Sheena Jindal

Great HLTH 2025. Some big trends I saw: - Drug distribution is going direct - Payers want vendors to take risk - Everyone has a chatbot - Behavioral health is maturing - FDA clearance is the new Series B - Post-discharge is a big opportunity - Diagnostics are becoming portable and ROI-oriented - Provider workflows are becoming consumer-grade

51

4 Comments

There has been a lot of discussion about large, established VC funds moving away from the traditional model (rollups, buyouts, secondaries etc). I personally think it’s inevitable that there will be movement here, but that doesn’t mean the power law rules for funds like 7percent do not still apply. We have and will continue to focus on the moonshot opportunities. I discussed this and much more with Dan Bowyer, Lomax Ward, and Mads Jensen on a recent episode of Upside - always a pleasure (full episode in the comments section). ___ Backing deep tech requires conviction, not consensus. I share insights on my journey building 7percent Ventures, backing the most determined founders solving the world’s most challenging problems. Follow me, Andrew J Scott for more and pls do share if you liked this post. 

47

1 Comment

Each year, our team at TMV puts out an industry newsletter with our predictions for the year ahead in venture and tech, with a focus on our core verticals - Health + Bio, Supply Chain + Logistics. My prediction for 2026 read as follows: In 2023, “AI” shifted from science fiction to science project. In 2025, we saw the science projects evolve into viable, if not messy, business plans, high on potential and promise. In 2026, the widespread adoption of “everyday” AI ( ~13% of the world give or take, with America accounting for one third of all AI users by 2027) will lead to mass productivity and mass laziness simultaneously. Self-actualization and determination will never be as important as it is this year. Wheat from the chaff. At TMV HQ, we’re watching out for robotics applications that solve real problems—not mars-shots, rather automation that improves working conditions or expands access in underserved areas.  We are also fascinated with AI-powered business support systems offering smaller operators the kind of strategic guidance previously reserved for Fortune 500s, especially when they're genuinely useful rather than glorified chatbots. And as AI displaces routine cognitive work, we're interested in platforms helping people redirect their time toward creative or meaningful pursuits (time to write the great American novel!), tools that facilitate transitions rather than optimizing obsolescence. Truly, the companies acknowledging displacement and actively helping people find new value will build deeper moats than those pretending disruption comes without human cost.

98

10 Comments

One of my agentic commerce predictions for 2026 in this recent Forbes piece: Matt Nichols, General Partner at Commerce Ventures, notes that the mechanics are already in motion. Looking ahead, he predicts that this year, "Agentic commerce transaction volume reaches meaningful levels as consumers advance from research to buying on AI platforms. 2026 will be the year that transactions are completed in these platforms." To this prediction, Nichols adds another: retailers will be forced to build "super-feeds" specifically for AI platforms. “These data feeds may involve monetary transactions that could include payments to AI platforms or payments to the retailer/brand (depending on balance of power).” https://lnkd.in/g65RAerA

36

3 Comments

Most delivery companies focus on speed. DoorDash is chasing inches. The secret to dominating a brutal industry? Obsess over the “last 100 feet”: Most tech founders talk strategy from a whiteboard. Tony Xu puts on a Dasher jacket and delivers meals himself. He does it because of one belief: every second counts. A late dessert or the wrong entrance wastes time. Multiply that by millions of orders, and you’ve lost the edge. So DoorDash built its own mapping tech. It tells drivers exactly where to park. Which entrance to use. Even when to drop an order that’s running late so others aren’t at risk. Tiny moves. Massive outcome. Today, the company owns 60% of the U.S. food delivery market. Double its next competitor. You won’t get there copying the big players. You get there by noticing what they miss. Ask yourself: What’s your “last 100 feet”? Find it. Own it. That’s how you win.

150

16 Comments

I first invested in SendCutSend in 2021, and I've been incredibly bullish on what CEO Jim Belosic and the team have been building ever since. Their combination of revenue, growth, and profitability is simply unheard of in the manufacturing tech space. One of these days, the American Dynamism VC crowd is going to realize the best company in their industry is based in Reno, NV.   At the core of SendCutSend's model is software-powered innovation and an ethos of democratizing manufacturing. In the past, you had to order 1000s of parts to get a manufacturer's attention. SendCutSend will let anyone order one part at an extremely competitive price with fast shipping. The word "disruption" is overused in startup land. But SendCutSend is a true disruptor.   Of course, many manufacturing startups think they have an amazing product. But if you look at the record of startups in the space, it's been dismal. The biggest commonality of the failures? Lack of demand. It's one thing to build an amazing 3D printer or a neat manufacturing service on the moon. It's another thing to attract enough customers for the business model to work.   As a VC, you can kind of take for granted basically unlimited digital demand. If it's ones and zeros, there's an unquenchable desire among the 6b+ people who are online. Develop novel, delightful software, for example, and you can instantly have demand.   But you can't do that in manufacturing because everything needs to be physically built, which takes time. It all has a lot of dependencies and supply chains to account for. You can't just build a cool mousetrap and expect to massively catapult demand.   SendCutSend has cracked manufacturing's hardest problem: creating demand. (Not to mention, they've done it by raising a measly ~$6m of VC!) They have a sneaky-genius strategy: they are the first manufacturing startup to execute a truly bottom-up, PLG-style GTM. The product is still the most important thing, but their GTM is amazing. If you look at SendCutSend's Instagram or Jim's Twitter or LinkedIn, you'll see what I mean.   And their results speak for themselves. They've been profitable for years, they're approaching 100 on the Rule of 40, and their customers love them as much as any other company in our portfolio. This is especially impressive when you compare it to what's happening elsewhere in manufacturing tech right now, where startups are raising hundreds of millions, burning through it, then crossing their fingers.   SendCutSend is easily the most underrated startup in manufacturing, and might be one of the most underrated in any industry.

