Jan. 11, 2022
Raising a Series D. By Sid Viswanathan, Co-Founder at Truepill.
Sid Viswanathan Co-Founder & President at Truepill talks about raising a Series D and how it is different from earlier rounds. We've also touched onto the story of how prior to Truepill, Sid founded CardMunch, a business-card scanning app that was acquired by LinkedIn soon after its founding.
Sid's LinkedIn: https://www.linkedin.com/in/sidviswanathan
Truepill's site: www.truepill.com
And of course, link to our course on fundraising at 70% discount (only until the 15th of January): https://bit.ly/StartupFundingCourse
Questions covered in this episode:
- you've spent 4 years at linkedin, when was the moment when did you decide to start the second company and how did you bump into the idea?
- how did you meet your co-founder?
- you recently raised a round D of 142 million dollars, how did you get there?
- at round D, what's the major problem for a company?
- looking back at your post-YC seed round, what do you think was your major mistake while raising it?
- how much of Truepill's success is due to the fact that it got into YC a year after it was started?
- you've recently expanded into diagnostics, did you raise any money to fund the expansion specifically?
Transcript
1
00:00:05,200 --> 00:00:07,800
They're releasing to fundraising
video a podcast about
2
00:00:07,800 --> 00:00:11,400
fundraising for early-stage
startups, the major rule that we
3
00:00:11,400 --> 00:00:14,600
follow here is no bullshit on
this podcast.
4
00:00:14,600 --> 00:00:17,100
No music to relax.
You know, advertisements of our
5
00:00:17,100 --> 00:00:19,600
sponsors.
We only talk about fundraising
6
00:00:19,600 --> 00:00:23,000
here and nothing else.
So let's jump into the episode.
7
00:00:23,600 --> 00:00:27,100
And today's a guest speaker, we
have Sid, we sinatun co-founder
8
00:00:27,100 --> 00:00:30,300
and president at true pill,
which recently closed their
9
00:00:30,300 --> 00:00:33,600
series D round of 142 million
dollars.
10
00:00:33,600 --> 00:00:36,600
And this episode will mostly
talk about this round, how they
11
00:00:36,600 --> 00:00:39,400
got around Z?
Why they keep on raising instead
12
00:00:39,400 --> 00:00:41,900
of going public and so on and so
forth.
13
00:00:41,900 --> 00:00:44,200
So Citta, let's kick it off by
you, giving us some background
14
00:00:44,200 --> 00:00:47,400
on yourself.
And on true pill a Constantine,
15
00:00:47,400 --> 00:00:49,100
thanks for, thanks for having me
on today.
16
00:00:49,900 --> 00:00:53,000
Well, I've been doing startups
for for a long time now, you're
17
00:00:53,000 --> 00:00:56,100
going to age me in this episode.
I've been doing it for about 13
18
00:00:56,100 --> 00:00:58,400
years or so.
The last company, I started was
19
00:00:58,400 --> 00:01:01,400
in 2009.
And I sold that business to
20
00:01:01,400 --> 00:01:04,099
LinkedIn.
I spent about four years at
21
00:01:04,099 --> 00:01:06,000
LinkedIn, a different product,
and Engineering roles.
22
00:01:06,000 --> 00:01:08,500
And so my background is actually
not in health care at all.
23
00:01:08,500 --> 00:01:11,800
But even before I got into
startups, I was a mechanical
24
00:01:11,800 --> 00:01:13,700
engineer in college.
I would say a mechanical
25
00:01:13,700 --> 00:01:15,600
engineer turned software
engineer.
26
00:01:16,200 --> 00:01:19,800
Once I got to the berry, I
started to realize that this was
27
00:01:19,800 --> 00:01:23,300
in 2008 2009 timeframe where
there weren't as many Hardware
28
00:01:23,300 --> 00:01:26,400
engineering jobs and mechanical
engineering jobs specifically,
29
00:01:26,400 --> 00:01:29,700
so it was either software or
nothing and so had to couldn't
30
00:01:29,700 --> 00:01:31,100
go.
Back to college at that point.
31
00:01:31,100 --> 00:01:33,400
My dad wasn't going to pay for
another degree.
32
00:01:33,400 --> 00:01:37,700
So just quickly learned how to
build some of the basics from a
33
00:01:37,700 --> 00:01:40,900
development standpoint and ended
up starting my first company.
34
00:01:41,500 --> 00:01:45,300
And after selling to LinkedIn,
istent, I stayed for several
35
00:01:45,300 --> 00:01:50,800
years and around, 2014/2015 made
the decision to leave to go back
36
00:01:50,800 --> 00:01:53,500
to the drawing board.
Again at that point I didn't
37
00:01:53,500 --> 00:01:55,700
really know what I want to do
next.
38
00:01:55,700 --> 00:01:59,200
All I knew was I wanted to start
a company again and along the
39
00:01:59,200 --> 00:02:02,900
way I spent Time, exploring
different areas in different
40
00:02:02,908 --> 00:02:04,900
spaces.
And that's when I met Omar, my
41
00:02:04,900 --> 00:02:06,700
eventual, co-founder and true
pill.
42
00:02:06,700 --> 00:02:10,000
And we formed an initial thesis
of the company, which was what
43
00:02:10,000 --> 00:02:14,000
would it look like to build
Pharmacy infrastructure and Omar
44
00:02:14,000 --> 00:02:17,000
is a pharmacist by training.
And so, when you put a software
45
00:02:17,000 --> 00:02:20,600
engineer and a pharmacist in a
room, I guess maybe that's how
46
00:02:20,600 --> 00:02:24,300
you get true, pillow born and we
set out to build Pharmacy
47
00:02:24,300 --> 00:02:28,400
infrastructure low 2016, that's
perfect.
48
00:02:28,400 --> 00:02:31,000
Alright so let's first talk
about About your experience with
49
00:02:31,000 --> 00:02:34,900
LinkedIn and then you hopping
off of LinkedIn which has quite
50
00:02:34,900 --> 00:02:36,400
interesting.
So, you spent their, you said
51
00:02:36,400 --> 00:02:38,300
four years.
When was the moment when you're
52
00:02:38,300 --> 00:02:39,400
like, you know what I'm done
here.
53
00:02:39,400 --> 00:02:42,400
I'm going to go ahead and fund
or create my own company.
54
00:02:42,400 --> 00:02:46,200
When was that moments?
What what triggered you I think
55
00:02:46,200 --> 00:02:49,500
as a Founder, you always have
that underlying itch.
56
00:02:49,500 --> 00:02:53,100
You just don't know when you
kind of have to scratch it and I
57
00:02:53,108 --> 00:02:56,100
had a good run at LinkedIn and
had several ups and downs trying
58
00:02:56,100 --> 00:02:59,100
to figure out where the company
that I sold would live within
59
00:02:59,100 --> 00:03:01,600
the ecosystem.
And finally, we got to the right
60
00:03:01,800 --> 00:03:04,100
kind of final resting place for
the asset.
61
00:03:04,100 --> 00:03:06,700
And that was about three and a
half years into my journey at
62
00:03:06,700 --> 00:03:10,600
the company and it seemed like a
good time to sort of end that
63
00:03:10,600 --> 00:03:13,600
chapter and move on to the next
next Journey, which was
64
00:03:13,600 --> 00:03:15,600
eventually true pill.
But even before troop, it was
65
00:03:15,600 --> 00:03:18,600
about a year of banging your
head up against the wall.
66
00:03:18,600 --> 00:03:21,200
Thinking about the right idea.
I don't, I don't recommend this
67
00:03:21,200 --> 00:03:24,400
to other folks and for others
that are still thinking about
68
00:03:24,400 --> 00:03:26,800
what they might do.
I recommend going back to the
69
00:03:26,800 --> 00:03:29,800
basics of finding a good
problem, if you look at it,
70
00:03:29,900 --> 00:03:33,000
Everything from what you read
online in terms of how to find
71
00:03:33,000 --> 00:03:35,800
the right startup idea, I think
we got very fortunate and lucky
72
00:03:35,800 --> 00:03:38,900
that we stumbled into the right
problem and we were also the
73
00:03:38,900 --> 00:03:42,500
right team, but sometimes
looking for a problem isn't
74
00:03:42,500 --> 00:03:44,900
always the best way to go.
It just it just worked out for
75
00:03:44,900 --> 00:03:50,200
us in our case 100%.
So um let's not focus on find
76
00:03:50,200 --> 00:03:53,000
the problem and instead focus on
finding the co-founder so you
77
00:03:53,000 --> 00:03:56,300
said that you just briefly
mentioned that you ran into him.
78
00:03:56,300 --> 00:03:59,400
Are some how can you tell us how
exactly you met your co-founder
79
00:03:59,400 --> 00:04:01,400
and how do You realize that, you
know, that's the right
80
00:04:01,400 --> 00:04:03,500
co-founder for you.
Was it just based on the skill
81
00:04:03,500 --> 00:04:07,700
set was it because you've known
him for x amount of time?
82
00:04:07,700 --> 00:04:10,700
Or what was what made you think
that that's the right
83
00:04:10,700 --> 00:04:12,400
co-founder.
Yeah.
84
00:04:12,400 --> 00:04:15,600
Believe it or not.
This was a cold LinkedIn email
85
00:04:15,600 --> 00:04:20,200
that I sent Omar back in
sometime in 2015 and I was doing
86
00:04:20,200 --> 00:04:22,300
Explorations around Pharmacy
that week.
87
00:04:22,300 --> 00:04:25,000
It was probably the space of the
month or space of the week that
88
00:04:25,000 --> 00:04:29,200
I was researching and I look for
start-up founder and Pharmacists
89
00:04:29,200 --> 00:04:31,300
and Omar's.
His name was the first one that
90
00:04:31,300 --> 00:04:34,100
came up and I think it's
headline at the time was startup
91
00:04:34,100 --> 00:04:37,600
enthusiasts and Pharmacists.
And so he was the top list on
92
00:04:37,600 --> 00:04:38,900
LinkedIn.
You happen to be in the Bay
93
00:04:38,900 --> 00:04:40,100
Area.
I think it was traveling at the
94
00:04:40,100 --> 00:04:43,000
UK at the time and I just sent
over some questions and he
95
00:04:43,000 --> 00:04:46,500
responded back right away.
And after several weeks we kept
96
00:04:46,500 --> 00:04:49,300
going back and forth on LinkedIn
with more and more questions and
97
00:04:49,300 --> 00:04:50,600
thoughts.
And finally, we said, well,
98
00:04:50,900 --> 00:04:53,000
sounds like you want to do
something the space.
99
00:04:53,000 --> 00:04:56,400
Why don't we get together?
And we met up in person and two,
100
00:04:56,400 --> 00:04:59,500
three, four, five months and we
were still spending time.
101
00:05:00,400 --> 00:05:02,600
Talking about the space and
trying to understand what the
102
00:05:02,600 --> 00:05:04,200
starting or entry point might
be.
103
00:05:04,200 --> 00:05:06,800
And so we actually met for the
first time before we started
104
00:05:06,800 --> 00:05:09,800
true pill.
And I think I would recommend
105
00:05:09,800 --> 00:05:13,300
knowing your co-founder for as a
long, a time as possible or
106
00:05:13,300 --> 00:05:17,100
going into a relationship.
But in our case, you know, maybe
107
00:05:17,100 --> 00:05:19,700
I hit the lottery and we found
each other at the right time and
108
00:05:19,900 --> 00:05:23,000
right moments in our career to
start the company and it's
109
00:05:23,000 --> 00:05:24,800
worked out.
Well for now, we've been working
110
00:05:24,800 --> 00:05:26,800
together for five years.
