Seae Ventures Annual Report 2023: Healthcare for Women

To say that 2023 was a challenging year for venture capital would be a serious understatement. Total funding, number of deals, deal size, and number of attractive exits all declined significantly. This left many investors and investment committees sitting on the sidelines.

Unfortunately, the entrepreneurs impacted most were those who started a leg down—notably, companies with women and BIPOC founders. During 2021 and the first half of 2022, we saw so much encouraging progress in addressing inequitable capital allocation. But in 2023, all of these gains— and then some—eroded precipitously.

These trends, coupled with attacks on gender and racial inequities in the state and federal courts, cloud the horizon moving forward.

Still, we at Seae remain cautiously optimistic for several reasons:

1. Continued stabilization of the US economy. Preliminary signals that the Federal Reserve may begin to ease monetary policy in 1H24 bode well for investors making their way back onto the playing field.

INTRODUCTION

2. Increased recognition among payers, providers, and policy makers alike that if left unchecked, health disparities—a primary focus for Seae and our portfolio companies—will indeed cripple the US healthcare system. As Ricardo Johnson, EVP at CareFirst Blue Cross Blue Shield, recently confirmed to us, “You can’t effectively address the access issue without first addressing the health disparities issue.”

3. The emergence of initial cost and health outcome data from companies funded in the immediate aftermath of the George Floyd killing. This data proves that solutions targeting health disparities can in fact produce positive results—for individual patients, for traditionally underserved and vulnerable populations, and for the system as a whole. This has been particularly impactful within women’s healthcare, the focus of this annual report.

As you read through the following pages, you’ll meet a collection of diverse, amazing founders. You’ll hear their powerful stories, and see how each is working to ensure that the other 50% of the US population finally gets the care it both needs and deserves.

You’ll learn why a range of organizations including Cambridge Associates, CareFirst Blue Cross & Blue Shield, and East Boston Neighborhood Health Center—the largest Federally Qualified Health Center in Massachusetts— have all partnered with Seae Ventures in their efforts to “do good” while generating strong financial returns.

While this report highlights Seae and our portfolio companies, we never lose sight of the fact that it is our limited partners who make this exciting, rewarding, and necessary work possible. On behalf of the entire Seae team, the extraordinary entrepreneurs leading our portfolio companies, and most importantly, the men, women, and children who will live healthier, happier, more productive lives because of this work—thank you.

Seae Ventures invests in top founders building breakthrough early-stage healthcare technology and services companies.

Our unique mission is inspired by one simple, powerful truth: diverse teams are able to drive higher returns while helping deliver measurably better health outcomes and saving lives.

About Seae

Seae Ventures is not a traditional venture firm. Since launching in 2019, we’ve been dedicated to building and investing in early-stage healthcare technology and services companies who unambiguously embrace diversity. Our goal is to seek solutions that balance the needs of patients, providers and payers alike while supporting diverse entrepreneurs with high growth potential.

That means focusing squarely on startups founded by women and/ or people who identify as Black, Indigenous, and people of color (BIPOC). We actively seek out the sort of bold, disruptive companies that show strong commitment to simultaneously pushing the boundaries of healthcare, saving lives, and generating strong returns. (Yes, it can be done.)

Our own team has deep industry experience, both as investors and operators. That puts us in a strong position to make a difference. In conjunction with our dedicated Limited Partners and like-minded partners, our unique perspective and experience supports entrepreneurs to create lasting impact to our healthcare ecosystem.

And it’s working. Whether investors come to us from the healthcare, financial services, or nonprofit sectors, they can all appreciate a successful track record of nurturing early-stage startups, as well as the proven ability to deliver solid financial returns.

We dream of the day when there’s no longer any need for a fund like Seae. Until then, we’ll continue doing all we can to make the greatest possible difference within the greatest number of communities across the country.

Seae at a Glance

Seae Ventures is guided by deep, unwavering commitment to a tightly-defined mission. Each of our portfolio companies plays a significant strategic role in bringing this mission to life.

33%

Of portfolio companies’ primary end users are women

33 Limited Partners

$350M+

Capital raised by 14 portfolio companies since Seae invested

18 Portfolio companies

40% Of the companies sell into Medicaid plans

2 Companies primarily sell to FQHCS

1000+ Jobs created

10 States in which our 18 portfolio companies are headquartered

Committed to Diversity

Seae welcomes all entrepreneurs—in particular, those from groups who’ve historically been held back by limited access to capital. Our goal is to help each founder by providing thoughtful feedback and strategically-targeted introductions.

Investments & Portfolio

In order to maximize the efficacy of our work, Seae focuses on six specific areas of healthcare and healthtech where we believe we can add the most value and connectivity. By narrowing our focus, we’re actually able to make the broadest possible impact.

Healthcare for Women

COMPANIES

Health In Her HUE Cayaba Care Needed

Twentyeight Health

Only a few short years ago, the field of women’s health focused almost exclusively on fertility and pregnancy. Women’s health is not niche and goes far beyond maternal or reproductive care. But now we’re actively working to advance solutions targeting specific needs and life stages.

Essential elements of this “whole woman” care approach include: clinicially valid information, culturally relevant care, and easy, intuitive access to care that supports a woman’s unique life stages.

New technologies are empowering women to manage their own health and wellbeing on a more precise, more personalized level than ever before. Not only are these innovations offering improved quality of life for half of the population, but there are improved economic outcomes as a result. McKinsey & Company puts this global figure at $1 trillion annually by 2040. They’re also helping the women’s health market attract a long-overdue infusion of capital.

Contraceptives still account for the largest share. But look for major gains in solutions targeted specifically for women over 50. Endometriosis and menopausal symptoms are just two examples.

Women are 51% of the population, and make almost 90% of the decisions around healthcare. The system needs to reflect that reality.

Mental Health IT

COMPANIES

Hurdle

Altopax

Today, one in five Americans suffers from a behavioral health disorder. Yet nearly 124 million—around 40% of the total population—live in areas that the federal government has identified as having a shortage of mental health professionals. Astonishingly, over 60% of US counties don’t have a single psychiatrist within their borders.

