Kevin Willer

A big milestone today for Grow Therapy, which just announced a $150M Series D led by TCV and Growth Equity at Goldman Sachs Alternatives, with BCI and Menlo Ventures joining Sequoia, Transformation Capital, and SignalFire. When we led Grow’s Series A in 2021, it was rooted in a belief that mental health access in the U.S. isn’t hindered by supply, it’s a systems problem. To win, Grow needed to be deeply integrated into the healthcare ecosystem, not operating as a point solution. In just 5 years, more than 2 million people have used Grow, with over 10 million therapy and medication management visits delivered on the platform. What stands out is the infrastructure the team has built: Grow now partners with 125+ health insurers, including Medicare and Medicaid across most states, reaching 220 million covered lives. At the same time, tools like its clinically-guided AI notetaker are reducing provider documentation time by nearly 70%, helping clinicians focus more on care. This is what durable healthtech looks like: deep payer integrations, measurable outcomes, and technology embedded directly into existing healthcare workflows. Excited to continue partnering with Jake Cooper, Manoj Kanagaraj, MD, Alan Ni, and the entire Grow team as they build trusted mental health infrastructure for insurers, employers, health systems, and most importantly, patients.

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Our team at Matter Venture Partners is proud to support Kargo in its 42M Series B alongside Avenir, Linse Capital, Hearst Ventures, Lightbank, Sozo Ventures and Great Oaks Venture Capital. Kargo is solving a fundamental challenge in modern supply chains: creating physical infrastructure that delivers reliable, real-time visibility at enterprise scale. Their work with operators such as Mercedes-Benz AG, Wayne-Sanderson Farms and Aurobindo Pharma USA, Inc. reflects the depth of their technology and its value in high-stakes environments. We look forward to the road ahead! More details in The Wall Street Journal article linked below:

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I am excited to announce that Shine Capital has led AudioShake’s $14M Series A. Our investment represents the culmination of two years of searching for a company that will define the next generation of audio. Since 2023, we have been asking ourselves the question, "What technology will be used pervasively across the totality of the audio landscape?" Then we met Jessica Powell and Luke Miner, founders of AudioShake. AudioShake makes a suite of AI-powered tools for processing audio that include stem-splitting, voice isolation, speaker separation, and more. These primitives are critical infrastructure for almost any task involving audio, as evidenced by the breadth of use cases that the company serves. The Walt Disney Company and Downtown Music use AudioShake to make tracks available for sync licensing. Film studios and post-production houses use AudioShake to clean up sound from microphones to prevent re-recordings and manual audio engineering. Sports leagues and broadcasters use AudioShake to separate stadium noise from commentary to enable clean captioning and crisper audio. And Big Tech and frontier labs use AudioShake to prepare their audio data for multimodal AI training. We believe that audio will be the most important medium in the age of AI, defined by explosive growth across three categories that are even better with AudioShake: 1) Audio-as-AI-Interface: For the first time, people can perform complex compute operations using their voice. Conversing with AI will propel voice assistant usage well beyond its current ~50% adoption. 2) Explosion of Content: The rate at which user-generated content is made continues to accelerate, which will be further amplified by the possibility of AI-generated content. Audio is a superset of video — nearly every video uses sound to convey meaning, message, or emotion. 3) Voice Agents for Business: More than $100B of phone labor is performed annually in the United States. While some of it sits in call centers, most of it is fractional work. Businesses across finance, healthcare, and beyond have rapidly adopted phone agents. We are fortunate to partner with Jessica Powell and Luke Miner, passionate entrepreneurs and audiophiles dedicated to making audio as easy to work with as images or text. Audio contains vast amounts of information and creative possibility, and AudioShake will help unlock it. Thank you to our friends at Indicator Ventures for connecting us to Jessica. We are thrilled to support the AudioShake team with them, alongside Origin Ventures, Thomson Reuters, Precursor Ventures and Background Capital.