Nice.
111
00:05:26,800 --> 00:05:30,000
That is a great story.
And yeah I mean I've seen before
112
00:05:30,200 --> 00:05:32,500
Any storms that were started
like that and then they fell
113
00:05:32,500 --> 00:05:34,200
apart.
Just because the co-founders
114
00:05:34,200 --> 00:05:36,200
just weren't as lucky as you
got.
115
00:05:36,200 --> 00:05:38,800
So, do you have any advice to
those Founders who don't yet?
116
00:05:38,800 --> 00:05:41,400
Have a co-founder most likely,
they know that they just
117
00:05:41,400 --> 00:05:43,400
absolutely have to have a
co-founder because going through
118
00:05:43,400 --> 00:05:46,300
this alone is just a little bit
too hard.
119
00:05:46,300 --> 00:05:49,800
So and you recommend
recommendations on looking for a
120
00:05:49,808 --> 00:05:52,500
co-founder and testing out.
If that's an actual good match
121
00:05:52,500 --> 00:05:56,500
or not, I would say, definitely
think about aligning on some of
122
00:05:56,500 --> 00:05:59,000
the value side of things,
ultimately, you're going to pick
123
00:05:59,000 --> 00:06:01,600
someone that's smart.
And hopefully compliments you
124
00:06:01,600 --> 00:06:04,700
and has the right skill set for
the founding team but I can't
125
00:06:04,700 --> 00:06:06,200
understand how important those
values are.
126
00:06:06,200 --> 00:06:09,300
And sometimes you can't sit
there and ask that person.
127
00:06:09,400 --> 00:06:12,100
What are your values in life or
your cultural values?
128
00:06:12,100 --> 00:06:15,000
That's not really how it works.
It's more of a Vibe than I
129
00:06:15,000 --> 00:06:16,700
think.
For Omar on myself, we were sort
130
00:06:16,700 --> 00:06:19,400
of the right or similar stages
in our life.
131
00:06:19,400 --> 00:06:23,300
We were in our early 30s.
Omar had a kid that was just
132
00:06:23,300 --> 00:06:26,000
born of six months old.
And for us, we certainly my wife
133
00:06:26,000 --> 00:06:29,500
and I wanted to have a family so
we were at similar life stages
134
00:06:29,500 --> 00:06:33,700
from a An Audi standpoint.
I think we we gelled and I think
135
00:06:33,700 --> 00:06:35,800
that Vici gives you don't need
to find a best friend.
136
00:06:36,100 --> 00:06:38,600
Co-founder is not a best friend
that you want to hang out with
137
00:06:38,600 --> 00:06:42,100
all the time and and we've had a
great business and working
138
00:06:42,100 --> 00:06:44,300
relationship and we don't have
to see each other outside of
139
00:06:44,300 --> 00:06:47,800
work to socialize and that's
been our relationship and it's
140
00:06:47,800 --> 00:06:49,900
worked really well for us.
So so my advice is definitely
141
00:06:49,900 --> 00:06:52,200
look at the value side of
things.
142
00:06:52,200 --> 00:06:55,600
Start to anticipate how you
might address conflict because
143
00:06:55,600 --> 00:06:58,800
you never can simulate conflict
and you have to get a sense of
144
00:06:59,200 --> 00:07:02,500
well, as your Under going to be
level-headed and pragmatic and
145
00:07:02,500 --> 00:07:05,300
rational, as you go through
different disputes and different
146
00:07:05,400 --> 00:07:09,300
challenges through the business.
And some of it is a calculated
147
00:07:09,300 --> 00:07:13,100
risk in a calculated guess and
in some cases, it works out and
148
00:07:13,100 --> 00:07:16,100
then sometimes it doesn't.
So it's a cross off.
149
00:07:16,100 --> 00:07:18,200
All the obvious, things are
finding the right complementary,
150
00:07:18,200 --> 00:07:21,900
co-founder but certainly look at
the values and how you guys
151
00:07:21,900 --> 00:07:24,100
gelled together and a lot of it
is chemistry.
152
00:07:24,100 --> 00:07:27,900
And just a feeling and a Vibe
time resent that says gives it
153
00:07:27,900 --> 00:07:31,000
gets honestly you did.
There is no Over before this
154
00:07:31,000 --> 00:07:33,500
one, unfortunately.
So now let's move on and talk
155
00:07:33,500 --> 00:07:35,700
about the subject.
That doesn't have a silver
156
00:07:35,700 --> 00:07:39,000
bullet either but it's at least
more calculated.
157
00:07:39,000 --> 00:07:43,400
So let's talk about fundraising
and specifically your post ycc
158
00:07:43,400 --> 00:07:45,200
drowned.
So I forgot to mention the
159
00:07:45,207 --> 00:07:47,500
beginning of the episode that
true people actually did go
160
00:07:47,500 --> 00:07:49,500
through Y combinator and
afterwards.
161
00:07:49,500 --> 00:07:52,000
They raise their seed round.
So said, can you tell us a
162
00:07:52,008 --> 00:07:54,300
little more about that sit
around and especially how did
163
00:07:54,300 --> 00:07:56,700
you manage to get into?
I see what stage were you in
164
00:07:57,000 --> 00:08:00,200
while you were getting into the
Y combinator, That's right.
165
00:08:00,200 --> 00:08:06,500
We were part of this summer 17,
2017 program and not unlike many
166
00:08:06,500 --> 00:08:08,700
other companies.
We were a second time.
167
00:08:08,700 --> 00:08:10,300
Why see?
Applicant we weren't accepted
168
00:08:10,300 --> 00:08:12,800
the first time.
Our traction wasn't really there
169
00:08:12,800 --> 00:08:14,900
and we applied the second time
and got in.
170
00:08:14,900 --> 00:08:18,000
And really the main difference
between application was just
171
00:08:18,000 --> 00:08:19,900
more traction.
I think YC is getting a lot
172
00:08:19,900 --> 00:08:22,200
better at.
They can wait and see when you
173
00:08:22,200 --> 00:08:24,200
kind of follow through on what
you say, you're going to do on
174
00:08:24,200 --> 00:08:26,100
the first application,
especially when you're just
175
00:08:26,100 --> 00:08:29,800
getting started.
And for us, we bootstrapped The
176
00:08:29,800 --> 00:08:33,500
company for about a year for
that first year Omar was still
177
00:08:33,500 --> 00:08:35,500
working nights and weekends at
CVS.
178
00:08:35,500 --> 00:08:38,400
I had left LinkedIn so I was
kind of full time working on the
179
00:08:38,400 --> 00:08:41,000
startup but I was like, writing
code that nobody was using and
180
00:08:41,000 --> 00:08:43,799
it wasn't really useful because
we didn't have anything to build
181
00:08:43,799 --> 00:08:45,600
really.
And so you're kind of just going
182
00:08:45,600 --> 00:08:49,000
through the motions of starting
the company, while waiting for
183
00:08:49,000 --> 00:08:51,500
your Pharmacy board approval.
And so once we got our Pharmacy
184
00:08:51,500 --> 00:08:54,700
board approval then we were in
business and we started filling
185
00:08:54,700 --> 00:08:57,200
prescriptions and going through
the model that we were setting
186
00:08:57,200 --> 00:09:01,800
out to do in the market and And
we weren't actively thinking
187
00:09:01,800 --> 00:09:04,200
about fundraising but we came to
this moment of.
188
00:09:04,200 --> 00:09:07,500
Why don't we apply to YC?
There was the summer session
189
00:09:07,500 --> 00:09:10,400
opened up again or we were
thinking about in the winter we
190
00:09:10,400 --> 00:09:12,700
applied and then we didn't get
in and then in the summer is it
191
00:09:12,700 --> 00:09:14,100
okay?
Well, we have more traction now,
192
00:09:14,100 --> 00:09:17,900
why don't we just try again?
And we got accepted that time
193
00:09:17,900 --> 00:09:21,000
and joined and I think one of
the best things about why I see
194
00:09:21,000 --> 00:09:24,200
is it's really a forcing
function to start thinking about
195
00:09:24,200 --> 00:09:28,000
fundraising or put that on the
Forefront or accelerate that.
196
00:09:28,000 --> 00:09:29,500
And I don't think there are many
companies.
197
00:09:29,600 --> 00:09:33,400
That join YC with the mindset of
we're not going to fund raiser.
198
00:09:33,400 --> 00:09:36,100
We don't need to fundraise.
And so for us it was well, how
199
00:09:36,100 --> 00:09:39,200
do we set ourselves to succeed
going through the fundraising
200
00:09:39,200 --> 00:09:41,400
process and about a month into
YC?
201
00:09:42,500 --> 00:09:45,900
We raised money from initialized
capital and Gary tan, somebody
202
00:09:45,900 --> 00:09:48,800
who had known for many years
even prior to wisely, use the
203
00:09:48,800 --> 00:09:51,500
first call I made.
After we got in to say, hey
204
00:09:51,500 --> 00:09:53,900
Gary, we got into YC.
What do we do now?
205
00:09:53,900 --> 00:09:57,100
And he said, once you come into
my office and eventually made
206
00:09:57,300 --> 00:10:00,800
the first bent into the company,
and we went on, Ooh YC to raise
207
00:10:01,000 --> 00:10:03,800
an additional two point four
million dollars in our seed
208
00:10:03,800 --> 00:10:05,700
round.
That's kind of how it happened.
209
00:10:05,700 --> 00:10:09,100
And we went through the entire
demo day process and prepped,
210
00:10:09,100 --> 00:10:12,100
our fundraising pretty quickly
thereafter, a little lie.
211
00:10:12,100 --> 00:10:15,600
That's one of the major perks of
YC, usually every single company
212
00:10:15,900 --> 00:10:19,200
closes their seed round after
graduating, from why see in a
213
00:10:19,208 --> 00:10:22,300
few weeks, which is absolutely
epic and I love it.
214
00:10:23,100 --> 00:10:27,200
So, looking back at that round.
I've heard few Founders complain
215
00:10:27,200 --> 00:10:28,700
about, you know, I wish I did
that.
216
00:10:28,700 --> 00:10:30,500
Oh, I wish I took.
Investors in.
217
00:10:30,800 --> 00:10:33,600
Oh I wish I increased the
minimum check.
218
00:10:33,600 --> 00:10:35,900
Mounted were accepting and so on
so forth.
219
00:10:35,900 --> 00:10:38,800
So looking back at that post y
combinator, see ground every
220
00:10:38,800 --> 00:10:41,000
worse.
Do you think you made any major
221
00:10:41,000 --> 00:10:42,900
mistakes that you wish you have
changed now?
222
00:10:43,800 --> 00:10:46,600
Yeah, that's a great question.
I think YC is great.
223
00:10:46,600 --> 00:10:49,400
As I mentioned as a forcing
function to get prepped up for
224
00:10:49,400 --> 00:10:53,100
fundraising but I think one of
the things that forever to pick
225
00:10:53,100 --> 00:10:55,400
on one regret is you don't
really get the time to start
226
00:10:55,400 --> 00:10:57,000
thinking about.
Well who do you want in your
227
00:10:57,000 --> 00:10:58,000
out?
Who do you not want in your
228
00:10:58,000 --> 00:10:59,400
round?
What's the right composition
229
00:10:59,500 --> 00:11:02,600
Ian, what's the right dilution?
Because you kind of go as
230
00:11:02,600 --> 00:11:03,900
quickly as possible to wrap it
up.
231
00:11:03,900 --> 00:11:07,000
I think, while we ended up on
the positive side, in terms of
232
00:11:07,000 --> 00:11:10,900
dilution, I believe it or not.