The full impact of this widening gap is impossible to calculate. But we do know that patients with unaddressed mental health needs tend to bear disproportionately higher medical costs compared with other patients. And 70% of adults diagnosed with behavioral health disorders also struggle with a physical health condition. Certain mental health diagnoses can shorten a patient’s lifespan by as much as 24 years.

Meanwhile, telehealth and other emerging solutions serve as force multipliers, addressing the growing demand for mental health services and helping to close the gap. Geographical location becomes less of a factor, and more people get the help they need.

But the increased reach is not enough; platforms that support group therapy and focus on delivering culturally competent care, for example, are critical to addressing the needs of certain populations where the demand for care is most acute.

The need for mental health services far outweighs the supply.

Financial Health

COMPANIES Goalsetter Paytrust

The Financial Health Institute defines financial health as “the dynamic relationship of one’s financial and economic resources as they are applied to or impact the state of physical, mental, and social well-being.” FHI also finds that for most people, financial issues are the single greatest source of stress— even more than politics or family dynamics.

The linkages between financial, physical, and mental health are striking. When someone experiences financial instability and the subsequent stress that it generates, they are twice as likely to have poor overall health and four times as likely to develop a medical condition. Anxiety and depression are particularly common as a result.

Ironically, the healthcare industry’s notoriously opaque billing often contributes to the problem. And every year, patients themselves bear a higher percentage of that burden. Experts expect this trend to continue, both for commercial and government-sponsored plans.

Early education and exposure to financial information and investing basics can change the trajectory of financial wellness for an individual and subsequent generations. At the other end of the spectrum, trusted support and transparency in bill payment for those not equipped to manage finances on their own reduces stress and anxiety, and potentially avoids financial insecurity for vulnerable populations.

Financial health is the number one social determinant of health.

Diagnostics & Digital Therapeutics

COMPANIES

Iterative Health

MyMeds

Functional Fluidics

Kiyatec

Script See

The markets for diagnostics and digital therapeutics are both seeing significant growth. Primary factors driving this trend include rising chronic illness rates, increased testing capabilities, established reimbursement policies, and an expansion of predictive, preventative, and personalized therapies.

In 2022, the global diagnostic testing market was estimated at $179.8 billion. Forecasters expect it to reach $359 billion by 2030, a growth rate of around 8.6% per year. This acceleration has been fueled by the rising demand for point-of-care clinical diagnostics devices and by increased adoption and use of these devices. The proliferation of new diagnostics for a wider range of disease states continues to attract additional investment in the space.

Digital therapeutics (DTx) are software-based products designed to prevent, manage, and treat health conditions. Technically classified as medical devices, many thus far have focused on chronic diseases like diabetes, respiratory problems, and mental health disorders. This healthcare subsector is already growing quickly; in 2021, the market was $3.4 billion, and is projected to reach $13.1 billion by 2026.

Digital therapeutics can reduce costs and improve health outcomes.

Digital Health & Tech Enabled Services

COMPANIES

MD Ally

Movn Health

We live in an age of unprecedented technological advance. Nowhere is this more apparent than in the burgeoning field of digital health. The potential for leveraging Artificial Intelligence, Machine Learning, and other emerging tech on behalf of vulnerable populations is almost limitless. And every new breakthrough benefits the entire healthcare ecosystem.

Digital health can improve our ability to diagnose and treat disease. It can dramatically streamline healthcare delivery to individuals. Digital health empowers consumers to make better-informed decisions about their own health. It provides a multitude of options for facilitating prevention and early diagnosis of life-threatening diseases, as well as management of chronic conditions outside traditional care settings.

While digital health is a useful term for broadly describing an entire category, there are many distinct facets within it: mobile health (mHealth), health information technology (health IT), wearable devices, telehealth, and teletherapy. When deployed strategically and equitably, each has the potential to reduce health inequities affecting ethnic and racial minorities, rural communities, the underprivileged, and the elderly.

Underserved populations are at the heart of Seae’s mission.

ValueBased Care Enablement

COMPANIES

Clinify Health

The growing prevalence of value-based care (VBC) and reimbursement models reflects an important shift within the healthcare sector. The traditional fee-for-service reimbursement model is increasingly seen as having pushed healthcare spending levels beyond the value provided by additional services.

In response, both public and private sectors are shifting towards alternative payment models designed to incentivize value and quality throughout an “episode of care.” This typically encompasses mos t or all of the services provided to a patient: diagnosis, treatment, and management of a clinical condition before, during, and after care is delivered.

But we have to make sure that the nature and structure of value-based contracts enable all providers, not just large sophisticated health systems, to have the tools and resources to thrive in this evolving reimbursement model.

As private—and increasingly public— payors expand VBC models, we believe progress against the triple aim will happen.

Our Portfolio Companies

Altopax

MENTAL HEALTH IT

This virtual care company is on a mission to help the Medicaid population connect with specialized, high-quality mental health professionals. They offer an engaging group therapy platform featuring 3D avatars. Group therapy is both affordable and scalable. Now it can also feel safe and confidential.

Clinify Health

VALUE-BASED CARE ENABLEMENT

Everyone deserves the highest care quality, delivered at the lowest possible cost. Clinify’s team of healthcare specialists, data scientists, and in-clinic operators leverage advanced analytics to identify the most costeffective ways for developing, piloting, and deploying tailored care interventions.

Goalsetter

FINANCIAL WELLNESS

This innovative family finance app uses pop culturedriven content and gamification tools to educate users of all ages. The curriculum covers saving, investing, and overall financial literacy. Goalsetter also offers white-label products and provides employee benefits solutions to Fortune 1000 clients.

Hurdle (Exited)

MENTAL HEALTH IT

Hurdle was a digital mental health platform revolutionizing mental health care by providing mental health services with a focus on culturally sensitive self-care support for People of Color. Hurdle developed a proprietary scientifically-validated tool to measure cultural responsiveness and provide appropriate training and coaching for its therapists.

Cayaba Care

HEALTHCARE FOR WOMEN

With a platform enabling value-based healthcare payment models, Cayaba Care reimagines the ways maternity and newborn care are delivered. The care model features Maternity Navigators hired from the communities they serve. This builds trust while improving outcomes in the highest-risk populations.