69

8 Comments

Worth reading (with popcorn) - no really. Thanks to Teel Lidow for sharing :-) Every emerging VC should be reading the SEC’s enforcement releases. It sounds very boring… but it’s actually a surprisingly entertaining way to learn how not to torch your career! Some good starting points: https://lnkd.in/gwuSvFy4 (disturbing because there’s no egregious misbehavior - probably wouldn’t happen under the current SEC) https://lnkd.in/gFHfgTxB (especially the part about exaggerating fundraising progress starting on p.17) https://lnkd.in/gTzA5DTX (just a classic, wild ride)

1

Greenfield Partners is proud to be deepening our partnership with Capitolis as they announce today a $56M strategic round. If you’ve spent time in market infrastructure, you know how rare it is to see deep market insight paired with real product velocity. The team at Capitolis has both, and the result is infrastructure that makes capital markets safer and more efficient. We’re increasing our investment alongside Barclays, BNP Paribas, J.P. Morgan, fellow investors Canapi Ventures, 9Yards Capital, and existing investors Citi, Morgan Stanley, State Street, and UBS to fuel the next stages of Capitolis’ Capital Marketplace and Portfolio Optimization solutions. https://lnkd.in/exK8nQYx Kudos to Gil Mandelzis and the entire Capitolis team!

43

2 Comments

SF VC Takeaway #2: Pricing expectations, performance bars, and what’s actually getting funded. One theme that came up repeatedly in SF was how far pricing expectations and performance bars have shifted, even compared to just a few years ago. A few things investors kept anchoring to: 1️⃣ Median Series A valuations are higher than their 2021 peaks, but fewer of them are getting done. 2️⃣ Capital is being concentrated into fewer and fewer companies (and lots of capital!) 3️⃣ “Good” progress is no longer enough and the bar for standout performance has moved in an AI-native world So what does “top performance” mean right now? One investor told me that top quartile seed companies in their portfolio are going from $0 to $2M in ARR in <12 months. Outside of pure traction numbers, a few other themes that came up to describe "top performance": 📈 Explosive early revenue ramps (or a very credible path to them) 📊 Strong velocity and momentum for 2 quarters in a row, even if the baseline is small. 🚀 Clear signals of category leadership, not just product-market fit. Sometimes shown by either domain expertise, speed of product optimization, or by lack of competition in the category. This creates a counterintuitive dynamic where it can be easier to fund a company with strong pedigrees in a hot space and no traction yet than a company that went from 0 to $1M ARR at what used to be considered a rapid pace. Pricing today is driven by trajectories, not moments in time. We used to say investors invest in lines not points; I think that's more true than ever now because crossing certain milestones doesn't carry as much influence as it once did. Finally, investors still say that valuation matters, but many of them are acting differently. Pace and belief in category-defining companies really sets the price; while slower growth gets scrutinized rather than discounted. One silver lining in the camp of durable growth: Series A rounds are happening so fast that many companies don’t yet have meaningful history of retention data. Large bets are being made on velocity before the durability is proven. Several investors told me the same thing: we may soon swing back to a market where retention, not growth, becomes the defining metric. Let's hope so. I'll share my third SF VC takeaway tomorrow!

59

7 Comments

Dayna Grayson is a leading VC who has “sat in every chair” at a young age. She founded Construct Capital with Rachel Holt, an early leader at Uber. Together, they are tackling the digitization of industry. Dayna will discuss macro trends, what it takes to be a founder, and the potential for AI. She is one of the few who have successfully blended a career of operations and investing.  Check out our discussion at: https://lnkd.in/eYBUGjbW #leadershipdevelopment

112

9 Comments

🚨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

19

1 Comment

As founders scale, financial leadership needs evolve just as fast as product or team strategy. In this article, Jason Anglin does a great job outlining when a startup needs a fractional Director of Finance vs. a fractional CFO. And why getting that choice right can save both time and capital. Worth a read for founders approaching their next growth stage.

