TODAY - I am excited and proud to announce that HIP Fund I has closed.
BUT... let us go back about 5+ plus years ago....
#VC Firms (circa 2018 and 2019):
“You do not have finance experience.”
“You have never worked in venture, private equity, or investment banking.”
“No graduate degree, No top-level (Ivy League) MBA.”
ME:
“But I have 20+ years of experience in the #healthcare industry, including being an #entrepreneur and operator with multiple exit milestones…”
VC Firms:
“Sure, you could bring an interesting element as an industry analyst or advisor.”
ME:
“I want to be active in the investment cycle, conduct diligence, make investments, and advise them.”
VC Firms:
“That is not possible; entrepreneurs CAN’T walk in and be partners.”
This was my exchange with various (unnamed) VC firms when trying to get a VC gig.
CAN’T??!!! Words you should NEVER say to an entrepreneur….
I said F**K that—my next entrepreneurial focus would be to build a healthcare venture firm.
I got a lot of "you are NUTS," "WILL NEVER HAPPEN," "WHY," "DON’T DO THAT!" Including from friends, family, and respected individuals in my professional network. I ignored those comments.
The journey and thesis behind this day started with the birth of the concept of HIP. “HIP will build a #HEALTHCARE-only investor network by bringing together institutional and non-institutional investors who are willing to collaborate, co-diligence (utilizing an expert-evidence model), and co-invest in opportunities across the #healthcareinnovation space, and then activate said investors as active advisors inside those portfolio companies assisting all facets of growth from clinical, commercial and product growth"
In the first 3+ years, HIP grew to 200+ healthcare investor members:
80+ institutional investors (including 16 #healthsystems)
120+ non-institutional investors (40% physicians, 25% entrepreneurs/operators, 25% active professionals across the healthcare industry)
Invested in 9 companies across the healthcare landscape
It has been a long journey—but I wouldn’t change a thing.
This Fund has been a labor of love, and 24+ months have brought a lot of personal (including losing my father) and professional hurdles.
But like a startup entrepreneur I kept on listening, learning, pivoting and building the plane (solo GP!) while flying it (still do!).
Honored to have amazing 50+ LPs: 83% are in the healthcare industry, 36% are #physicians, 17% are partners from other VC firms, AND 3 out of 9 HIP’s portfolio company founders are LPs!
THANK YOU to our LPs and the HIPster community at large that have helped us see this day, including our Board Advisors (Raz, Kamal, Dr. Rakesh, and Keith), EIRs (announcing soon!), and our value-add partners The Napkin CMO and Padilla Law PLLC
WE AIN’T done yet. While we continue to support hard working passionate healthcare startups...our growth fund strategy is underway due to overwhelming demand!
#cant #digitalhealth #meddevices #healthtech #lifesciences