Question 1

What types of healthcare startups do you look for?

Accepted Answer

We start with a very expansive definition of what it means to be a healthcare company and then we subtract bio-pharma (drug discovery) as the only sector of healthcare we don’t focus on. We boil this down to health-tech, digital health, medical devices, pharma-tech, telehealth, healthcare marketplaces and science companies. We also focus on companies that sell into all different parts of the continuum of care. We care a lot about value based health and precision healthcare too!

Question 2

What stage companies do you invest in?

Accepted Answer

Our investments are almost always into Seed stage rounds. Occasionally we will do pre-Seed and smaller Series A. We love when companies have revenue (naturally), but we are comfortable investing pre-commercial revenue (and do so about half the time). When we invest pre-revenue, we expect the company to be generating commercial revenue within 6-12 months. We typically invest into $2MM - $8MM financings, with the expectation that other venture funds are participating.

Question 3

What size check do you write?

Accepted Answer

We have a 2-check strategy. We generally write a $500K-$2MM first checks, and reserve up to 2X-4X that amount for follow-on investments into our best performing companies when they get to the Series A/B.

Question 4

Where are you located?

Accepted Answer

Home is Pasadena, however we have team members in NYC (including an office), Florida, Virginia Beach, and have a "sister fund" in Singapore.

Question 5

Do you have a geographic focus?

Accepted Answer

We consider ourselves very knowledgeable about the US healthcare system, and therefore concentrate on the US. It’s hard to be good at healthcare investing if you don’t have a strong understanding of the country’s healthcare system. We also look at our neighbor Canada, Western Europe and Asia (we have a “sister fund” headquartered in Singapore), provided those startups have near-term plans to expand into the US.

Question 6

How big is your fund?

Accepted Answer

We are launching our third fund in 2024, and that brings our AUM to about $200MM. The aggregate value of our portfolio of early stage health-tech companies exceeds $2.5BB.

Question 7

Who are your LPs?

Accepted Answer

Our favorite question. What really differentiates us is the fact that the majority of our investors are people and companies in the healthcare industry. We take advantage of this to the benefit of our portfolio companies by selectively introducing them to our LPs to help with their go-to-market strategies. Oh, and we have about 300+ LPs, so lots to choose from!

Question 8

What is your relationship to Three-Sixty Advisory Group?

Accepted Answer

Three-Sixty Advisory Group is a boutique healthcare consultancy that effectively founded Wavemaker Three-Sixty in 2017. While there is some occasional synergy between the consultancy and the fund, the two companies run autonomously.

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