7

A fantastic discussion with Glenn Oken, Dan Herr and Matt Rooney on the evolution of a dedicated BD team in private equity. The conversation explores how deal sourcing has transformed over his 30+ year career, examining what truly drives credibility in the market, the importance of empowering genuine decision-makers, and his journey to co-founding one of the first operationally focused private equity funds in the lower middle market. #DealSourceryPodcast

10

30+ VCs Backing Marketplace Startups Below is a cross-stage, cross-sector mix of firms that back marketplace and platform companies early and support them as they grow. Consumer and platform investors Upfront Ventures 1752vc (Formerly Pegasus) BAM Ventures Forerunner Brand Foundry Ventures Maveron BoxGroup Greycroft Alumni Ventures Marketplace natives and network effects specialists FJ Labs NFX Great Oaks Venture Capital RiverPark Ventures Left Lane Capital First Round Capital Lerer Hippeau Precursor Ventures Seed partners building two-sided platforms early Founder Collective NextView Ventures Uncork Capital Slow Ventures Bling Capital Gaingels Initialized Capital Felicis Multi-stage firms backing marketplace winners at scale Accel Bessemer Venture Partners Lightspeed General Catalyst New Enterprise Associates (NEA) Kleiner Perkins Bain Capital Ventures (BCV) Founders Fund

77

16 Comments

Growth and profitability are not opposing forces. If anything, they're sequential. Once your unit economics work - every additional customer can spread fixed costs thinner, every transaction can make ops more efficient, and every bit of volume can give you better terms with suppliers. Solving for fundamentals will ensure growth makes you profitable, and doesn't become the thing that keeps you from it. Shreyans wrote a great piece on it, link in comments.

19

2 Comments

Every hire, product feature, and GTM experiment is a capital allocation decision, most teams just don’t call it that. I’m kicking off a 3-part series on capital allocation for founders, operators, and finance leaders with a simple question: ➡️ Will the next $1 you deploy become worth more than $1? Series overview Part 1: defines the core concept + the math Part 2: where capital goes + how to measure whether it’s working Part 3: AIMS framework for communicating allocation decisions to management teams and your board Part 1 (attached here) lays the practical foundation: 🔹 The $1 invested test and ROIIC vs. hurdle rates (scoreboard vs. decision lens) 🔹 A lightweight “investment brief” to evaluate bets (GROW / BUILD / BUY) 🔹 The small metric toolkit that translates finance into operating decisions (NPV / payback / ROIIC / incremental margin) 🔹 Early-stage proxies when DCF inputs are unknowable (burn multiple + revenue quality) 🔹 Operator “vital signs” to spot drift early (profit engine, leverage, cash conversion, optics) Series Roadmap ✔️ This series (Parts 1–3): breadth-first. shared, lightweight framework to define value creation, choose decision-grade metrics, and communicate tradeoffs clearly ✔️ Next series: depth-first. momentum drivers + operational decisions that need near real-time measurement to spot drift early and course-correct fast Read Part 1 here and Part 2 and 3 on substack. Next Series will be out next week. 💰 What’s one bet you’re funding right now, and how will you prove it’s working?

6

Seed VC isn’t just in a downturn—it’s facing extinction unless it evolves fast. Great read from Rob Go & David Beisel at NextView Ventures... - YC and mega-funds now dominate the early-stage landscape, squeezing out traditional seed investors - Power law thinking has gone mainstream—everyone’s chasing trillion-dollar outliers - AI isn’t helping seed VCs—it’s raising the stakes, crowding the field, and disrupting VC itself - The middle of the market has collapsed, and excess profits are gone - Hope isn’t a strategy—seed needs a new model, now Link here... https://lnkd.in/ek2MZGhm And if you like this topic, I wrote a piece on venture bifurcating into inception funds and mega funds here: https://lnkd.in/eJz5DmX6 #ai #venturecapital #vc

31

8 Comments

Today SuppCo joined Function Health. At the end of 2024, we backed Steve Martocci and Nick Michlewicz at Greylock Partners, based on three views about where consumer health was going: 1. Self-directed health is now mainstream. Only 45% of 18–29 year olds see a primary care physician. People are building their own protocols and need trusted nodes, not influencer affiliate links, to do it. 2. The winners will own proprietary data networks. In a $175B / ~180K SKU industry drowning in marketing claims, SuppCo built TrustScore. This became an independent quality rating on 35K+ products, plus the largest network of real user stacks anywhere. That is a data asset that compounds, especially as users feed efficacy data via wearable/biomarker integrations. 3. The trust layer for AI-mediated commerce is an increasingly valuable layer to own. As discovery and purchase move into chat and agent interfaces, "which product can I actually trust?" is the question agents need someone to answer. SuppCo became that answer for supplements. Function is the right home because it closes the loop. If SuppCo answers what to take, Function answers whether it's actually working, in one continuous feedback cycle. This becomes a powerful data network. Big congrats to Steve, Nick, and the entire SuppCo team. You built something the industry genuinely needed -- on both the consumer and brand side. And to Jonathan Swerdlin and the Function team. Excited to see the impact on the broader category.

127

11 Comments