If I saw certain folks on our
233
00:11:10,900 --> 00:11:13,700
cap table walk by me on the
street, I might not even
234
00:11:13,700 --> 00:11:16,400
recognize them today.
And that's that's unfortunate
235
00:11:16,500 --> 00:11:18,900
because they invest and you
never hear from them again.
236
00:11:19,200 --> 00:11:21,300
But on the flip side, I would
say an investor that writes you
237
00:11:21,300 --> 00:11:24,800
a check and then disappears is
is probably better than a metal
238
00:11:24,800 --> 00:11:27,100
some investor.
And so it's a little bit of a
239
00:11:27,108 --> 00:11:29,100
double-edged sword.
But if I were to say one thing,
240
00:11:29,100 --> 00:11:31,600
we would go I can do
differently, is we didn't have
241
00:11:31,600 --> 00:11:35,000
the foresight or the thinking
around doing a friends and
242
00:11:35,000 --> 00:11:38,500
family around and especially
something, you can never go back
243
00:11:38,500 --> 00:11:41,100
and redo, I always recommend not
a found, it's just just create a
244
00:11:41,108 --> 00:11:43,400
friends and family.
Allocation, these are not
245
00:11:43,400 --> 00:11:45,100
necessary.
Folks are trying to make money
246
00:11:45,100 --> 00:11:47,700
off your startup and it's just
folks that want to be
247
00:11:47,700 --> 00:11:51,000
well-wishers and supportive of
the journey and I always may be
248
00:11:51,000 --> 00:11:53,000
thought of it as well.
I don't want to take their money
249
00:11:53,000 --> 00:11:55,000
if we're going to lose it, I
don't feel good about it but in
250
00:11:55,000 --> 00:11:59,000
retrospect we ended up doing a
friends-and-family allocation
251
00:11:59,000 --> 00:12:00,600
much.
Later in the company's history
252
00:12:00,600 --> 00:12:03,900
but I wish we'd done it from the
beginning and it's just a small
253
00:12:03,900 --> 00:12:05,600
part of the process, you can do
it very easily.
254
00:12:05,600 --> 00:12:08,800
Now with convertible notes and
make sure that those that do
255
00:12:08,800 --> 00:12:10,700
want to support you.
Not it's not an obligation that
256
00:12:10,700 --> 00:12:13,100
somebody has to invest because
they're your friend or family.
257
00:12:13,100 --> 00:12:16,000
I wouldn't set it up that way,
but for those that do want to
258
00:12:16,000 --> 00:12:19,700
participate and take a chance on
you, I think that's what I would
259
00:12:19,700 --> 00:12:22,100
go back and do differently.
Is is make sure we set aside
260
00:12:22,100 --> 00:12:26,200
some friends and family part of
the fundraising versus folks
261
00:12:26,200 --> 00:12:30,700
that today I might not even
recognize the Very interesting
262
00:12:30,700 --> 00:12:33,800
ads the first time in my entire
life that I hear this kind of
263
00:12:33,800 --> 00:12:35,500
advice.
So let's drill down on that a
264
00:12:35,508 --> 00:12:38,000
little bit more friends and
family around.
265
00:12:38,000 --> 00:12:41,100
That is very rare, that someone
raises friends and family around
266
00:12:41,100 --> 00:12:44,600
after the see ground, why
exactly did you decide to do
267
00:12:44,600 --> 00:12:46,200
that?
Was it just, you know, you felt
268
00:12:46,200 --> 00:12:49,300
that trippi was doing great.
You kind of wanted to have more
269
00:12:49,300 --> 00:12:52,200
promoters of it or true
supporters and you're like, you
270
00:12:52,208 --> 00:12:54,700
know what, I'm pretty confident.
We're not gonna lose money on
271
00:12:54,700 --> 00:12:57,900
this, so I'll open up small
round for my actual friends and
272
00:12:57,900 --> 00:13:00,700
family was that That's, is that
how it went?
273
00:13:00,700 --> 00:13:03,100
Or was it mostly there was
certainly a little bit of
274
00:13:03,100 --> 00:13:05,700
pressure relieved on.
I don't think it's ever.
275
00:13:05,700 --> 00:13:07,900
We won't lose your money, we're
still a venture company that's
276
00:13:07,900 --> 00:13:11,800
always a possibility, but I
think after folks kept kind of
277
00:13:11,800 --> 00:13:14,200
chiming on hey, why didn't you
let me into the seed round or
278
00:13:14,200 --> 00:13:15,900
hey are you ever going to do a
friends and family?
279
00:13:15,900 --> 00:13:18,800
Allocation.
It's really more of a testament
280
00:13:18,800 --> 00:13:20,500
to just wanting to support you
as a Founder.
281
00:13:20,500 --> 00:13:22,400
They might not even know
anything about the business.
282
00:13:22,400 --> 00:13:24,400
They might not care about the
business but they want to
283
00:13:24,400 --> 00:13:27,500
support you as a founder.
And a lot of times that's
284
00:13:27,500 --> 00:13:31,100
genuine and I think I see that
all across the In valley of just
285
00:13:31,100 --> 00:13:33,500
wanting to support your founder
friends and your friends that
286
00:13:33,500 --> 00:13:35,100
are going on this startup
journey.
287
00:13:35,600 --> 00:13:38,700
And I think since we missed that
boat in the early days we got a
288
00:13:38,700 --> 00:13:42,600
chance to create a small
allocation I think was that our
289
00:13:42,600 --> 00:13:47,100
Series be and I think Angel list
also now makes it really easy to
290
00:13:47,100 --> 00:13:49,600
set up a Syndicate to do this
with a vehicle because you also
291
00:13:49,600 --> 00:13:53,300
don't want to necessarily have a
ton of small check spread out
292
00:13:53,300 --> 00:13:56,600
across your cap table.
So now the actual vehicles and
293
00:13:56,600 --> 00:14:00,100
instrument to make this easy to
do, it's really A no-brainer,
294
00:14:00,100 --> 00:14:02,300
whether you want to set up a
separate SPV or go through an
295
00:14:02,300 --> 00:14:06,200
angel list and and pull together
all your even 5, 10, 25 K
296
00:14:06,200 --> 00:14:07,700
checks.
From people that want to support
297
00:14:07,700 --> 00:14:11,000
you, maybe in the early days,
that seems like a little bit
298
00:14:11,300 --> 00:14:14,300
burdensome to take a 5k check
and manage it on the cap table.
299
00:14:14,300 --> 00:14:17,500
But today it's a lot easier to
do that and we get it.
300
00:14:17,500 --> 00:14:21,700
We got a chance to do that in a
small way at our Series be so
301
00:14:21,700 --> 00:14:24,300
Angeles is genius invention.
People who work there are
302
00:14:24,300 --> 00:14:27,300
geniuses the things that they
invent are absolute great.
303
00:14:27,300 --> 00:14:29,800
So yes, if you want to do
friends and family, Definitely
304
00:14:29,800 --> 00:14:33,000
put together in a Syndicate, it
costs, very little, I forgot the
305
00:14:33,008 --> 00:14:36,000
exact percentage but you're not
going to lose much money on
306
00:14:36,000 --> 00:14:38,900
Angel list by raising friends
and family.
307
00:14:38,900 --> 00:14:41,300
And yes, it can be wonderful
eventually.
308
00:14:41,300 --> 00:14:45,200
Those people can be really
useful mentors with some of
309
00:14:45,200 --> 00:14:46,100
those folks.
Still.
310
00:14:46,100 --> 00:14:49,100
Today, Constantine are the some
of the, the loudest advocates
311
00:14:49,100 --> 00:14:50,500
for us.
Yeah, champions of us, they
312
00:14:50,500 --> 00:14:52,900
become your biggest cheerleader.
So it's not just your board,
313
00:14:52,900 --> 00:14:56,200
that's cheerleading.
It's anyone that wrote a 5k
314
00:14:56,200 --> 00:14:59,300
check or 25k to, they become
your loudest.
315
00:14:59,500 --> 00:15:02,000
Supporters and I think that's
really important.
316
00:15:02,000 --> 00:15:04,700
Sometimes individual angels, and
your friends and family that
317
00:15:04,700 --> 00:15:08,500
support you, they tend to play
an outsized role in how much
318
00:15:08,500 --> 00:15:12,100
they support you relative to
even a million dollar check from
319
00:15:12,100 --> 00:15:14,900
a VC where you're one of many
bets that they're making
320
00:15:15,300 --> 00:15:18,000
absolutely having this one
person, you know, continuously
321
00:15:18,000 --> 00:15:21,500
commenting on your updates and
stuff like that does just as
322
00:15:21,500 --> 00:15:24,300
feels nice.
We at this podcast as of, yeah,
323
00:15:24,300 --> 00:15:27,000
we all need some of that, right?
Exactly.
324
00:15:27,000 --> 00:15:30,100
It just keeps you go, you know,
you're like, oh, Known this guy
325
00:15:30,100 --> 00:15:32,200
for two years.
We've never met in person, but
326
00:15:32,200 --> 00:15:35,400
I've known him for two years.
He has been supporting us for
327
00:15:35,700 --> 00:15:38,000
all this time.
So yes, having such supporters
328
00:15:38,000 --> 00:15:41,700
is just amazing.
So now, let's jump from the
329
00:15:41,700 --> 00:15:44,800
friends and family around to
your current series D round
330
00:15:44,800 --> 00:15:50,100
those are pretty rare even for
the fundraising Radio podcast.
331
00:15:50,300 --> 00:15:52,200
So, let's talk about how you got
there.
332
00:15:53,100 --> 00:15:56,100
Can you tell us just briefly
brief overview of that.
333
00:15:56,100 --> 00:15:58,700
Rounded, you've just raised over
142 million dollars.
334
00:15:59,700 --> 00:16:05,000
Sure, we just raised a series D
of 142 million dollars, and we
335
00:16:05,100 --> 00:16:07,900
raise that in relatively short
period time where now are
336
00:16:07,900 --> 00:16:09,800
completing our fifth year of
operating.
337
00:16:09,800 --> 00:16:13,200
And I think for us our
philosophy has always been
338
00:16:13,200 --> 00:16:16,800
around fundraising trying to
find as best you can like the
339
00:16:16,800 --> 00:16:20,100
right inflection point in the
business and whenever we've
340
00:16:20,100 --> 00:16:23,500
looked at our different rounds
of fundraising it's never been
341
00:16:23,500 --> 00:16:27,600
about, we have 12 months of
Runway left or 18 months of
342
00:16:27,600 --> 00:16:28,800
Runway.
We need to start thinking about
343
00:16:28,800 --> 00:16:30,700
fundraising It's always been
about.
344
00:16:30,800 --> 00:16:33,400
Let's see to the best of our
ability, at least two time the
345
00:16:33,400 --> 00:16:35,800
right inflection point.
And for our series, a, it was
346
00:16:35,800 --> 00:16:39,000
about we had proven some initial
product Market fit.
347
00:16:39,000 --> 00:16:42,300
Now we have to scale to 50
states and build more capacity
348
00:16:42,300 --> 00:16:45,500
across multiple facilities in
the country at our Series.
349
00:16:45,500 --> 00:16:49,000
Be, it was about expanding from
One customer segment and now
350
00:16:49,000 --> 00:16:52,500
service payers or a broader
customer segments and get deeper
351
00:16:52,500 --> 00:16:55,500
into Healthcare and and expand a
business unit as well.
352
00:16:55,500 --> 00:16:58,100
We were just Pharmacy when we
started and we expanded from
353
00:16:58,100 --> 00:17:01,100
Pharmacy to Telehealth.