Functional Fluidics

DIAGNOSTICS & DIGITAL THERAPEUTICS

This tech-enabled diagnostics company has created the gold standard for assessing red blood cell health. The core products are two proprietary assays measuring mechanical fragility and flow adhesion. Together, these tests provide critical information about the disease state of Sickle Cell patients.

Health In Her Hue

HEALTHCARE FOR WOMEN

Patients of color prefer those providers who they can trust to see their humanity, hear their voices and take their concerns seriously. This digital platform connects Black women and women of color to culturally competent healthcare providers while offering access to wellness content and community.

Iterative Health

DIAGNOSTICS & DIGITAL THERAPEUTICS

Iterative Helath’s proprietary AI diagnostic toolkit provides powerful real-time insights to gastroenterologists worldwide. This enables them to detect and classify lesions more quickly and accurately than ever before. Patient outcomes and drug development both benefit from this fastmoving technology.

Kiyatec

DIAGNOSTICS & DIGITAL THERAPEUTICS

Kiyatec’s phenotypic 3D cell culture technology uses a patient’s own living tumor cells to predict the response to any therapies being considered. Drug response profiling and cell-material interaction analysis help practitioners isolate the most effective treatments for a particular cancer or tumor.

Movn Health

DIGITAL HEALTH & TECH ENABLED SERVICES

Moving Analytics has developed a virtual care management platform to help hospitals implement virtual cardiac rehabilitation and secondary prevention programs. By supporting effective, efficient remote chronic care, it allows medical practitioners to reduce readmissions and improve patient outcomes.

Needed

HEALTHCARE FOR WOMEN

This innovative company offers practitioner-supported, mama-centric nutrition supplements for use before, during and after pregnancy. They also provide education and community resources to help women better understand their nutrition needs, along with products that truly work in meeting those needs.

Script See

DIAGNOSTICS & DIGITAL THERAPEUTICS

Gaps in medication histories create life-threatening issues for many patients worldwide. ScriptSee’s innovative AI-driven platform allows providers and pharmacists to conduct comprehensive medication reconciliations, helping to avoid medical contraindications and unnecessary hospital readmissions.

Tia

HEALTHCARE FOR WOMEN

This full-service women’s healthcare platform offers a blend of in-person and virtual services. A personalized approach fuses OB/GYN, primary care, mental health, and evidenced-based wellness services into one integrated experience. The result is convenient, collaborative, and focused on prevention.

MD Ally

DIGITAL HEALTH & TECH ENABLED SERVICES

Through its telehealth emergency care platform, MD Ally enables unprecedented coordination between public safety practitioners and providers. EMS can now triage non-emergency patients to virtual care rather than dispatching costly emergency services, so resources are used where they’re needed most.

MyMeds

DIAGNOSTICS & DIGITAL THERAPEUTICS

MyMeds has created a sophisticated data exchange platform that connects patients, caregivers, providers, and payors in real time. The focus is on improving and driving medication adherence. The platform also educates patients through curated health news while allowing them to chat with pharmacists.

Paytrust (formerly Silver Bills) FINANCIAL WELLNESS

Elderly Americans can now avoid the hassles and anxiety that often accompany bill paying and money management. Paytrust receives a clients’ bills electronically, then scrutinizes and pays each one automatically. This solution can be a game-changer for seniors, allowing them to live independently.

Sym

DIGITAL HEALTH & TECH ENABLED SERVICES

This innovative workflow automation platform enables engineering teams to build perfect security and privacy controls. Now software companies finally have a reliable way to automate critical privacy and data security workflows, complete with compliance reporting for SOC-2, GDPR, HITRUST, and HIPAA.

TwentyEight Health

HEALTHCARE FOR WOMEN

The mission of Twentyeight Health is to provide individuals—particularly women in underserved communities—with trusted information and convenient, affordable access to reproductive and sexual healthcare. Their platform supports education, telehealth, on-demand guidance and medication delivery.

Capital Invested

Seed/Startup

36%

$18,471,255

43%

$22,000,000

Series B

Series A 21%

$10,515,022

TOTAL CAPITAL DEPLOYED BY VERTICAL

Financial Health

Mental Health IT

Diagnostics & Digital Therapeutics

Value-Based Care Enablement

Healthcare for Women

Digital Health & Tech Enabled Services

IRVINE, CA Script See

LOS ANGELES, CA Needed

LOS ANGELES, CA Movn Health

SAN FRANCISCO, CA Tia

CHICAGO, IL Clinify Health

DETROIT, MI Functional Fluidics

MINNEAPOLIS, MN MyMeds

PHILADELPHIA, PA Cayaba Care

Geographically Agnostic Portfolio

The portfolio drives job growth and serves customers in a range of geographies. Rather than concentrating exclusively on the coasts, growth will focus on addressing needs in more rural locations where access to care is limited.

Seae Founders

By successfully redefining the capital allocation paradigm, we know that our example is also creating a clear pathway for others to follow. Together, we can establish an environment where the primary driver behind funding decisions becomes the quality of the idea, not an entrepreneur’s pedigree.

Tuoyo Louis CO-FOUNDER & MANAGING PARTNER

Tuoyo is a venture capital investor with over 20 years’ experience in finance and investment. His work embodies a deep commitment to healthcare, entrepreneurship and innovation.

He established the strategic investments program for Blue Cross Blue Shield of Massachusetts (BCBSMA), leading all aspects of the group’s mergers and acquisitions activity, sourcing, executing and overseeing $200M+ in transactions with early- to growth-stage companies.

He was also a founding team member of Zaffre Investments, BCBSMA’s venture subsidiary. At Zaffre, he also served on the boards of several portfolio companies. These included Livongo (NASDAQ: LVGO), Infobionic, Qcentive and iQuartic. He served as Executive Chairman for Yaro Health (acquired by Virgin Pulse).

As a board member and COO of Zaffre, Tuoyo helped raise $100M+ in capital. He recruited 15 C-suite executives, launched seven commercial contracts, and advised on product design, marketing, and commercial launch strategies for multiple portfolio companies.