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Brex exits for $5.15bn — a 60% discount from its $12.3bn 2022 peak. But this deal actually makes sense. Capital One is acquiring Brex, the expense management fintech for startups, in a transaction valuing the company at ~7.2x revenues. The deal is a combination of 50% stock and 50% cash. Some key numbers: • Valuation: ~$5.15bn • Annualised revenues (2025): ~$700m • Revenue multiple: ~7.2x • Still loss-making • Total capital raised: $1.2bn • Capital efficiency (Revenue / Capital raised): ~0.9x At first glance, this multiple looks fair — broadly in line with listed US fintech peers. Klarna, Chime, Coinbase and Robinhood trade at a median ~6.2x revenues. However, those businesses are profitable (30%+ EBITDA margins) and growing materially faster. The outcome is highly asymmetric for investors: • Series A/B investors: exceptional returns (15–70x+) • Series C/D investors: around 1x, likely protected by preference stacks A good reminder that entry price matters more than headline valuation — and that strong revenues don’t always translate into venture-style outcomes. https://lnkd.in/eubkE8qN

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💡 “The No. 1 pain point for small business is access to capital, and in the restaurant space, it’s even more acute.” – Luke Voiles, CEO at Pipe That’s exactly why Uber chose Pipe as its partner to bring near-instant working capital to the more than 1 million restaurants on the Uber Eats Restaurant Manager App. This partnership is a massive win—for Uber, for Pipe, and most importantly, for the restaurant owners who keep communities fed and thriving. 🚀

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🏦 InstaSwitch has raised $4.7 million in seed funding to build software that turns open accounts into active ones. The round was led by Chicago Ventures, with backing from 8-Bit Capital, Better Tomorrow Ventures, and Panache Ventures, as well as fintech leaders from Unit, Square, PayPal, and Plaid. More details 👉 https://lnkd.in/g4NuUZCv Daniel West David Roberts Matthew Gizzi Mark Pettinen Stuart Larkins #ustech #funding #fintech #startups #technology #vcfunding #investment #innovation #bankaccounts #ai

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This a seductive idea; that organization's context fragments, decision logic gets lost, and an organization is prone to tackle collective amnesia. BUT this comes with a lot of caveats!! - MONOCULTURE: When one system becomes the authoritative interpreter of "why things are the way they are", it will collapse pluralism. An organization actually benefits from various "contested memories". An engineer and sales guy remember different things from a discussion and that helps. Employees can stop arguing with the system not because its correct but its "coherent". - OBSERVER's EFFECT: When people know that the reasoning within systems is being captured, they will change what gets recorded. The negotiations will become "safer" and will contaminate raw signals. - CENTRALIZATION: Interpretation gets centralized upwards. It may appear leadership or executives are gaining synthesis and becoming closer to the ground. But there is no comparison to living through the frictions, not even eclectic summaries. LEADERSHIP MUSCLE NEEDS TO PRACTICE LIVING THROUGH FRICTION OTHERWISE IT WILL TURN SENILE. - BIAS AMPLIFICATION: Model's inbuilt biases can combine with company's cultural quirks resulting in misinterpretations and distortions, worse they get reinforced over time. System will learn how the company thinks and then will optimize for continuity. AMNESIA IS SOMETIME A FEATURE. - SEMANTIC TRUTHS: Unlike objective truths this system will play on subjectivity and will build "causal" relationships that are based on semantics. This over time can form mythical decision norms with no external validity. The real question isn't "CAN IT BE BUILT?". Of course it can be. But "HOW IT SHOULD BE POSITIONSED". #llms #leadership #ai

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The Brex / Capital One $5.15Bn acquisition is a huge deal and should be celebrated. How did they do it? I've studied their culture by interviewing Henrique Dubugras (Co-founder), Michael B. Tannenbaum (ex-CFO, Employee #1), and Art L. (CBO, Employee #50). These are 10 important lessons I learned from them. Henrique and Pedro built Brex as teenagers from a house in SF to a generational fintech in 9 years. From a startup card to $100B+ in TPV. Along the way, they created a culture that has already spun out dozens of founders who have raised over $800M+. Here's what I learned on our Fintech Leaders episodes: 1. Your first 10 leadership hires matter more than your first 10 employees. Those leaders create processes and structures that outlast them. Some of Brex's first 10 employees didn't become managers, but the leaders they hired early shaped the culture. 2. Great founders get lucky with great mentors. Henrique's first investor was a payments founder who taught him the entire industry before he really understood it. The right early backer can accelerate your learning curve dramatically. 3. Build everything in-house. A major competitive advantage came from building all their software from scratch. Brex built their own issuer processor because Marqeta and Stripe Issuing were not mature when they launched. That proprietary infrastructure enabled deeper integrations than competitors could ever achieve. 4. Your best culture exists in the edges, not the nodes. Henrique used to think companies were 100% about the people. Now he believes the real value is in the processes, systems, and structures people create. Great companies can survive personnel changes because excellence lives in the connections between people. 5. If you have five priorities, you have zero. Every employee and team has a single OKR. The discipline of extreme focus brought them back to hyper growth after a period of growing pains. 6. Move at an unnaturally fast rate. When someone says they will revert next week, ask why not tomorrow. Analysis paralysis kills momentum. Brex leaders operate with urgency that feels uncomfortable to most people. 7. Listen to your customers. Brex built partnerships with Navan and Zip because 87 customers asked about Navan integration in six months. The biggest strategic moves came directly from customer requests. 8. Land and expand is crucial in enterprise. Large customers do not deploy new vendors to everyone at once. They want to try you in one use-case first. Brex restructured sales comp with longer hold periods so reps would land small and expand later. 9. Promoting from within creates loyalty. Behind every internal promotion, a manager is taking a risk on you. The easiest path is always hiring someone who has done the job before. Backing internal talent is harder but builds something lasting. 10. Dream big is not a cliche. Their audacious goal-setting culture produced a generational company in 9 years. Bravo! Link in comments ⤵️

