organizations. At Pave Health Ventures, we believe the timing couldn't be more opportune to help support health-focused startups. With the growing prevalence of illness and chronic health conditions impacting our communities, consumers and key Healthcare Stakeholders are increasingly prioritizing proactive and preventative care. This shift in focus is fueling demand for technology, products, and services aimed at improving health outcomes, unlocking trillions of dollars in growth potential within the healthcare landscape. Pave Health Ventures is all-in. We are actively seeking solutions that tackle the root causes of illness, manage chronic conditions, and optimize care and care teams. Please support us in our mission by opening your networks and introducing us to amazing founders and entrepreneurs. Together, let's help pave the way to a healthier tomorrow. Jacob Myers

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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've seen countless startups stumble on regulatory strategy - it's painful, expensive, and often avoidable. The seminar shared by David Pudwill and Geetha Rao hosted by UCSF Innovation Ventures, absolutely nailed what matters most. Here are my key takeaways that every founder should know: 1. Understand your scope - this is where it all starts or stops You've got to nail this foundation: --Map out ALL potential clinical uses (yes, all of them) --Find your "regulatory siblings" (similar approved devices) --Get crystal clear on your impact level: 1)Wellness management (easiest route) 2)Screening/monitoring (middle ground) 3)Diagnostics/therapy (time to bring your A-game) 2. Pick your lane: regulatory pathways from "Easy" to "Buckle Up" Here's what you're looking at: --510(k) Exempt: The startup favorite (for good reason!) --510(k): Tried and true path --De Novo: The road less traveled (but sometimes necessary) --PMA: The regulatory marathon (pack your endurance) 3. Strategic roadmap: This part separates winners from the pack Smart execution is everything: --Start minimal, but make it smart --Grow strategically (think chess, not checkers) --Nail the execution sequence: Define → Design → Test → Produce → Sell Pro tips from the investor seat - know your audience and speak their language: --Investors need that solid IP story --Clinicians want real-world outcomes --Regulators love familiar territory (use it) --Claims strategy (this is crucial) Three rules to live by: --Start small (seriously, resist the temptation) --Expand methodically (no shortcuts) --Document everything (future you will thank you) Why this matters to investors - here's the bottom line: "Your regulatory strategy IS your market strategy. Plain and simple - you'll only get to sell what you get approved for. Plan accordingly." (Full credit goes to David and Geetha for sharing their invaluable insights)

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It's Friday, so time for my "Marketplace find Fridays" post! I've been deep into healthcare marketplaces lately, so here's a few that I'm excited about: -Solace, a marketplace for healthcare advocates (Jeremy Gurewitz) -Berry Street, a marketplace for dietitians (Noah Kotlove Jesse Rose) -Power, a marketplace for clinical health trials (Bask Gill Brandon Li) -Incredible Health, a career marketplace for nurses (Iman Abuzeid) -Nest Collaborative, a marketplace for lactation consultants (Judith Nowlin) These are some really cool (and needed!) marketplaces, so I think you'll enjoy learning more about them.

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What happened in mental health last week? ⏺ Anise Health raised $3 million to deliver culturally-responsive mental health care for the Asian American community ⏺ Goldman Sachs acquired autism therapy provider Center for Social Dynamics, a care provider to over 4,700 clients across 20 locations. ⏺ Lyra Health CEO David Ebersman announced that he will be stepping back from his role to care for his mental health. Ebersman will take on a new role as Board Chairman. ⏺ Substance use disorder (SUD) treatment provider BrightView is closing nine facilities in Massachusetts and Arizona citing challenging operating environments. ⏺ California introduced a bill that would require mental health warning labels on social media sites. It would be the first U.S. state to do so if the bill is passed. ⏺ The Australian Medical Association issued a position statement warning that chronic underfunding and increasingly complex patient presentations are pushing the mental health system to a crisis point. ⏺ Ukrainian startup Healthy Mind raised $1 million to launch an AI platform for mental health in the workplace. ⏺ Indian mental health platform GoodLives raised $129,000 in a pre-seed round, offering AI-driven self-directed exercises alongside expert-led therapy sessions. ⏺ We (The Hemingway Report) launched our 2024 founder survey. Link in comments to contribute. (All links below) __ If you liked this and want insights on the mental health industry in your inbox every week, subscribe to The Hemingway Report newsletter and follow me Steve Duke 📩 #MentalHealth #BehavioralHealth