He has also served on the Blue Cross Blue Shield Venture Fund Investment and Strategic Advisory Committees, Long River Ventures III Advisory Board and Excel Venture Fund Advisory Committee.

Tuoyo currently serves on the boards of Clinify Health, Goalsetter, MD Ally, and the American Council on Exercise. He also serves on the California Health Care Foundation Advisory Committee, as well as the Visa Garage Healthcare Venture Council.

Jason Robart CO-FOUNDER & MANAGING PARTNER

Immediately prior to co-founding Seae, Jason served as Chief Strategy Officer for Blue Cross Blue Shield of Massachusetts (BCBSMA), as well as President and CEO of Zaffre, the wholly-owned subsidiary and venture arm of BCBSMA, which he also co-founded.

At BCBSMA, Jason led the development of near- and long-term strategic plans. He worked closely with senior leaders to implement new processes, improve operational performance, integrate new technologies and manage large-scale project implementation. He had previously served as the group’s Senior Vice President of Organizational Effectiveness and Chief Human Resources Officer.

While at Zaffre, Jason added value via investment initiatives in new healthcare products, services and technology. BCBSMA and Zaffre invested in a wide range of companies including urgent care centers, multiple health IT startups and a claims processing platform.

Previous roles include EVP for international health care analytics firm Health Dialog, Principal at Mercer Human Resource Consulting; VP at targeted marketing firm Imagitas and President of Ceridian Performance Partners Canada.

Jason currently serves on the boards of portfolio companies Functional Fluidics, Hurdle Health, Kiyatec, Moving Analytics and ScriptSee, and is a board observer for Clinify Health and Iterative Health.

“I’m thrilled to be in the position where I can curate an ecosystem of like-minded investors and partners who have both the means and the desire to make meaningful change.”

Arianne Kidder PARTNER

“At Seae, we welcome all entrepreneurs, and particularly those who traditionally have had limited access to capital. No one can, nor should, advance alone.”

Leah O’Donnell HEAD OF PARTNERSHIPS

“I’m so excited to be backing and working alongside companies that are literally changing the face of healthcare. I’m proud to be part of a team laser-focused on simultaneously and synergistically driving returns, outcomes, and equity.”

Karlos Bledsoe PRINCIPAL

“When I met the Seae team, I immediately gravitated towards their mission. I believe in this team and the work we are doing. Having the opportunity to invest in cutting-edge companies that are saving lives means the world to me.”

Justin Williams PRINCIPAL

“I’ve known the Seae founders for over 10 years now and have been so impressed with what they have done to find innovative solutions to some of healthcare’s most pressing challenges. I’m beyond excited to be part of the team now.”

Tricia Brock CFO

Q/A with Ricardo Johnson, Executive Vice President of Strategic Growth and Government Programs, CareFirst:

Why did CareFirst choose to invest in Seae Ventures?

CareFirst invests in funds thematically, in order to broaden our reach and leverage subject matter expertise in healthcare innovation. We have worked with the Seae Ventures team for a long time and have deep respect for their background in healthcare-focused corporate venture capital. They effectively represent Carefirst’s interests by id entifying what’s needed for healthcare and perhaps even more importantly, what is feasible from a health plan perspective.

CareFirst has stated priorities around reducing racial disparities, identifying drivers of inequities and implementing data-driven strategies to advance the health of all of their communities. How can funds like Seae support those goals?

CareFirst has set goals as a plan and is holding the executive team accountable. One of the goals is to reduce maternal morbidity disparities between Black and white women by 50% in the next three years (2024–2026). Funds like Seae enable us to find, fund, and advise innovative solutions to these entrenched challenges in health disparities.

CareFirst also has an active investment strategy; how do you think about bringing early-stage companies and investments into an organization like yours?

CareFirst leverages both fund and direct investments to identify and integrate the healthcare innovations in order to improve the outcomes of our members. We have been building the muscle to bring young companies into our ecosystem, including looking for quality companies that can handle the scale of a $12B company like CareFirst. We use Seae to pressure-test these companies. We also rely on the expert CareFirst team to ideate with the start-ups on their product and business model. Through this collaboration, we are able to build bridges between CareFirst and the start-up ecosystem.

What advice do you have for startups?

You should have a thorough knowledge of the line of business that your product is targeted at within a plan, understand the particulars of that population, and how the solution you develop may impact things like access, engagement, outcomes and retention.

Ricardo is Executive Vice President of Strategic Growth and Government Programs for CareFirst BlueCross BlueShield (CareFirst). There, he leads the division ensuring that the company meets its mission of advancing accessible, affordable, and equitable healthcare.

He joined CareFirst in 2011 as Associate General Counsel, and has since served in a variety of leadership roles. His work as Special Assistant to the CEO laid the groundwork for what would become Healthworx in 2018.

Ricardo has served on a variety of professional and nonprofit boards including Mother Seton Academy,

CareFirst is the largest not-for-profit health insurance provider in the Mid-Atlantic. The company serves 3.5 million individuals and groups throughout Maryland and the Washington metropolitan area, claiming a 75% market share in Maryland.

By partnering with leading regional health systems, CareFirst is able to offer affordable and accessible health plans and products backed by excellent customer service. Beyond traditional healthcare, they seek to achieve total health equity by addressing the most significant root causes of health disparities: racism, poverty, and discrimination.

La Salle University and Central Scholarship. He now serves on the Board of Trustees for The Walters Art Museum in Baltimore. In 2023, he was named a commissioner for Maryland’s Health Services Cost Review Commission (HSCRC) by Governor Wes Moore.

Ricardo holds a Juris Doctor degree from the University of Maryland and an undergraduate degree from La Salle University.

Working with equal parts urgency and empathy, CareFirst actively invests in community health and social impact initiatives designed to improve quality of life and make healthcare easy to afford, easy to use, and available to everyone.

As a leading industry force in support of health equity, the CareFirst team is committed to making a meaningful difference through actions that are both impactful and sustainable.

Q & A with Jasmine Richards, Head of Diverse Manager Research, Cambridge Associates:

Cambridge Associates creates custom portfolios for a wide range of clients. What are the common traits that you look for in investment managers?