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Announcing our $11.75M round, led by 8VC, the VC firm by Palantir founder Joe Lonsdale. In participation is Valor Equity Partners, Lux Capital, SV Angel, Silent Ventures, Leblon Capital, and angels like Micky Malka. Alex Moore, Board Director at Palantir, also joins Terra’s board Our renewed mission is to give Africa the technological edge needed for resource protection and counterterrorism. Today we’re building Africa’s first defense prime with $11B in assets under protection. Over the next few months, we will ramp up defense production across Africa and scale our surveillance software.

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Excited to announce Timber Grove Ventures' investment in Jampack AI Operational complexity has quietly destroyed some of the most culturally significant consumer brands. I’ve seen it firsthand, growing up in a family-owned food business and later investing in iconic consumer brands. Consumer demand is meaningless if operations cannot support it. Jampack AI changes that. Their agentic workflows automate wholesale operations end to end, giving brands the infrastructure they need to scale and endure. We’re proud to back Matteo Rossant, Rezi Tsulukidze, and the entire Jampack team in their Seed round alongside Maveron. If you’re a high-growth consumer brand navigating operational complexity, I’d love to connect. Press release here: https://lnkd.in/ea54Cb4M

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WisdomAI has raised $50 million in a Series A round led by Kleiner Perkins, with participation from nVentures, Nvidia's venture arm, and existing investors including Coatue Management, Latitude Capital, Madrona, GTM Capital, Menlo Ventures, and U First Capital, as reported across multiple tech sources. Founded by Soham Mazumdar, the startup builds an AI analytics platform that processes structured, unstructured, and error-prone data so teams can query business information in simple natural language. Since launching, the company has expanded from two early adopters to about 40 enterprise customers such as Descope, ConocoPhillips, Cisco, and Patreon. Its platform uses a unique enterprise context layer that understands each customer’s data deeply, enabling accurate and proactive insights without extensive data cleaning or preparation.

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thrilled to co-lead Try Your Best (TYB) Series A, alongside Offline Ventures commerce is becoming inherently social and community-led traditional models of loyalty programs are stale and fall short of the demands and preferences of younger generations, who crave community and belonging TYB is reimagining brand loyalty through onchain community commerce, and the writing on the wall is clear: with leading brands fully bought in, such as Glossier, Inc., Rare Beauty, Urban Outfitters, Crocs, Inc. & more we often get asked 'who is doing anything real, non-speculative on crypto rails?' -- there is no clearer or more compelling example than TYB, whose user base are nearly entirely 'normies'. TYB users could hate crypto and love the TYB app / experience <-- something rare, and the way we as an industry will bring 1 billion users onchain Ty Haney pioneered the concept of community-led brand building / commerce at Outdoor Voices and is now productizing her insights + learnings to lay the rails for a new era of (onchain) commerce. TYB's explosive growth reflects that, and we couldn't be more excited to support Ty Haney, Breana Teubner & the entire TYB family my partner Winnie Lau laid out our thesis in full here: https://lnkd.in/e8DZB47r & more from Fortune here: https://lnkd.in/e4gDQGjY