With, and by the time we got to
354
00:17:01,100 --> 00:17:04,200
our series, see it was a
continuation of that story
355
00:17:04,200 --> 00:17:07,500
wanted to do more in the, in the
deeper Healthcare Market,
356
00:17:07,500 --> 00:17:10,599
working with more customer
segments, and continuing to
357
00:17:10,599 --> 00:17:13,500
expand the business footprint of
not just Telehealth.
358
00:17:13,500 --> 00:17:16,200
But now adding on our
Diagnostics business unit and
359
00:17:16,200 --> 00:17:20,599
then come full circle to our
series D, it was now, okay, we
360
00:17:20,599 --> 00:17:24,099
are seeing the repeatability, we
are clearly in the growth side
361
00:17:24,099 --> 00:17:26,900
of the business, I think you're
by the time you get to the
362
00:17:26,900 --> 00:17:29,300
series D, hopefully, you're well
past product Market fit.
363
00:17:29,500 --> 00:17:31,600
At least for a, a
revenue-generating type of
364
00:17:31,600 --> 00:17:36,100
company and you're on some some
spectrum of that growth story
365
00:17:36,100 --> 00:17:39,200
and every company needs to get
to different stages or types of
366
00:17:39,200 --> 00:17:41,600
repeatability.
And for us, it's about trying to
367
00:17:41,600 --> 00:17:44,500
find out what are those levels
of repeatability for our
368
00:17:44,500 --> 00:17:47,800
business at this series D.
And I think a VC once put it
369
00:17:47,800 --> 00:17:51,500
best for me said at the stage
when you get to a series D, you
370
00:17:51,500 --> 00:17:55,100
want to feel like you're putting
a dollar into a vending machine
371
00:17:55,100 --> 00:17:57,900
and you're getting two dollars
out and so how does every
372
00:17:57,900 --> 00:17:59,300
business start to operate that
way?
373
00:17:59,400 --> 00:18:01,100
At the series D.
Well, every business is
374
00:18:01,100 --> 00:18:03,800
different, very different.
Our business is very complex.
375
00:18:03,800 --> 00:18:07,000
So we need to understand what
those motions and mechanics of
376
00:18:07,000 --> 00:18:11,700
repeatability look like for us.
Hmm, so let's talk about
377
00:18:11,700 --> 00:18:14,400
durability a little bit.
That is a common thing for
378
00:18:14,400 --> 00:18:16,900
earlier stages.
And usually when founders get to
379
00:18:16,900 --> 00:18:19,100
that stage, they get
comfortable.
380
00:18:19,600 --> 00:18:21,500
There is a certain level of
predictability.
381
00:18:21,500 --> 00:18:23,400
It's not as much of a star by
anymore.
382
00:18:23,400 --> 00:18:27,400
And in that these Founders get
sometimes creative with their
383
00:18:27,400 --> 00:18:31,400
fundraising and starting Debt
financing start working with
384
00:18:31,400 --> 00:18:34,700
banks and so on and so forth.
Have you started doing that yet?
385
00:18:34,700 --> 00:18:36,600
Or do you just stick with pure
VC money?
386
00:18:37,400 --> 00:18:40,100
I think we've stayed pretty
traditional in terms of equity
387
00:18:40,100 --> 00:18:42,000
Capital, but certainly, when you
look at our data, the
388
00:18:42,000 --> 00:18:44,300
fundamentals of our business, we
spent a lot of money on
389
00:18:44,300 --> 00:18:46,800
inventory whether that's
Diagnostics or Pharmacy
390
00:18:46,800 --> 00:18:48,800
products.
And so, we have your normal
391
00:18:48,800 --> 00:18:51,900
operating lines of credit which
now are pretty common vehicles
392
00:18:51,900 --> 00:18:55,300
and managing your cash flow
especially when you're dealing
393
00:18:55,300 --> 00:18:57,600
with a high inventory costs in
your business.
394
00:18:57,600 --> 00:18:59,300
And so we've certainly had
credit lines.
395
00:18:59,400 --> 00:19:01,100
And various vehicles of that
sort.
396
00:19:01,100 --> 00:19:04,300
We've never raised debt but our
credit line is now the rates on
397
00:19:04,300 --> 00:19:07,900
credit lines are quite effective
that it can you can put your
398
00:19:07,900 --> 00:19:10,900
money to work that way.
And other than that, we've been
399
00:19:10,900 --> 00:19:15,000
fairly straightforward on our
Equity financing as an approach
400
00:19:15,000 --> 00:19:19,800
for capitalizing our company.
Hmm, one last question that I
401
00:19:19,808 --> 00:19:23,700
forgot to ask you is actually
about your inflection points as
402
00:19:23,700 --> 00:19:26,100
you just curbed up.
So you said that you tried to
403
00:19:26,100 --> 00:19:31,100
time your new rounds based on
you or you know, You tragic
404
00:19:31,100 --> 00:19:34,100
trajector, check Therese.
I was struggling with that word
405
00:19:35,300 --> 00:19:39,500
for the company and I think you
mentioned, our Prince recalled
406
00:19:39,500 --> 00:19:42,900
that you have recently expanded
into the Diagnostics field.
407
00:19:42,900 --> 00:19:45,000
Do you raise money for that
expansion?
408
00:19:45,000 --> 00:19:48,500
Specifically or was it just, you
know, part of one of the
409
00:19:48,500 --> 00:19:50,000
inflection points of the
company?
410
00:19:50,600 --> 00:19:52,600
Yeah, it was one of the main
inflection points for the
411
00:19:52,600 --> 00:19:55,500
company that led us to raising.
We actually raised twice during
412
00:19:55,500 --> 00:19:58,200
the pandemic, which oh, it was
uncommon.
413
00:19:58,200 --> 00:20:00,400
We raised in the early.
Part of the pandemic.
414
00:20:00,400 --> 00:20:02,700
And then in September of the
pandemic year, we raised our
415
00:20:02,700 --> 00:20:04,900
series C.
So, our B and C was actually
416
00:20:05,400 --> 00:20:09,200
quite closely timed.
And I think that that speaks to
417
00:20:09,200 --> 00:20:13,000
we were we were at the right
time and place for building the
418
00:20:13,000 --> 00:20:15,100
type of company.
We were through the pandemic.
419
00:20:15,100 --> 00:20:17,800
It's we were talking about
virtual Healthcare, we were
420
00:20:17,800 --> 00:20:20,500
talking about infrastructure to
move to Telehealth for many
421
00:20:20,500 --> 00:20:22,700
years, leading up to the
pandemic and then all of a
422
00:20:22,700 --> 00:20:25,500
sudden, the pandemic hits and
it's nothing you can ever plan
423
00:20:25,500 --> 00:20:27,800
for.
And it's kind of, its kind of
424
00:20:27,800 --> 00:20:29,900
your i-told-you-so moment.
This, what we've Talking about
425
00:20:29,900 --> 00:20:32,100
for a while and you see ya.
Now, the pandemics here and
426
00:20:32,100 --> 00:20:35,600
everyone needs this type of
infrastructure and so that gave
427
00:20:35,600 --> 00:20:38,300
us some wind in our sails to go
back to the market to raise and
428
00:20:38,300 --> 00:20:39,800
continue to grow on our
ambition.
429
00:20:39,800 --> 00:20:43,000
But I think this is probably
pretty common for many Founders
430
00:20:43,000 --> 00:20:46,900
as you get to every year of
operating and continue to maybe
431
00:20:46,900 --> 00:20:50,200
hit your goals and grow in your
business, your Ambitions get a
432
00:20:50,208 --> 00:20:52,600
little bigger and you start
thinking about what else can we
433
00:20:52,608 --> 00:20:54,400
do, how else can we continue to
grow?
434
00:20:54,400 --> 00:20:56,900
And it's hard.
Once your Revenue numbers, get
435
00:20:56,900 --> 00:21:00,600
larger and bigger.
Compounded growth on a larger
436
00:21:00,600 --> 00:21:02,200
base gets harder and harder each
year.
437
00:21:02,200 --> 00:21:04,700
So you need to continually start
thinking about how to reinvent
438
00:21:04,700 --> 00:21:07,900
yourself each year and now start
thinking about well what's to
439
00:21:07,900 --> 00:21:10,600
come to fuel the growth two
years from now or three years
440
00:21:10,600 --> 00:21:12,600
from now?
And in the first couple of years
441
00:21:12,600 --> 00:21:14,600
of your business, you're just
trying to stay alive from
442
00:21:14,600 --> 00:21:17,800
quarter to quarter and keep
growing as you as you continue
443
00:21:17,800 --> 00:21:19,500
to call.
You still have a mind for.
444
00:21:19,500 --> 00:21:21,000
Okay, what could go wrong in the
business?
445
00:21:21,000 --> 00:21:24,000
How do you D risk?
That becomes your primary job
446
00:21:24,000 --> 00:21:26,900
function as a Founder is D?
Risking the business but then
447
00:21:27,300 --> 00:21:30,500
trying to set yourself up For
future growth, maybe two, three
448
00:21:30,500 --> 00:21:33,100
years out into the future.
Absolutely.
449
00:21:33,100 --> 00:21:34,900
And that's, that's the fun part
of the growth.
450
00:21:34,900 --> 00:21:37,700
And also not fun part of the
growth because the levels of
451
00:21:37,700 --> 00:21:41,200
anxiety still Skyrocket as they
were in the beginning.
452
00:21:41,800 --> 00:21:43,000
So let's talk about the
beginning.
453
00:21:43,000 --> 00:21:46,400
Just one more question before we
jump off to the very last
454
00:21:46,400 --> 00:21:49,300
question of today's episode, the
majority of our listeners are
455
00:21:49,400 --> 00:21:53,300
early, see founder.
So looking back at your
456
00:21:53,500 --> 00:21:56,100
experience of building, your
previous company, that you
457
00:21:56,108 --> 00:21:59,000
eventually sold to LinkedIn and
looking at the True pill.
458
00:21:59,100 --> 00:22:02,000
Do you have any advice for those
people who are currently at
459
00:22:02,000 --> 00:22:04,600
their precede stages?
Sledge seed stages?
460
00:22:06,100 --> 00:22:10,600
For sure, I think I'm a big
believer in founder market fit.
461
00:22:10,600 --> 00:22:13,400
I think a lot of folks, talk
about product Market fit, and
462
00:22:13,400 --> 00:22:15,400
how to achieve product Market
fit.
463
00:22:15,800 --> 00:22:18,900
But for us, it was about, having
the right founding team to build
464
00:22:18,900 --> 00:22:20,000
this business.
I still look back.
465
00:22:20,000 --> 00:22:22,500
Now, if I were to try to go back
five years in time, and
466
00:22:22,500 --> 00:22:24,400
hand-picked to better, Founders
to build this.
467
00:22:24,400 --> 00:22:27,000
I'm sure you could find them but
where the odds that you can put
468
00:22:27,000 --> 00:22:29,700
them in the same room together
in the same area, the same stage
469
00:22:29,700 --> 00:22:32,400
in their life and the same
ambition to want a big build.
470
00:22:32,400 --> 00:22:36,800
A very interesting company in
Eventually became a broader
471
00:22:36,800 --> 00:22:39,500
industry Trend around
Telehealth, or virtual care.
472
00:22:40,000 --> 00:22:42,400
It's hard to hard to do.
So I'm a big believer in the
473
00:22:42,400 --> 00:22:45,700
Serendipity of Silicon Valley
and the way startup startups,
474
00:22:45,700 --> 00:22:48,700
get started in general.
But at the same time, you look
475
00:22:48,700 --> 00:22:52,400
at our founding skills, we had
everything in our founding team
476
00:22:52,400 --> 00:22:53,700
to build everything from setting
up.