Cambridge screens for both authenticity and credibility when evaluating potential investment managers. When we evaluated Seae in 2020, we looked at a range of candidates, but particularly those that have already been doing this specific type of work, which shows commitment.

We’ve also been very intentional about including diverse managers in a sustainable way into our core platform. Over 60% of clients now have diverse managers within their portfolio. Cambridge has to have conviction across the board before we’ll recommend a manager—it’s not enough to fit a need for just one set of clients.

Cambridge has stated that bringing more diverse managers to the table is a priority; why is this important to you and your clients, and how are you identifying a pipeline of promising diverse managers?

The goal at Cambridge is to build portfolios that deliver the b est risk-adjusted returns for clients. So naturally, we’re always on the lookout for the best investment opportunities available.

What makes us different from most is that we’re also intentional about looking where others traditionally haven’t been looking. Diversifying our networks allows us to identify under-invested areas in terms of managers or founders, which puts us in a position to evaluate a wider range of options.

The data shows less than 2% of investments going to women and People of Color. That leaves a great deal of room for improvement and opens up whole new avenues of opportunity as investors looking to maximize social impact.

How are they doing this?

First, by being aware that building a diverse team can be a powerful way to expand any network. That means thinking expansively about the evaluation process—the measurement and judgements that go into investment decisions.

Take track record for example: you’d typically want to look for a team that has a track record. With firms where the GPs come from the corporate venture world, the track record is going to look different. So you have to realize going in, that means doing more diligence, focusing on different areas than you typically would in order to evaluate the managers.

Jasmine joined Cambridge Associates in 2018 as Head of Diverse Manager Research. She leads the firm’s ongoing initiative to identify and research investment managers that have underrepresented owners or leaders, including women and People of Color.

Prior to joining Cambridge Associates, she worked at FIS Group as an International Equity Manager and Research Analyst responsible for identifying and managing investment strategies.

Cambridge Associates (CA) is a global investment firm that aims to help pensions, endowments and foundations, healthcare systems, and private clients manage custom investment portfolios that generate outperformance so they can maximize their impact on the world. With 50 years of institutional investing experience, the firm has helped to shape and implement investment best practices and built strong global investment networks with the purpose of driving outperformance for clients. Cambridge Associates delivers a range of services, including outsourced CIO, non-discretionary portfolio management, staff extension, and alternative asset class mandates.

Jasmine is a frequent speaker at client and industry events, and contributes regularly to thought leadership in the diverse manager space.

Jasmine holds an MBA from University of Chicago Booth School of Business. She also studied Emerging Markets at the University of Witwatersrand in Johannesburg, South Africa. She also attended the Massachusetts Institute of Technology and New York Institute of Technology for her undergraduate education. She is a member of the CFA Institute and the CFA Society of Boston.

The firm’s Diversity Investing team focuses its efforts on identifying women- and minority-led managers who have the highest potential to outperform. CA works to get the right managers within its investment pipeline and applies an equitable underwriting process that is meant to identify the strongest investors that are suitable for capital. As of June 30, 2023, the firm tracks more than 2,000 diverse manager products in its database.

Healthcare for Women

Women’s health has historically been an under-resourced and underserved area of health, in part due of a lack of understanding of how diseases may affect women differently, and a healthcare system that has not been set up to account for those differences. Improving the accessibility and quality of women’s healthcare is one of the most impactful ways to benefit entire communities—especially among vulnerable populations.

Cayaba Care

Health in Her HUE

Needed

Tia

Twentyeight Health

Adaeze Enekwechi CEO

INVESTORS

Seae Ventures, Flare Capital, Wellington, RH Capital

LOCATION

Philadelphia, PA

Cayaba Care

Reimagining How Maternity and Newborn Care Are Delivered.

“Cayaba Care offers an integrated supportive care service model that improves care delivery and impacts the health outcomes of birthing patients and their families.”

Cayaba was founded by physicians who had witnessed first-hand the many inequities so prevalent in both pre- and post-pregnancy care. These founders are all too familiar with the fact that Black and Brown communities and those with limited financial resources are disproportionately burdened and harmed when constraints are placed on their care.

So Cayaba is on a mission to address the discrimination, historical, and structural racism, strained resources, lack of coordination, and other social health determinants that many Black and Brown women face on a regular basis. They believe deeply in the concept of patient-centered reproductive care. They know that access to safe, equitable healthcare is a human right, and that safe access to abortion and birth control are part of comprehensive healthcare.

Leveraging a unique platform that enables value-based healthcare payment models, Cayaba works with payers and providers alike. The overarching goal: to help members experience safe births, but also dignified and positive pregnancy journeys. Their welcoming, empathetic approach takes into account important factors like long-term physical, mental, and emotional health.

In the spirit of Reproductive Justice, defined by SisterSong as “The human right to maintain personal bodily autonomy, have children, not have children, and parent the children we have in safe and sustainable communities,” Cayaba Care is committed to caring for and supporting all employees, patients, and community partners with compassion and respect.

Maternal health outcomes in the United States are the lowest of all wealthy nations and are continuing to worsen. The need for solutions is particularly acute among Black women giving birth. They face up to 3x higher maternal mortality compared to White women.

1

Racial disparities result in 2–3X rates of complications, preterm deliveries, maternal/ newborn deaths

2

Medicaid has extended coverage to 12 months postpartum, adding coverage of home services/doula support

3

State-mandated valuebased bundles for maternity in Pennsylvania and other states

The Cayaba Care model is centered around Maternity Navigators, who are hired from within the communities they serve. By enabling trusted care at critical moments, they’re able to improve outcomes in the highest-risk populations.

CAYABA CLINICIANS AND MULTI-DISCIPLINARY TEAM

Maternity Navigators (CMA-Doulas) provide support PLUS ability to deliver care in the home enabled by the Cayaba Brain.

CAYABA BRAIN: DATA LEADING TO REAL-TIME INSIGHTS

Drives understanding of at-risk or rising risk populations utilizing claims, EMR, scheduling, and other traditionally “non-clinical” data sources.

TREND

TREND

TREND

OUR PASSIONATE CLINICAL TEAM

POSITIVE OUTCOME Cayaba’s program has already delivered real results, both in terms of improved outcomes and lower costs for members.