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We're so excited to share that Uncork Capital led Knit Health’s $11.6 million seed round alongside our friends at Frist Cressey Ventures, Moxxie Ventures, and Coalition Operators. Knit has developed a Large Clinical Behavior Model (LCBM), a novel foundational model designed to learn not just from medical text, but from how care is actually delivered in practice. In partnership with Truveta (a consortium of EHR data from over 30 US health systems and more than 130 million patients), the company is training models on real clinical decision-making patterns: how patients are routed, how clinicians coordinate care, and how complex healthcare systems operate under real-world constraints. What stands out most with Knit is the team. I've never had a team reference so extremely and consistently positive in my decade plus in venture. Led by Founders, Jonathan Kolstad, Maya Petersen, Jonas Knecht, and Ted Robertson, Knit's team combines expertise across behavioral economics, causal inference, generative AI, and clinical operations, giving them a uniquely interdisciplinary perspective on one of healthcare’s hardest challenges. Finally, a special shoutout to my bestie, Katie Jacobs Stanton, from Moxxie for introducing us. https://lnkd.in/get2nwQy

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Thrilled to announce that Together Fund is investing in Sentra, alongside a16z speedrun! You track results in Jira. Decisions in Notion. Conversations in Slack. But the reasoning, the debates, trade-offs, and context behind why you chose A over B, disappears into what we call "Dark Matter." A decision made in March looks insane by July because no one remembers the constraints that made it smart. I lived this firsthand at Twitter scaling from 800 to 8,000 employees, and at Google while launching AI Overviews to billions at planet scale. The problem isn't process. Process is compensation for something deeper: organizational amnesia. An organization’s "Systems of Record" doesn’t solve this, they encode it. They store what happened, never why. That's why we are investing in Sentra. Sentra is the always-on collective memory that eliminates organizational amnesia by maintaining accurate context for all members and agents, functioning as an operational nervous system. It connects to every channel where work happens, meetings, Slack, email, code commits, docs, calendars, and treats them not as artifacts to search, but as living signals to synthesize. The fleeting and the permanent, unified into a memory that understands. The founding team is built for this: - Jae Gwan Park (CEO): Product-first founder, memory systems research at UofT and MIT - Ashwin Gopinath (CSO): Former MIT professor, created "Reflexion" (NeurIPS 2023), agents that learn from mistakes, 2x founder - Andrey Starenky (CTO): Early Vapi engineer, ex-IBM, built to process enterprise-scale data firehose Together is an operator-led fund. We invest in problems we've lived. This is one of them. Many congrats Jae, Ashwin and Andrey, we are so excited to partner with you! Read the full thesis: https://lnkd.in/gixj9cE4 Book a demo: https://www.sentra.app/ #OrganizationalMemory #AI #Sentra #TogetherFund #a16z #ContextGraphs

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🚨NEW EPISODE: Recorded live at FUTURE TITANS 2026 - Jeff Perry of Carta sat down with the iconic Seth Levine, co-founder of Foundry. Seth has been in venture for 25 years, built Foundry from scratch as an emerging manager himself, and has backed about 50 emerging manager funds through his fund of funds. He has genuinely seen every side of this table. They went deep on building Foundry, why VCs are in the influence business, not the decision business, and why the concentration problem in venture is not only bad for LPs, but also for the innovation ecosystem overall. And why Seth's new book, Capital Evolution, is so important for the future of America. 🎧 Links to listen... Apple: https://lnkd.in/ehQUQ2EM Spotify: https://lnkd.in/eU4FExpg

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HealthVC x Lusha: Unlocking Smarter Fundraising and Sales Workflows We’re thrilled to announce our newest partnership: HealthVC has teamed up with Lusha to bring next-gen data and prospecting tools to founders, fund managers, and operators across our community. Lusha recently launched a powerful suite of AI-powered features that redefine how go-to-market teams research, prospect, and convert. Now those capabilities are coming to HealthVC Pro subscribers. ✨ With this partnership, you’ll be able to: Surface real-time, accurate, and compliant B2B contact data Use AI Prospecting Chat to instantly uncover new investor or customer leads Tap into CRM-triggered recommendations to stay one step ahead Turn insight into action with Sales Streaming, Lusha’s smarter, connected selling framework. But Lusha’s superpower isn’t just the AI; it’s that the AI sits on top of best-in-class data. That means every signal, every recommendation, and every lead is not just fast, it’s trustworthy. At HealthVC, we’re building more than a newsletter; we’re building the operating system for venture, and this partnership helps our members move faster, pitch smarter, and close better. Available now to all HealthVC subscribers, link in comments.

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