477
00:22:53,700 --> 00:22:56,700
Pharmacies running the pharmacy
to building all the technology
478
00:22:56,700 --> 00:23:00,000
assets and infrastructure.
And so my advice always is, make
479
00:23:00,000 --> 00:23:02,200
sure you have.
It's a simple concept.
480
00:23:02,200 --> 00:23:04,800
You have all the skills on your
founding team.
481
00:23:05,100 --> 00:23:07,500
To build your first version of
your product and hopefully first
482
00:23:07,500 --> 00:23:09,100
several versions of your
product.
483
00:23:09,100 --> 00:23:11,700
Because as soon as you have a
hole there, I can guarantee you
484
00:23:11,700 --> 00:23:15,800
that the capital efficiency of
your startup will be very
485
00:23:15,800 --> 00:23:17,500
different.
You'll you'll see teams that
486
00:23:17,500 --> 00:23:20,800
maybe get started without Tech
Talent on the team and where is
487
00:23:20,800 --> 00:23:22,600
their.
Number one drainage of resources
488
00:23:22,600 --> 00:23:25,500
goes to paying for a development
shop or development team to
489
00:23:25,500 --> 00:23:27,600
build it.
And in the early days, when
490
00:23:27,600 --> 00:23:32,000
you're trying to reach this,
This promised product Market fit
491
00:23:32,000 --> 00:23:34,200
in this elusive concept of
product Market.
492
00:23:34,200 --> 00:23:37,500
Fit, you want to make sure you
can stretch your capital for as
493
00:23:37,500 --> 00:23:39,800
long as possible.
And the best way to do that is
494
00:23:39,800 --> 00:23:43,400
have all the skills in your team
to build your first versions of
495
00:23:43,400 --> 00:23:45,300
their product.
And I think that's something
496
00:23:45,300 --> 00:23:47,800
that I would recommend.
Everyone think about, are you
497
00:23:47,800 --> 00:23:49,500
not only the right team to build
this?
498
00:23:49,500 --> 00:23:51,000
Are there any gaps on the
founding team?
499
00:23:51,000 --> 00:23:53,800
And it might be okay where you
might need a third co-founders.
500
00:23:53,800 --> 00:23:56,300
Not a bad thing to have a third
cone founder that rounds out.
501
00:23:56,300 --> 00:23:59,400
The skill set on the team, but
certainly start thinking about
502
00:23:59,500 --> 00:24:02,500
about where those gaps are on
your founding team.
503
00:24:03,400 --> 00:24:06,800
Perfect.
That is a great advice and yet
504
00:24:06,800 --> 00:24:08,800
having sizable teams that can
cover.
505
00:24:09,100 --> 00:24:12,300
Most of the needs of this tarp
when it's building out, its MVP,
506
00:24:12,700 --> 00:24:17,200
definitely get called on this.
Optimistic positive note, let's
507
00:24:17,200 --> 00:24:19,800
move on to the very last
question of days episode, which
508
00:24:19,800 --> 00:24:22,800
is a call to action.
So Sid, once this episode is
509
00:24:22,800 --> 00:24:24,400
over, what do you want to listen
to do?
510
00:24:24,500 --> 00:24:30,000
Right, as soon as they hit stop
or pause or jump on The next
511
00:24:30,000 --> 00:24:31,700
episode would you want them to
do?
512
00:24:32,700 --> 00:24:34,600
Oh, that's a great question.
I mean, if you're looking to
513
00:24:34,600 --> 00:24:37,500
start a company, feel free to
reach out always happy to share
514
00:24:37,500 --> 00:24:39,600
advice and feedback.
And if you're not sure if you
515
00:24:39,600 --> 00:24:42,400
want to start a company yet,
then I've always been an
516
00:24:42,400 --> 00:24:43,800
advocate for the best way to
learn.
517
00:24:43,800 --> 00:24:46,100
Whether you want to start a
company is come join, another
518
00:24:46,100 --> 00:24:49,000
early stage startup or medium
stage startup, whatever you want
519
00:24:49,000 --> 00:24:52,000
to call it and if true pill and
Healthcare something that's
520
00:24:52,000 --> 00:24:54,300
interesting, definitely drop me
a line.
521
00:24:54,300 --> 00:24:57,600
I'm on Twitter at Sid
viswanathan or on email, sit a
522
00:24:57,600 --> 00:24:59,700
true pill.com.
So we'd love to chat with You.
523
00:24:59,700 --> 00:25:03,100
And if Health Care is at all in
your future, in terms of wanting
524
00:25:03,100 --> 00:25:06,200
to maybe even start a company
and Health Care definitely reach
525
00:25:06,200 --> 00:25:09,600
out because I'm invested in
seeing Healthcare Tech and the
526
00:25:09,600 --> 00:25:14,900
broader ecosystem.
Continue to grow a lovely.
527
00:25:14,900 --> 00:25:18,000
Perfect.
On this notes, my call to action
528
00:25:18,000 --> 00:25:20,600
is as usually extremely simple.
Check out the description fits
529
00:25:20,600 --> 00:25:22,600
episodes.
I'll include sins LinkedIn.
530
00:25:22,600 --> 00:25:25,600
I'll include his email that he
just said, how are you forgot
531
00:25:25,600 --> 00:25:27,600
it?
For people who have memories as
532
00:25:27,600 --> 00:25:29,400
short as mine is going to be all
in?
533
00:25:29,600 --> 00:25:33,000
The description of this episode
and also include a few links to
534
00:25:33,000 --> 00:25:36,200
troop Bill and of course
Shameless personal plugging off.
535
00:25:36,200 --> 00:25:41,100
Our newly developed course on
reaching out to investors and as
536
00:25:41,100 --> 00:25:42,500
usually have a good day.
00:00:05,200 --> 00:00:07,800
They're releasing to fundraising
video a podcast about
2
00:00:07,800 --> 00:00:11,400
fundraising for early-stage
startups, the major rule that we
3
00:00:11,400 --> 00:00:14,600
follow here is no bullshit on
this podcast.
4
00:00:14,600 --> 00:00:17,100
No music to relax.
You know, advertisements of our
5
00:00:17,100 --> 00:00:19,600
sponsors.
We only talk about fundraising
6
00:00:19,600 --> 00:00:23,000
here and nothing else.
So let's jump into the episode.
7
00:00:23,600 --> 00:00:27,100
And today's a guest speaker, we
have Sid, we sinatun co-founder
8
00:00:27,100 --> 00:00:30,300
and president at true pill,
which recently closed their
9
00:00:30,300 --> 00:00:33,600
series D round of 142 million
dollars.
10
00:00:33,600 --> 00:00:36,600
And this episode will mostly
talk about this round, how they
11
00:00:36,600 --> 00:00:39,400
got around Z?
Why they keep on raising instead
12
00:00:39,400 --> 00:00:41,900
of going public and so on and so
forth.
13
00:00:41,900 --> 00:00:44,200
So Citta, let's kick it off by
you, giving us some background
14
00:00:44,200 --> 00:00:47,400
on yourself.
And on true pill a Constantine,
15
00:00:47,400 --> 00:00:49,100
thanks for, thanks for having me
on today.
16
00:00:49,900 --> 00:00:53,000
Well, I've been doing startups
for for a long time now, you're
17
00:00:53,000 --> 00:00:56,100
going to age me in this episode.
I've been doing it for about 13
18
00:00:56,100 --> 00:00:58,400
years or so.
The last company, I started was
19
00:00:58,400 --> 00:01:01,400
in 2009.
And I sold that business to
20
00:01:01,400 --> 00:01:04,099
LinkedIn.
I spent about four years at
21
00:01:04,099 --> 00:01:06,000
LinkedIn, a different product,
and Engineering roles.
22
00:01:06,000 --> 00:01:08,500
And so my background is actually
not in health care at all.
23
00:01:08,500 --> 00:01:11,800
But even before I got into
startups, I was a mechanical
24
00:01:11,800 --> 00:01:13,700
engineer in college.
I would say a mechanical
25
00:01:13,700 --> 00:01:15,600
engineer turned software
engineer.
26
00:01:16,200 --> 00:01:19,800
Once I got to the berry, I
started to realize that this was
27
00:01:19,800 --> 00:01:23,300
in 2008 2009 timeframe where
there weren't as many Hardware
28
00:01:23,300 --> 00:01:26,400
engineering jobs and mechanical
engineering jobs specifically,
29
00:01:26,400 --> 00:01:29,700
so it was either software or
nothing and so had to couldn't
30
00:01:29,700 --> 00:01:31,100
go.
Back to college at that point.
31
00:01:31,100 --> 00:01:33,400
My dad wasn't going to pay for
another degree.
32
00:01:33,400 --> 00:01:37,700
So just quickly learned how to
build some of the basics from a
33
00:01:37,700 --> 00:01:40,900
development standpoint and ended
up starting my first company.
34
00:01:41,500 --> 00:01:45,300
And after selling to LinkedIn,
istent, I stayed for several
35
00:01:45,300 --> 00:01:50,800
years and around, 2014/2015 made
the decision to leave to go back
36
00:01:50,800 --> 00:01:53,500
to the drawing board.
Again at that point I didn't
37
00:01:53,500 --> 00:01:55,700
really know what I want to do
next.
38
00:01:55,700 --> 00:01:59,200
All I knew was I wanted to start
a company again and along the
39
00:01:59,200 --> 00:02:02,900
way I spent Time, exploring
different areas in different
40
00:02:02,908 --> 00:02:04,900
spaces.
And that's when I met Omar, my
41
00:02:04,900 --> 00:02:06,700
eventual, co-founder and true
pill.
42
00:02:06,700 --> 00:02:10,000
And we formed an initial thesis
of the company, which was what
43
00:02:10,000 --> 00:02:14,000
would it look like to build
Pharmacy infrastructure and Omar
44
00:02:14,000 --> 00:02:17,000
is a pharmacist by training.
And so, when you put a software
45
00:02:17,000 --> 00:02:20,600
engineer and a pharmacist in a
room, I guess maybe that's how
46
00:02:20,600 --> 00:02:24,300
you get true, pillow born and we
set out to build Pharmacy
47
00:02:24,300 --> 00:02:28,400
infrastructure low 2016, that's
perfect.
48
00:02:28,400 --> 00:02:31,000
Alright so let's first talk
about About your experience with
49
00:02:31,000 --> 00:02:34,900
LinkedIn and then you hopping
off of LinkedIn which has quite
50
00:02:34,900 --> 00:02:36,400
interesting.
So, you spent their, you said
51
00:02:36,400 --> 00:02:38,300
four years.
When was the moment when you're
52
00:02:38,300 --> 00:02:39,400
like, you know what I'm done
here.
53
00:02:39,400 --> 00:02:42,400
I'm going to go ahead and fund
or create my own company.
54
00:02:42,400 --> 00:02:46,200
When was that moments?
What what triggered you I think
55
00:02:46,200 --> 00:02:49,500
as a Founder, you always have
that underlying itch.
56
00:02:49,500 --> 00:02:53,100
You just don't know when you
kind of have to scratch it and I
57
00:02:53,108 --> 00:02:56,100
had a good run at LinkedIn and
had several ups and downs trying
58
00:02:56,100 --> 00:02:59,100
to figure out where the company
that I sold would live within
59
00:02:59,100 --> 00:03:01,600
the ecosystem.
And finally, we got to the right
60
00:03:01,800 --> 00:03:04,100
kind of final resting place for
the asset.