88%

fewer ED visits for Cayaba Graduates vs. Non-Participants

Lower preterm birth rate for Cayaba BIPOC Participants vs BIPOC Non-Participants

Growth in Enrolled Membership QoQ, with in-home visits up 31% MoM

Ashlee Wisdom Founder & CEO

INVESTORS

Seae Ventures, Unseen Capital, BLXVC, Johnson and Johnson

LOCATION

Brooklyn, NY

FOUNDED

Health In Her HUE

Championing Health Equity for 43M+ Women of Color in the US.

“We are reducing racial health disparities by leveraging technology, media, and community to improve health outcomes for Black women and women of color. We bring awareness to health and wellness issues in a relevant, engaging, and accessible way.”

It’s been clearly documented, over and over again: Black women continue to be chronically plagued by disproportionately higher incidence and mortality rates for many diseases. Yet platforms and communities dedicated to the improvement of their health and wellness are still few and far between.

Health In Her HUE was founded to confront racial health disparities head-on. By connecting Black women and women of color to culturally competent and sensitive healthcare providers, they’re helping to achieve a more equitable healthcare ecosystem where all people can access the quality care they need and deserve.

The goal is to empower women of color and their allies to share, learn, and innovate around health issues that disproportionately affect them. Beyond bringing patients and providers together, the company’s

innovative digital platform offers a wealth of health information and content centering on authentic lived experiences.

These lived experiences are vital to understanding the systemic and avoidable differences in health care access, utilization, and quality of care witnessed among Black women and women of color. They also provide valuable insights around the deep narratives in healthcare that cause harm, worsen bias, and preserve the unequal distribution of power and resources.

All images, messaging, and interactions are intentionally chosen to foster respect and trust. The result? A safe space where Black women and women of color can finally feel seen and heard throughout their healthcare experiences.

Women of color are affected disproportionately by many health issues. But these women often face difficulty accessing to care or feeling that they’re being listened to by healthcare providers.

TREND 1

Women of color feel dismissed, unseen, and misunderstood while seeking healthcare

TREND 2

1 of 8 black women report avoiding the doctor when in need; 1 of 5 black women report discrimination

TREND 3

Research shows that health outcomes are better when black patients are treated by black doctors

Health In Her HUE’s platform enables users to connect with providers and community, as well as access clinically valid and relevant content.

Asynchronous provider video & chat consults with vetted doctors and practitioners

Personalized health content & community

Data-driven provider and care recommendations

Digital “Care Squads” focused on disease states and health goals

Symptom tracking & health risk assessments

Dr. Kristamarie Coleman

Dr. Ryland Gore

Dr. Charis Chambers

POSITIVE OUTCOME

A recent program sponsored by Blue Cross Blue Shield of Minnesota connected Black Women and women of color in Brooklyn Center, MN to culturally sensitive providers. These women were also able to join Health In Her HUE’s Virtual Care Squad experience, a healthcarefocused support group designed by and for Black women and women of color. Here are the results from among the 200+ participants:

Awareness of mental wellness increased by 33.1%

Awareness of mental illness increased by 20.0%

100% became aware of the difference between mental health and mental wellness

Comfort level considering therapy for mental health needs increased by 11.8%

Likelihood of discussing mental health needs with a doctor increased by 37.7%

Frequency of practicing self-care increased to 37.5% daily

Average satisfaction score with Care Squads was 9.38/10

Julie Sawaya Co-founder & Co-CEO

Ryan Woodbury Co-founder & Co-CEO

INVESTORS

Seae Ventures, Crescent Ridge Partners, Sekhmet Ventures, Peterson Venture Partners, The Craftory

LOCATION

Los Angeles, CA

FOUNDED 2017

Needed

A Destination for Expert Nutrition Information and Resources.

“Nutrition changes perinatal outcomes. Not just birth outcomes, but fertility, pregnancy, postpartum, and the health trajectory of mom and baby for the rest of their lives. We know how much this is needed.”

Needed was founded by two mothers who also happen to be trained nutritionists. While on the journey to becoming mothers themselves, each was shocked by the lack of high-quality nutrition advice and care available to most women during pregnancy.

Women’s nutritional needs are at an alltime high during the perinatal stage. Yet these founders saw that the overwhelming majority of existing information for fertility, pregnancy, and postpartum nutrition was woefully outdated. Newer, better information seemed to have been simply overlooked. Important breakthroughs from the latest research still hadn’t been integrated into vitamin and supplement formulations targeted to women who are pregnant or who are trying to conceive.

Needed is here to change that. As a collective of more than 4,000 committed practitioners, they’ve joined forces to raise the bar and

establish a radically better standard for women’s health. This is part of a broader mission to deliver a radically better Earth for future generations. The company is already Certified Climate Neutral, and is a member of 1% for the Planet, the environmental giving platform co-founded by Patagonia’s Yvon Chouinard.

The company offers a complete Nutritional System™ for fertility, pregnancy, postpartum, and women’s health. They’ve also created a destination for expert-backed nutrition information, and a resource for women to get nutritional questions answered. Meanwhile, Needed Labs is focused on closing the research gap—doing the work to prove just how profoundly proper nutrition changes outcomes for mothers and babies.

TREND 1

While 97% of pregnant women take a prenatal supplement, 95% of women are nutritionally depleted, leading to poor maternal and child health outcomes

TREND 2

Escalating fertility, postpartum, and early development challenges can be counterbalanced with increased understanding of the impact of proper nutrition on birth outcomes. This creates massive human health and business opportunities

TREND 3

Americans’ poor diet drives $50 billion in health care costs annually. Prevention through improved nutrition can impact a major portion of those costs

Needed’s platform is a trusted destination for perinatal needs including product, educational content, nutritional testing, expert-level support, and community.

The prenatal is dosed in optimal levels, designed by women’s health experts based on latest research and in practice insights.

Product expansion brings nutritional support to men and children.

OUR PASSIONATE FOUNDERS

Julie Sawaya Ryan Woodbury

POSITIVE OUTCOME

Nutritional needs before, during, and after pregnancy are especially demanding. Unless supplemented, the blood levels of many key vitamins, including iron and choline, decrease during these stages. This leaves around 95% of these women nutritionally depleted.