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DeepCast shipped a number of really cool new features recently in advance of a broad outreach push to podcast listeners. One new feature is our new Daily DeepDigest tool that sends you a concise daily email including any new episodes from the trailing 24 hours from any podcasts you Subscribe to (on DeepCast). Think daily podcast cliff notes or podcast news ticker tape, with a hint of Morning Brew various brews or PitchBook News—it's increasing information throughput when you're pressed for time. And this feature is rapidly evolving to distill other key extractions from shows you're already interested in, but also exposing you to other shows you might be unfamiliar with that also have nuggets to share—and thus increasing your aperture yet still conscious of your time. Want to go deeper on any given episode? Click the episode detail and you're off to an episode on DeepCast, where you can subsequently read a longer form distillation of that episode or go straight to the source and listen to the episode. (And podcaster friends, these pages are definitely increasing indexing and thus Google entry points to your shows!) I'm loving this feature as a user, personally. Can't wait to see what others think! #BuildingInPublic #Podcasts #AllTheWorldsInformation #HowYouWantIt

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We're absolutely thrilled to announce a monumental milestone for Flo Health Inc.! After years of dedication to women's health, Flo, a long-standing member of the Target Global family, has secured over $200 million in Series C funding led by General Atlantic.This incredible investment propels Flo's valuation beyond $1 billion, officially making it a unicorn – a rare and remarkable feat in the femtech space. This accomplishment isn't just about numbers. It's a testament to the power of prioritizing women's health. Flo has seen phenomenal growth over eight years, becoming the #1 downloaded app in the Health & Fitness category. Today, Flo empowers nearly 70 million monthly active users (MAUs) and boasts close to 5 million paid subscribers. Notably, 1 in 4 US women trust Flo, solidifying its position as a leader in the global movement for women's health. But this is just the beginning! This investment fuels Flo's mission to revolutionize female healthcare experiences worldwide. By directing resources towards areas of critical yet unmet needs (which, let's be honest, encompasses a vast majority of women's health!), Flo will continue to be a driving force for positive change. Congratulations Dmitry Gurski,Yuri Gurski, and the entire Flo Health Inc. team! More in the Financial Times here ---->https://lnkd.in/dJZdajM4

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On this week's Andreessen Horowitz Raising Health podcast, Vijay Pande, PhD and I interviewed Tom Hale, CEO of ŌURA. Our conversation spans lots of fun topics, including: -- Our love for our Oura rings, despite them being literal “buzz kills” in revealing the ruinous effect of alcohol on sleep  -- How the worlds of consumer and healthcare are merging, as consumers essentially now have access to clinical-grade wearable devices  -- How AI algorithms are deployed in wearable devices & what wearables might look like 20 years from now (implanted into our bodies and clothes)  -- How the sexiest people sleep in earplugs and eye masks Check it out! https://lnkd.in/eTAsX_sY

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Severe mental illness remains one of the most underserved areas in mental health, possibly because it is difficult to address with the type of virtual, easy-to-scale models that VCs love to back. We're so excited that Sonia Priscilla García and Stas Sokolin at Amae Health have been able to break the mold, bringing better in-person solutions for patients and families dealing with SMI, and attracting strong venture partners to do so cc: Lisa Jacobs Blau, Alison Ryu, Claire Akkan Quiet Capital, Healthier Capital, Jan Ellison Baszucki, Karin Kissane, Mike Volpi

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Thrive is a silent killer of a channel. But driving velocity can be tricky. At least until yesterday. Thrive and Instacart have teamed up to provide Thrive Carrot Ads. Now you can drive velocity with a surgeon's scalpal. Oh, and if you're approaching Thrive's Innovation Program. This is your chance to secure a permanent spot on their digital shelf. If you're interested, feel free to DM me or book a call. (No, I cannot get you 𝙞𝙣𝙩𝙤 Thrive. But I can help you stay there.) ——— 🔹 We grow brands on Amazon. 🔹 We increase velocity in Whole Foods, Walmart, Target, Walgreens, CVS, Kroger, Sam's, COSTCO, and lots of other cool retailers. #cpg #cpggrowth #retailgrowth #retailvelocity #omnichannel #retail #amazonagency #retailmedia #shoppermarketing #instacart #thrive #thrivemarket #carrotads

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📈 Demand for fertility services is rising -> 💼 PE recognizes this and wants in -> 🏜 but opportunities are scarce (https://lnkd.in/g6zXEVZh). Highly recommend anyone who wants a deeper understanding of what's going with fertility and fertility tech read Aya Spencer's *2024 State of fertility tech report* (https://lnkd.in/gVjK_UpX) - it's a great summary

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