61
00:03:04,100 --> 00:03:06,700
And that was about three and a
half years into my journey at
62
00:03:06,700 --> 00:03:10,600
the company and it seemed like a
good time to sort of end that
63
00:03:10,600 --> 00:03:13,600
chapter and move on to the next
next Journey, which was
64
00:03:13,600 --> 00:03:15,600
eventually true pill.
But even before troop, it was
65
00:03:15,600 --> 00:03:18,600
about a year of banging your
head up against the wall.
66
00:03:18,600 --> 00:03:21,200
Thinking about the right idea.
I don't, I don't recommend this
67
00:03:21,200 --> 00:03:24,400
to other folks and for others
that are still thinking about
68
00:03:24,400 --> 00:03:26,800
what they might do.
I recommend going back to the
69
00:03:26,800 --> 00:03:29,800
basics of finding a good
problem, if you look at it,
70
00:03:29,900 --> 00:03:33,000
Everything from what you read
online in terms of how to find
71
00:03:33,000 --> 00:03:35,800
the right startup idea, I think
we got very fortunate and lucky
72
00:03:35,800 --> 00:03:38,900
that we stumbled into the right
problem and we were also the
73
00:03:38,900 --> 00:03:42,500
right team, but sometimes
looking for a problem isn't
74
00:03:42,500 --> 00:03:44,900
always the best way to go.
It just it just worked out for
75
00:03:44,900 --> 00:03:50,200
us in our case 100%.
So um let's not focus on find
76
00:03:50,200 --> 00:03:53,000
the problem and instead focus on
finding the co-founder so you
77
00:03:53,000 --> 00:03:56,300
said that you just briefly
mentioned that you ran into him.
78
00:03:56,300 --> 00:03:59,400
Are some how can you tell us how
exactly you met your co-founder
79
00:03:59,400 --> 00:04:01,400
and how do You realize that, you
know, that's the right
80
00:04:01,400 --> 00:04:03,500
co-founder for you.
Was it just based on the skill
81
00:04:03,500 --> 00:04:07,700
set was it because you've known
him for x amount of time?
82
00:04:07,700 --> 00:04:10,700
Or what was what made you think
that that's the right
83
00:04:10,700 --> 00:04:12,400
co-founder.
Yeah.
84
00:04:12,400 --> 00:04:15,600
Believe it or not.
This was a cold LinkedIn email
85
00:04:15,600 --> 00:04:20,200
that I sent Omar back in
sometime in 2015 and I was doing
86
00:04:20,200 --> 00:04:22,300
Explorations around Pharmacy
that week.
87
00:04:22,300 --> 00:04:25,000
It was probably the space of the
month or space of the week that
88
00:04:25,000 --> 00:04:29,200
I was researching and I look for
start-up founder and Pharmacists
89
00:04:29,200 --> 00:04:31,300
and Omar's.
His name was the first one that
90
00:04:31,300 --> 00:04:34,100
came up and I think it's
headline at the time was startup
91
00:04:34,100 --> 00:04:37,600
enthusiasts and Pharmacists.
And so he was the top list on
92
00:04:37,600 --> 00:04:38,900
LinkedIn.
You happen to be in the Bay
93
00:04:38,900 --> 00:04:40,100
Area.
I think it was traveling at the
94
00:04:40,100 --> 00:04:43,000
UK at the time and I just sent
over some questions and he
95
00:04:43,000 --> 00:04:46,500
responded back right away.
And after several weeks we kept
96
00:04:46,500 --> 00:04:49,300
going back and forth on LinkedIn
with more and more questions and
97
00:04:49,300 --> 00:04:50,600
thoughts.
And finally, we said, well,
98
00:04:50,900 --> 00:04:53,000
sounds like you want to do
something the space.
99
00:04:53,000 --> 00:04:56,400
Why don't we get together?
And we met up in person and two,
100
00:04:56,400 --> 00:04:59,500
three, four, five months and we
were still spending time.
101
00:05:00,400 --> 00:05:02,600
Talking about the space and
trying to understand what the
102
00:05:02,600 --> 00:05:04,200
starting or entry point might
be.
103
00:05:04,200 --> 00:05:06,800
And so we actually met for the
first time before we started
104
00:05:06,800 --> 00:05:09,800
true pill.
And I think I would recommend
105
00:05:09,800 --> 00:05:13,300
knowing your co-founder for as a
long, a time as possible or
106
00:05:13,300 --> 00:05:17,100
going into a relationship.
But in our case, you know, maybe
107
00:05:17,100 --> 00:05:19,700
I hit the lottery and we found
each other at the right time and
108
00:05:19,900 --> 00:05:23,000
right moments in our career to
start the company and it's
109
00:05:23,000 --> 00:05:24,800
worked out.
Well for now, we've been working
110
00:05:24,800 --> 00:05:26,800
together for five years.
Nice.
111
00:05:26,800 --> 00:05:30,000
That is a great story.
And yeah I mean I've seen before
112
00:05:30,200 --> 00:05:32,500
Any storms that were started
like that and then they fell
113
00:05:32,500 --> 00:05:34,200
apart.
Just because the co-founders
114
00:05:34,200 --> 00:05:36,200
just weren't as lucky as you
got.
115
00:05:36,200 --> 00:05:38,800
So, do you have any advice to
those Founders who don't yet?
116
00:05:38,800 --> 00:05:41,400
Have a co-founder most likely,
they know that they just
117
00:05:41,400 --> 00:05:43,400
absolutely have to have a
co-founder because going through
118
00:05:43,400 --> 00:05:46,300
this alone is just a little bit
too hard.
119
00:05:46,300 --> 00:05:49,800
So and you recommend
recommendations on looking for a
120
00:05:49,808 --> 00:05:52,500
co-founder and testing out.
If that's an actual good match
121
00:05:52,500 --> 00:05:56,500
or not, I would say, definitely
think about aligning on some of
122
00:05:56,500 --> 00:05:59,000
the value side of things,
ultimately, you're going to pick
123
00:05:59,000 --> 00:06:01,600
someone that's smart.
And hopefully compliments you
124
00:06:01,600 --> 00:06:04,700
and has the right skill set for
the founding team but I can't
125
00:06:04,700 --> 00:06:06,200
understand how important those
values are.
126
00:06:06,200 --> 00:06:09,300
And sometimes you can't sit
there and ask that person.
127
00:06:09,400 --> 00:06:12,100
What are your values in life or
your cultural values?
128
00:06:12,100 --> 00:06:15,000
That's not really how it works.
It's more of a Vibe than I
129
00:06:15,000 --> 00:06:16,700
think.
For Omar on myself, we were sort
130
00:06:16,700 --> 00:06:19,400
of the right or similar stages
in our life.
131
00:06:19,400 --> 00:06:23,300
We were in our early 30s.
Omar had a kid that was just
132
00:06:23,300 --> 00:06:26,000
born of six months old.
And for us, we certainly my wife
133
00:06:26,000 --> 00:06:29,500
and I wanted to have a family so
we were at similar life stages
134
00:06:29,500 --> 00:06:33,700
from a An Audi standpoint.
I think we we gelled and I think
135
00:06:33,700 --> 00:06:35,800
that Vici gives you don't need
to find a best friend.
136
00:06:36,100 --> 00:06:38,600
Co-founder is not a best friend
that you want to hang out with
137
00:06:38,600 --> 00:06:42,100
all the time and and we've had a
great business and working
138
00:06:42,100 --> 00:06:44,300
relationship and we don't have
to see each other outside of
139
00:06:44,300 --> 00:06:47,800
work to socialize and that's
been our relationship and it's
140
00:06:47,800 --> 00:06:49,900
worked really well for us.
So so my advice is definitely
141
00:06:49,900 --> 00:06:52,200
look at the value side of
things.
142
00:06:52,200 --> 00:06:55,600
Start to anticipate how you
might address conflict because
143
00:06:55,600 --> 00:06:58,800
you never can simulate conflict
and you have to get a sense of
144
00:06:59,200 --> 00:07:02,500
well, as your Under going to be
level-headed and pragmatic and
145
00:07:02,500 --> 00:07:05,300
rational, as you go through
different disputes and different
146
00:07:05,400 --> 00:07:09,300
challenges through the business.
And some of it is a calculated
147
00:07:09,300 --> 00:07:13,100
risk in a calculated guess and
in some cases, it works out and
148
00:07:13,100 --> 00:07:16,100
then sometimes it doesn't.
So it's a cross off.
149
00:07:16,100 --> 00:07:18,200
All the obvious, things are
finding the right complementary,
150
00:07:18,200 --> 00:07:21,900
co-founder but certainly look at
the values and how you guys
151
00:07:21,900 --> 00:07:24,100
gelled together and a lot of it
is chemistry.
152
00:07:24,100 --> 00:07:27,900
And just a feeling and a Vibe
time resent that says gives it
153
00:07:27,900 --> 00:07:31,000
gets honestly you did.
There is no Over before this
154
00:07:31,000 --> 00:07:33,500
one, unfortunately.
So now let's move on and talk
155
00:07:33,500 --> 00:07:35,700
about the subject.
That doesn't have a silver
156
00:07:35,700 --> 00:07:39,000
bullet either but it's at least
more calculated.
157
00:07:39,000 --> 00:07:43,400
So let's talk about fundraising
and specifically your post ycc
158
00:07:43,400 --> 00:07:45,200
drowned.
So I forgot to mention the
159
00:07:45,207 --> 00:07:47,500
beginning of the episode that
true people actually did go
160
00:07:47,500 --> 00:07:49,500
through Y combinator and
afterwards.
161
00:07:49,500 --> 00:07:52,000
They raise their seed round.
So said, can you tell us a
162
00:07:52,008 --> 00:07:54,300
little more about that sit
around and especially how did
163
00:07:54,300 --> 00:07:56,700
you manage to get into?
I see what stage were you in
164
00:07:57,000 --> 00:08:00,200
while you were getting into the
Y combinator, That's right.
165
00:08:00,200 --> 00:08:06,500
We were part of this summer 17,
2017 program and not unlike many
166
00:08:06,500 --> 00:08:08,700
other companies.
We were a second time.
167
00:08:08,700 --> 00:08:10,300
Why see?
Applicant we weren't accepted
168
00:08:10,300 --> 00:08:12,800
the first time.
Our traction wasn't really there
169
00:08:12,800 --> 00:08:14,900
and we applied the second time
and got in.
170
00:08:14,900 --> 00:08:18,000
And really the main difference
between application was just
171
00:08:18,000 --> 00:08:19,900
more traction.
I think YC is getting a lot
172
00:08:19,900 --> 00:08:22,200
better at.
They can wait and see when you
173
00:08:22,200 --> 00:08:24,200
kind of follow through on what
you say, you're going to do on
174
00:08:24,200 --> 00:08:26,100
the first application,
especially when you're just
175
00:08:26,100 --> 00:08:29,800
getting started.
And for us, we bootstrapped The
176
00:08:29,800 --> 00:08:33,500
company for about a year for
that first year Omar was still
177
00:08:33,500 --> 00:08:35,500
working nights and weekends at
CVS.
178
00:08:35,500 --> 00:08:38,400
I had left LinkedIn so I was
kind of full time working on the
179
00:08:38,400 --> 00:08:41,000
startup but I was like, writing
code that nobody was using and
180
00:08:41,000 --> 00:08:43,799
it wasn't really useful because
we didn't have anything to build
181
00:08:43,799 --> 00:08:45,600
really.
And so you're kind of just going
182
00:08:45,600 --> 00:08:49,000
through the motions of starting
the company, while waiting for
183
00:08:49,000 --> 00:08:51,500
your Pharmacy board approval.