Choline is an essential nutrient that plays a critical role in fetal development during pregnancy. While the Recommended Dietary Allowance (RDA) for choline in pregnancy and breastfeeding has existed since the 1990s, Needed’s prenatal vitamin was the first on the market to dose choline optimally. A Cornell study has proven choline produces long term cognitive benefits for children seven years after birth.

Women are grossly underrepresented in health research. Pregnant and breastfeeding women are only included in 17% of studies which inform nutritional guidelines for these life stages.

Most women turn to their doctors for guidance, but medical doctors typically receive limited nutrition training. Even among those who receive comprehensive training, the average prenatal care appointment in the US is just seven minutes long, leaving time for only the bare minimum of nutrition advice. Women are often left to do their own research in a category that’s crowded with misinformation. They’re often told to “take any prenatal, it doesn’t matter which one.” This is incorrect, and detrimental to the wellbeing of both mother and baby.

Felicity Yost Co-founder & COO

Carolyn Witte Co-founder & CEO

INVESTORS

Seae Ventures, Define Ventures, Threshold Ventures, Torch Capital, ACME Capital, Homebrew, Compound

LOCATION

San Francisco, CA

FOUNDED 2016

Building the Whole Woman, Whole Life Care Platform.

“Our entire care team not only follows the most stringent, evidence-based clinical protocols, but can also personalize a woman’s care for her own lived experience. We build trust with women and make sure they’re getting all the care they should.”

Tia was born out of frustration. It was inspired by the co-founders’ own de-humanizing experiences, unanswered questions and difficulty navigating “the system.” As the two compared notes, disbelief transformed into resolve. They just knew there had to be a better way. So they decided to create a whole new model of comprehensive care for women.

With Tia, every person is able to achieve their own definition of optimal health through access to high-quality care, science-backed information, and meaningful community. The goal is to replace transactional, condition-based healthcare with relationship-based care that can cater to women from puberty through menopause.

This values-driven company believes that health and wellbeing are fundamental

human needs and rights. They also embrace the notion that compassion is as important as information and care itself. The result of this refreshing approach? Care that is at once convenient, collaborative, and focused on prevention.

Collaboration between patients and providers plays a central role in Tia’s success. The co-founders have learned from experience that collaboration engenders creativity, and can achieve far greater impact than hyper-specialized or individualistic approaches to problem-solving. This same principle applies within the company itself, where collaboration among employees is continually encouraged.

The Tia team understands that when healthcare can work better for women, it works better for families, for communities— for everyone.

Despite women controlling the vast majority of healthcare dollars and decisions, the current care experience doesn’t always fully support women’s healthcare needs and desired experience.

80% $60B 4%

TREND 1

Women control 80% of the U.S. healthcare dollars as the “Chief Medical Officers” of their families

TREND 2

Despite the estimate $500B in annual medical expenses attributed to women, only 4% of all healthcare research and development is targeted specifically at women’s health issues

TREND 3

Femtech market is estimated to be $60B by 2027

The company has built a personalized healthcare model by fusing OB/GYN, primary care, mental health and evidencedbased wellness services into an integrated experience that’s convenient, collaborative, and focused on prevention.

The platform fuses a multitude of medical and wellness services into a one-stop shop that can be easily accessed both virtually and at retailstyle in-person clinics.

Felicity Yost

Carolyn Witte

POSITIVE OUTCOMES Tia has already demonstrated measurably better engagement, outcomes, and satisfaction among their patients.

Integrated Offering

70% of members did not have a PCP before joining Tia

58% of Tia members use both virtual and in-person care

55% of members with chronic conditions managed within Tia

Compared to a typical Primary Care Provider, Tia drives:

4x higher engagement

2x more loyalty

Diverse Lived Experiences

31% identify as Black, Latinx, Asian or mixed race

29% report a history of abuse or sexual trauma

20% higher retention

Physical Health

Mental Health

5% use pronouns other than she/her

REDUCTION

Reproductive Health of patients complete annual physical of patients screened for cervical cancer of patients screened for depression of hypertensive patients with BP <140/90

Average number of UTI recurrences per year of depressed patients in remission

Bruno Van Tuykom Founder & CEO

INVESTORS

Seae Ventures, Third Prime, SteelSky, Town Hall Ventures

LOCATION

New York , NY

FOUNDED 2018

Twentyeight Health

Trusted, Affordable, Accessible Healthcare for All Women.

“We’re committed to making healthcare more accessible to underserved communities by offering an inclusive experience in both Spanish and English. We’re continuously exploring innovative solutions to deliver a seamless and positive experience.”

This mission-driven team of doctors, public health experts, designers, engineers, and builders is committed to changing the face of healthcare—particularly for women in vulnerable and underserved communities. Regardless of gender identity, sexuality, or pronouns, patients can rely on Twentyeight Health for trusted information and convenient, affordable access to sexual and reproductive health needs. All services are discreet, affordable, and convenient.

The team is fueled by a powerful combination of passion, consumer-centric vision and previous experience working to increase access to care for those most vulnerable. Together, they’ve created a platform that supports everything from education and telehealth to on-demand health guidance and medication delivery.

By harnessing the convenience and benefits of telehealth, Twentyeight offers affordable, high-quality prescription and delivery services for sexual and reproductive healthcare, including birth control and herpes medication.

For patients with limited resources, Twentyeight can be a lifeline. Often, the company is the only birth control telehealth platform within a given state to accept Medicaid. By partnering with multiple nonprofits working to improve access to reproductive and sexual health care, they’re also able to provide free birth control to women who can’t afford out-of-pocket costs.

Regardless of where a patient is today, where she came from, or where she’s going, Twentyeight Health is there to help.

Despite the fact that 43 million women in the United States are sexually active and don’t wish to become pregnant, access to reproductive health continues to be challenging for women in many parts of the country. This is particularly true for those on Medicaid.

50%

TREND 1

Nearly 50% of pregnancies are unplanned; this rate is 3x higher among lowincome women

20M

TREND 2

There are major geographic barriers to accessing reproductive health: 20M live in contraceptive deserts, with recent and pending state legislation threatening to increase that number

TREND 3

1 in 3 doctors do not accept new Medicaid patients

The Twentyeight platform offers sexual health information, education, telehealth, medication delivery and on-demand guidance, especially to women in underserved communities.

Twentyeight Health works directly with payers while taking a unique approach to attracting underserved individuals. By prioritizing seamless end-to-end user experiences, they generate strong engagement across their comprehensive healthcare platform.

CONVENIENT ONLINE DOCTOR EVALUATION

Asynchronous medical questionnaire

Available 24/7

Culturally competent physicians

Optional audio consultation

PRESCRIPTION COVERED BY INSURANCE & DELIVERED

Seamless at-home delivery

Accepts Medicaid, commercial insurance, and cash pay

CX support to navigate insurance

CONTINUOUS ACCESS TO DOCTORS AND CARE SUPPORT

Direct messaging with doctors

Easily request additional services from Twentyeight Health

POSITIVE OUTCOMES

Twentyeight is the only player in the women’s digital health space specifically working to benefit underserved communities.

100K

58% identify as BIPOC

84 NPS

55% of users on Medicaid

69% 12-month retention of Medicaid users

82% reduction in unintended pregnancies

Bruno Van Tuykom

Amy Fan

Cayaba Care was built to ensure that pregnant patients can access to the full spectrum of maternity care and support. This might be anything from simple reassurance that a pregnancy is on track to assistance with serious challenges such as lack of transportation or stable housing.

What are patients saying?

Maternity Navigator

Cayaba Care

Cayaba also provides patients with education to help them navigate healthcare system complexities, along with access to whatever wraparound services they may need. Just as important, Cayaba provides a welcoming community that listens and makes them feel heard.

“Cayaba Care is more available (than OB). I can ask something quick.”

“Shanice showed up for me. I felt like a priority, and it made me feel seen and heard. I am happy with the village I have.”

“We were having an issue, and every lactation consultant said the same thing. Then Shavonda referred me to a specialist. They were able to identify a tongue tie!”

“Miss Vickiey always said ‘I’m here if you need anything,’ and made me feel welcomed and reassured.”

“Cayaba Care is a more inclusive service. My MN (Tanesha) and I have a very genial relationship, and she is always looking out for my best interests.”

AVAILABLE

INCLUSIVE

CULTURAL SENSITIVITY

ADVOCATE

How do patients describe Cayaba to their friends?

NON-JUDGMENTAL PERSONAL

COMPREHENSIVE SUPPORT

Maternity Navigators play a key role in Cayaba’s approach. They’re often former medical assistants, doulas, or community health workers; all bring valuable experience that can help a pregnancy go more smoothly. “As a navigator, when I’m asked to put it in one word, I call it support,” says Vickiey Brown, a Philadelphia-based Maternity Navigator. Vickiey has worked as a women’s health professional for 18 years.

One key point: all of Cayaba’s Maternity Navigators come from the communities they serve. While a typical multidisciplinary care team might include an OB-GYN, social worker, and psychiatrist, it is often the Navigator who develops the closest connection with a patient. Regular in-person visits provide a powerful means for building trust, allowing Navigators to identify critical needs doctors often can’t address: groceries,

transportation to appointments, even connecting with a local diaper bank.

Vickiey sees her members once a month, during and after their pregnancies. She says it’s the perfect job for her, having spent years working as a medical assistant in an OB-GYN office. Now she’s able to put that experience to work in her own community. “My favorite part of my role here at Cayaba is being able to support families the way that they need to be supported,” Vickiey explains. “I love that we don’t have to provide care in a one-size-fits-all model. I love supporting, educating, and empowering both our members and staff.”

Vickiey is a wife, mother of four, and grandmother of two. In her spare time, she enjoys sewing and watching home décor videos for ideas and inspiration.

Community Partner: Greg Wilmot, CEO

East Boston Neighborhood Health Center

East Boston Neighborhood Health Center (EBNHC) is one of the nation’s largest Federally Qualified Health Centers (FQHCs) and the largest community-based primary care health system in Massachusetts, with nearly 1,700 staff members, approximately 500K patient visits a year, and an annual operating revenue of $225+ million.

For more than 50 years, EBNHC has been committed to care in the communities it serves by providing a wide range of services, including primary care, 24/7 emergency care, behavioral health care, specialty care, and various other health and wellness programs, all guided by the belief that high-quality, accessible, and culturally-aware care, delivered in the patient's preferred language, translates into better health outcomes for patients.

President and Chief Executive Officer Greg Wilmot leads the East Boston Neighborhood Health Center. Prior to assuming the role of President and CEO in 2022, Greg served as EBNHC’s Senior Vice President, Chief Operating Officer, and Executive Director of Neighborhood PACE. Prior to joining EBNHC, Greg worked in various roles spanning the health and human services industries. Additionally, Greg served under former Massachusetts Governor, Deval Patrick, in the Administration’s Executive Office of Health and Human Services (EOHHS), where he worked as Senior Advisor to the EOHHS Secretary and led strategy and business planning

and performance management for the secretariat. Greg also worked at Blue Cross and Blue Shield of Massachusetts in various operational and management roles.

Greg holds a BA in Psychology from Boston College and an MBA from Northeastern University with a specialization in Investments. For his professional and civic achievements, Greg was awarded the Stars’ 40 under 40 award in 2010, YMCA Achievers award in 2016, Boston Business Journal’s 40 under 40 award in 2019, the Massachusetts Black and Latino Legislative Caucus Black Excellence on the Hill Award in 2023, and Get Konnected’s Most Influential Men of Color recognition in 2023.

120,000 patients across all programs and services

220M+ in annual revenue

400,000+ visits per year

1,700 approximate employees

best served in a language other than English

“As the largest community-based primary care provider in Massachusetts, we’re happy to partner with an organization equally committed to removing barriers to care for people of color in innovative ways. We’re excited about the tech portfolio of diverse entrepreneurs that Seae supports and how these technologies may improve the health trajectory of our patients.”

GREG WILMOT CEO, East Boston Neighborhood Health Center

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