And so once we got our Pharmacy
184
00:08:51,500 --> 00:08:54,700
board approval then we were in
business and we started filling
185
00:08:54,700 --> 00:08:57,200
prescriptions and going through
the model that we were setting
186
00:08:57,200 --> 00:09:01,800
out to do in the market and And
we weren't actively thinking
187
00:09:01,800 --> 00:09:04,200
about fundraising but we came to
this moment of.
188
00:09:04,200 --> 00:09:07,500
Why don't we apply to YC?
There was the summer session
189
00:09:07,500 --> 00:09:10,400
opened up again or we were
thinking about in the winter we
190
00:09:10,400 --> 00:09:12,700
applied and then we didn't get
in and then in the summer is it
191
00:09:12,700 --> 00:09:14,100
okay?
Well, we have more traction now,
192
00:09:14,100 --> 00:09:17,900
why don't we just try again?
And we got accepted that time
193
00:09:17,900 --> 00:09:21,000
and joined and I think one of
the best things about why I see
194
00:09:21,000 --> 00:09:24,200
is it's really a forcing
function to start thinking about
195
00:09:24,200 --> 00:09:28,000
fundraising or put that on the
Forefront or accelerate that.
196
00:09:28,000 --> 00:09:29,500
And I don't think there are many
companies.
197
00:09:29,600 --> 00:09:33,400
That join YC with the mindset of
we're not going to fund raiser.
198
00:09:33,400 --> 00:09:36,100
We don't need to fundraise.
And so for us it was well, how
199
00:09:36,100 --> 00:09:39,200
do we set ourselves to succeed
going through the fundraising
200
00:09:39,200 --> 00:09:41,400
process and about a month into
YC?
201
00:09:42,500 --> 00:09:45,900
We raised money from initialized
capital and Gary tan, somebody
202
00:09:45,900 --> 00:09:48,800
who had known for many years
even prior to wisely, use the
203
00:09:48,800 --> 00:09:51,500
first call I made.
After we got in to say, hey
204
00:09:51,500 --> 00:09:53,900
Gary, we got into YC.
What do we do now?
205
00:09:53,900 --> 00:09:57,100
And he said, once you come into
my office and eventually made
206
00:09:57,300 --> 00:10:00,800
the first bent into the company,
and we went on, Ooh YC to raise
207
00:10:01,000 --> 00:10:03,800
an additional two point four
million dollars in our seed
208
00:10:03,800 --> 00:10:05,700
round.
That's kind of how it happened.
209
00:10:05,700 --> 00:10:09,100
And we went through the entire
demo day process and prepped,
210
00:10:09,100 --> 00:10:12,100
our fundraising pretty quickly
thereafter, a little lie.
211
00:10:12,100 --> 00:10:15,600
That's one of the major perks of
YC, usually every single company
212
00:10:15,900 --> 00:10:19,200
closes their seed round after
graduating, from why see in a
213
00:10:19,208 --> 00:10:22,300
few weeks, which is absolutely
epic and I love it.
214
00:10:23,100 --> 00:10:27,200
So, looking back at that round.
I've heard few Founders complain
215
00:10:27,200 --> 00:10:28,700
about, you know, I wish I did
that.
216
00:10:28,700 --> 00:10:30,500
Oh, I wish I took.
Investors in.
217
00:10:30,800 --> 00:10:33,600
Oh I wish I increased the
minimum check.
218
00:10:33,600 --> 00:10:35,900
Mounted were accepting and so on
so forth.
219
00:10:35,900 --> 00:10:38,800
So looking back at that post y
combinator, see ground every
220
00:10:38,800 --> 00:10:41,000
worse.
Do you think you made any major
221
00:10:41,000 --> 00:10:42,900
mistakes that you wish you have
changed now?
222
00:10:43,800 --> 00:10:46,600
Yeah, that's a great question.
I think YC is great.
223
00:10:46,600 --> 00:10:49,400
As I mentioned as a forcing
function to get prepped up for
224
00:10:49,400 --> 00:10:53,100
fundraising but I think one of
the things that forever to pick
225
00:10:53,100 --> 00:10:55,400
on one regret is you don't
really get the time to start
226
00:10:55,400 --> 00:10:57,000
thinking about.
Well who do you want in your
227
00:10:57,000 --> 00:10:58,000
out?
Who do you not want in your
228
00:10:58,000 --> 00:10:59,400
round?
What's the right composition
229
00:10:59,500 --> 00:11:02,600
Ian, what's the right dilution?
Because you kind of go as
230
00:11:02,600 --> 00:11:03,900
quickly as possible to wrap it
up.
231
00:11:03,900 --> 00:11:07,000
I think, while we ended up on
the positive side, in terms of
232
00:11:07,000 --> 00:11:10,900
dilution, I believe it or not.
If I saw certain folks on our
233
00:11:10,900 --> 00:11:13,700
cap table walk by me on the
street, I might not even
234
00:11:13,700 --> 00:11:16,400
recognize them today.
And that's that's unfortunate
235
00:11:16,500 --> 00:11:18,900
because they invest and you
never hear from them again.
236
00:11:19,200 --> 00:11:21,300
But on the flip side, I would
say an investor that writes you
237
00:11:21,300 --> 00:11:24,800
a check and then disappears is
is probably better than a metal
238
00:11:24,800 --> 00:11:27,100
some investor.
And so it's a little bit of a
239
00:11:27,108 --> 00:11:29,100
double-edged sword.
But if I were to say one thing,
240
00:11:29,100 --> 00:11:31,600
we would go I can do
differently, is we didn't have
241
00:11:31,600 --> 00:11:35,000
the foresight or the thinking
around doing a friends and
242
00:11:35,000 --> 00:11:38,500
family around and especially
something, you can never go back
243
00:11:38,500 --> 00:11:41,100
and redo, I always recommend not
a found, it's just just create a
244
00:11:41,108 --> 00:11:43,400
friends and family.
Allocation, these are not
245
00:11:43,400 --> 00:11:45,100
necessary.
Folks are trying to make money
246
00:11:45,100 --> 00:11:47,700
off your startup and it's just
folks that want to be
247
00:11:47,700 --> 00:11:51,000
well-wishers and supportive of
the journey and I always may be
248
00:11:51,000 --> 00:11:53,000
thought of it as well.
I don't want to take their money
249
00:11:53,000 --> 00:11:55,000
if we're going to lose it, I
don't feel good about it but in
250
00:11:55,000 --> 00:11:59,000
retrospect we ended up doing a
friends-and-family allocation
251
00:11:59,000 --> 00:12:00,600
much.
Later in the company's history
252
00:12:00,600 --> 00:12:03,900
but I wish we'd done it from the
beginning and it's just a small
253
00:12:03,900 --> 00:12:05,600
part of the process, you can do
it very easily.
254
00:12:05,600 --> 00:12:08,800
Now with convertible notes and
make sure that those that do
255
00:12:08,800 --> 00:12:10,700
want to support you.
Not it's not an obligation that
256
00:12:10,700 --> 00:12:13,100
somebody has to invest because
they're your friend or family.
257
00:12:13,100 --> 00:12:16,000
I wouldn't set it up that way,
but for those that do want to
258
00:12:16,000 --> 00:12:19,700
participate and take a chance on
you, I think that's what I would
259
00:12:19,700 --> 00:12:22,100
go back and do differently.
Is is make sure we set aside
260
00:12:22,100 --> 00:12:26,200
some friends and family part of
the fundraising versus folks
261
00:12:26,200 --> 00:12:30,700
that today I might not even
recognize the Very interesting
262
00:12:30,700 --> 00:12:33,800
ads the first time in my entire
life that I hear this kind of
263
00:12:33,800 --> 00:12:35,500
advice.
So let's drill down on that a
264
00:12:35,508 --> 00:12:38,000
little bit more friends and
family around.
265
00:12:38,000 --> 00:12:41,100
That is very rare, that someone
raises friends and family around
266
00:12:41,100 --> 00:12:44,600
after the see ground, why
exactly did you decide to do
267
00:12:44,600 --> 00:12:46,200
that?
Was it just, you know, you felt
268
00:12:46,200 --> 00:12:49,300
that trippi was doing great.
You kind of wanted to have more
269
00:12:49,300 --> 00:12:52,200
promoters of it or true
supporters and you're like, you
270
00:12:52,208 --> 00:12:54,700
know what, I'm pretty confident.
We're not gonna lose money on
271
00:12:54,700 --> 00:12:57,900
this, so I'll open up small
round for my actual friends and
272
00:12:57,900 --> 00:13:00,700
family was that That's, is that
how it went?
273
00:13:00,700 --> 00:13:03,100
Or was it mostly there was
certainly a little bit of
274
00:13:03,100 --> 00:13:05,700
pressure relieved on.
I don't think it's ever.
275
00:13:05,700 --> 00:13:07,900
We won't lose your money, we're
still a venture company that's
276
00:13:07,900 --> 00:13:11,800
always a possibility, but I
think after folks kept kind of
277
00:13:11,800 --> 00:13:14,200
chiming on hey, why didn't you
let me into the seed round or
278
00:13:14,200 --> 00:13:15,900
hey are you ever going to do a
friends and family?
279
00:13:15,900 --> 00:13:18,800
Allocation.
It's really more of a testament
280
00:13:18,800 --> 00:13:20,500
to just wanting to support you
as a Founder.
281
00:13:20,500 --> 00:13:22,400
They might not even know
anything about the business.
282
00:13:22,400 --> 00:13:24,400
They might not care about the
business but they want to
283
00:13:24,400 --> 00:13:27,500
support you as a founder.
And a lot of times that's
284
00:13:27,500 --> 00:13:31,100
genuine and I think I see that
all across the In valley of just
285
00:13:31,100 --> 00:13:33,500
wanting to support your founder
friends and your friends that
286
00:13:33,500 --> 00:13:35,100
are going on this startup
journey.
287
00:13:35,600 --> 00:13:38,700
And I think since we missed that
boat in the early days we got a
288
00:13:38,700 --> 00:13:42,600
chance to create a small
allocation I think was that our
289
00:13:42,600 --> 00:13:47,100
Series be and I think Angel list
also now makes it really easy to
290
00:13:47,100 --> 00:13:49,600
set up a Syndicate to do this
with a vehicle because you also
291
00:13:49,600 --> 00:13:53,300
don't want to necessarily have a
ton of small check spread out
292
00:13:53,300 --> 00:13:56,600
across your cap table.
So now the actual vehicles and
293
00:13:56,600 --> 00:14:00,100
instrument to make this easy to
do, it's really A no-brainer,
294
00:14:00,100 --> 00:14:02,300
whether you want to set up a
separate SPV or go through an
295
00:14:02,300 --> 00:14:06,200
angel list and and pull together
all your even 5, 10, 25 K
296
00:14:06,200 --> 00:14:07,700
checks.
From people that want to support
297
00:14:07,700 --> 00:14:11,000
you, maybe in the early days,
that seems like a little bit
298
00:14:11,300 --> 00:14:14,300
burdensome to take a 5k check
and manage it on the cap table.
299
00:14:14,300 --> 00:14:17,500
But today it's a lot easier to
do that and we get it.
300
00:14:17,500 --> 00:14:21,700
We got a chance to do that in a
small way at our Series be so
301
00:14:21,700 --> 00:14:24,300
Angeles is genius invention.
People who work there are
302
00:14:24,300 --> 00:14:27,300
geniuses the things that they
invent are absolute great.
303
00:14:27,300 --> 00:14:29,800
So yes, if you want to do
friends and family, Definitely
304
00:14:29,800 --> 00:14:33,000
put together in a Syndicate, it
costs, very little, I forgot the
305
00:14:33,008 --> 00:14:36,000
exact percentage but you're not
going to lose much money on
306
00:14:36,000 --> 00:14:38,900
Angel list by raising friends
and family.
307
00:14:38,900 --> 00:14:41,300
And yes, it can be wonderful
eventually.
308
00:14:41,300 --> 00:14:45,200
Those people can be really
useful mentors with some of
309
00:14:45,200 --> 00:14:46,100
those folks.
Still.
310
00:14:46,100 --> 00:14:49,100
Today, Constantine are the some
of the, the loudest advocates
311
00:14:49,100 --> 00:14:50,500
for us.
Yeah, champions of us, they
312
00:14:50,500 --> 00:14:52,900
become your biggest cheerleader.
So it's not just your board,
313
00:14:52,900 --> 00:14:56,200
that's cheerleading.
It's anyone that wrote a 5k
314
00:14:56,200 --> 00:14:59,300
check or 25k to, they become
your loudest.
315
00:14:59,500 --> 00:15:02,000
Supporters and I think that's
really important.
316
00:15:02,000 --> 00:15:04,700
Sometimes individual angels, and
your friends and family that
317
00:15:04,700 --> 00:15:08,500
support you, they tend to play
an outsized role in how much
318
00:15:08,500 --> 00:15:12,100
they support you relative to
even a million dollar check from
319
00:15:12,100 --> 00:15:14,900
a VC where you're one of many
bets that they're making
320
00:15:15,300 --> 00:15:18,000
absolutely having this one
person, you know, continuously
321
00:15:18,000 --> 00:15:21,500
commenting on your updates and
stuff like that does just as
322
00:15:21,500 --> 00:15:24,300
feels nice.
We at this podcast as of, yeah,
323
00:15:24,300 --> 00:15:27,000
we all need some of that, right?
Exactly.
324
00:15:27,000 --> 00:15:30,100
It just keeps you go, you know,
you're like, oh, Known this guy
325
00:15:30,100 --> 00:15:32,200
for two years.
We've never met in person, but
326
00:15:32,200 --> 00:15:35,400
I've known him for two years.
He has been supporting us for
327
00:15:35,700 --> 00:15:38,000
all this time.
So yes, having such supporters
328
00:15:38,000 --> 00:15:41,700
is just amazing.
So now, let's jump from the
329
00:15:41,700 --> 00:15:44,800
friends and family around to
your current series D round
330
00:15:44,800 --> 00:15:50,100
those are pretty rare even for
the fundraising Radio podcast.
331
00:15:50,300 --> 00:15:52,200
So, let's talk about how you got
there.
332
00:15:53,100 --> 00:15:56,100
Can you tell us just briefly
brief overview of that.
333
00:15:56,100 --> 00:15:58,700
Rounded, you've just raised over
142 million dollars.
334
00:15:59,700 --> 00:16:05,000
Sure, we just raised a series D
of 142 million dollars, and we
335
00:16:05,100 --> 00:16:07,900
raise that in relatively short
period time where now are
336
00:16:07,900 --> 00:16:09,800
completing our fifth year of
operating.
337
00:16:09,800 --> 00:16:13,200
And I think for us our
philosophy has always been
338
00:16:13,200 --> 00:16:16,800
around fundraising trying to
find as best you can like the
339
00:16:16,800 --> 00:16:20,100
right inflection point in the
business and whenever we've
340
00:16:20,100 --> 00:16:23,500
looked at our different rounds
of fundraising it's never been
341
00:16:23,500 --> 00:16:27,600
about, we have 12 months of
Runway left or 18 months of
342
00:16:27,600 --> 00:16:28,800
Runway.
We need to start thinking about
343
00:16:28,800 --> 00:16:30,700
fundraising It's always been
about.
344
00:16:30,800 --> 00:16:33,400
Let's see to the best of our
ability, at least two time the
345
00:16:33,400 --> 00:16:35,800
right inflection point.
And for our series, a, it was
346
00:16:35,800 --> 00:16:39,000
about we had proven some initial
product Market fit.
347
00:16:39,000 --> 00:16:42,300
Now we have to scale to 50
states and build more capacity
348
00:16:42,300 --> 00:16:45,500
across multiple facilities in
the country at our Series.
349
00:16:45,500 --> 00:16:49,000
Be, it was about expanding from
One customer segment and now
350
00:16:49,000 --> 00:16:52,500
service payers or a broader
customer segments and get deeper
351
00:16:52,500 --> 00:16:55,500
into Healthcare and and expand a
business unit as well.
352
00:16:55,500 --> 00:16:58,100
We were just Pharmacy when we
started and we expanded from
353
00:16:58,100 --> 00:17:01,100
Pharmacy to Telehealth.
With, and by the time we got to
354
00:17:01,100 --> 00:17:04,200
our series, see it was a
continuation of that story
355
00:17:04,200 --> 00:17:07,500
wanted to do more in the, in the
deeper Healthcare Market,
356
00:17:07,500 --> 00:17:10,599
working with more customer
segments, and continuing to
357
00:17:10,599 --> 00:17:13,500
expand the business footprint of
not just Telehealth.
358
00:17:13,500 --> 00:17:16,200
But now adding on our
Diagnostics business unit and
359
00:17:16,200 --> 00:17:20,599
then come full circle to our
series D, it was now, okay, we
360
00:17:20,599 --> 00:17:24,099
are seeing the repeatability, we
are clearly in the growth side
361
00:17:24,099 --> 00:17:26,900
of the business, I think you're
by the time you get to the
362
00:17:26,900 --> 00:17:29,300
series D, hopefully, you're well
past product Market fit.
363
00:17:29,500 --> 00:17:31,600
At least for a, a
revenue-generating type of
364
00:17:31,600 --> 00:17:36,100
company and you're on some some
spectrum of that growth story
365
00:17:36,100 --> 00:17:39,200
and every company needs to get
to different stages or types of
366
00:17:39,200 --> 00:17:41,600
repeatability.
And for us, it's about trying to
367
00:17:41,600 --> 00:17:44,500
find out what are those levels
of repeatability for our
368
00:17:44,500 --> 00:17:47,800
business at this series D.
And I think a VC once put it
369
00:17:47,800 --> 00:17:51,500
best for me said at the stage
when you get to a series D, you
370
00:17:51,500 --> 00:17:55,100
want to feel like you're putting
a dollar into a vending machine
371
00:17:55,100 --> 00:17:57,900
and you're getting two dollars
out and so how does every
372
00:17:57,900 --> 00:17:59,300
business start to operate that
way?
373
00:17:59,400 --> 00:18:01,100
At the series D.
Well, every business is
374
00:18:01,100 --> 00:18:03,800
different, very different.
Our business is very complex.
375
00:18:03,800 --> 00:18:07,000
So we need to understand what
those motions and mechanics of
376
00:18:07,000 --> 00:18:11,700
repeatability look like for us.
Hmm, so let's talk about
377
00:18:11,700 --> 00:18:14,400
durability a little bit.
That is a common thing for
378
00:18:14,400 --> 00:18:16,900
earlier stages.
And usually when founders get to
379
00:18:16,900 --> 00:18:19,100
that stage, they get
comfortable.
380
00:18:19,600 --> 00:18:21,500
There is a certain level of
predictability.
381
00:18:21,500 --> 00:18:23,400
It's not as much of a star by
anymore.
382
00:18:23,400 --> 00:18:27,400
And in that these Founders get
sometimes creative with their
383
00:18:27,400 --> 00:18:31,400
fundraising and starting Debt
financing start working with
384
00:18:31,400 --> 00:18:34,700
banks and so on and so forth.
Have you started doing that yet?
385
00:18:34,700 --> 00:18:36,600
Or do you just stick with pure
VC money?
386
00:18:37,400 --> 00:18:40,100
I think we've stayed pretty
traditional in terms of equity
387
00:18:40,100 --> 00:18:42,000
Capital, but certainly, when you
look at our data, the
388
00:18:42,000 --> 00:18:44,300
fundamentals of our business, we
spent a lot of money on
389
00:18:44,300 --> 00:18:46,800
inventory whether that's
Diagnostics or Pharmacy
390
00:18:46,800 --> 00:18:48,800
products.
And so, we have your normal
391
00:18:48,800 --> 00:18:51,900
operating lines of credit which
now are pretty common vehicles
392
00:18:51,900 --> 00:18:55,300
and managing your cash flow
especially when you're dealing
393
00:18:55,300 --> 00:18:57,600
with a high inventory costs in
your business.
394
00:18:57,600 --> 00:18:59,300
And so we've certainly had
credit lines.
395
00:18:59,400 --> 00:19:01,100
And various vehicles of that
sort.
396
00:19:01,100 --> 00:19:04,300
We've never raised debt but our
credit line is now the rates on
397
00:19:04,300 --> 00:19:07,900
credit lines are quite effective
that it can you can put your
398
00:19:07,900 --> 00:19:10,900
money to work that way.
And other than that, we've been
399
00:19:10,900 --> 00:19:15,000
fairly straightforward on our
Equity financing as an approach
400
00:19:15,000 --> 00:19:19,800
for capitalizing our company.
Hmm, one last question that I
401
00:19:19,808 --> 00:19:23,700
forgot to ask you is actually
about your inflection points as
402
00:19:23,700 --> 00:19:26,100
you just curbed up.
So you said that you tried to
403
00:19:26,100 --> 00:19:31,100
time your new rounds based on
you or you know, You tragic
404
00:19:31,100 --> 00:19:34,100
trajector, check Therese.
I was struggling with that word
405
00:19:35,300 --> 00:19:39,500
for the company and I think you
mentioned, our Prince recalled
406
00:19:39,500 --> 00:19:42,900
that you have recently expanded
into the Diagnostics field.
407
00:19:42,900 --> 00:19:45,000
Do you raise money for that
expansion?
408
00:19:45,000 --> 00:19:48,500
Specifically or was it just, you
know, part of one of the
409
00:19:48,500 --> 00:19:50,000
inflection points of the
company?
410
00:19:50,600 --> 00:19:52,600
Yeah, it was one of the main
inflection points for the
411
00:19:52,600 --> 00:19:55,500
company that led us to raising.
We actually raised twice during
412
00:19:55,500 --> 00:19:58,200
the pandemic, which oh, it was
uncommon.
413
00:19:58,200 --> 00:20:00,400
We raised in the early.
Part of the pandemic.
414
00:20:00,400 --> 00:20:02,700
And then in September of the
pandemic year, we raised our
415
00:20:02,700 --> 00:20:04,900
series C.
So, our B and C was actually
416
00:20:05,400 --> 00:20:09,200
quite closely timed.
And I think that that speaks to
417
00:20:09,200 --> 00:20:13,000
we were we were at the right
time and place for building the
418
00:20:13,000 --> 00:20:15,100
type of company.
We were through the pandemic.
419
00:20:15,100 --> 00:20:17,800
It's we were talking about
virtual Healthcare, we were
420
00:20:17,800 --> 00:20:20,500
talking about infrastructure to
move to Telehealth for many
421
00:20:20,500 --> 00:20:22,700
years, leading up to the
pandemic and then all of a
422
00:20:22,700 --> 00:20:25,500
sudden, the pandemic hits and
it's nothing you can ever plan
423
00:20:25,500 --> 00:20:27,800
for.
And it's kind of, its kind of
424
00:20:27,800 --> 00:20:29,900
your i-told-you-so moment.
This, what we've Talking about
425
00:20:29,900 --> 00:20:32,100
for a while and you see ya.
Now, the pandemics here and
426
00:20:32,100 --> 00:20:35,600
everyone needs this type of
infrastructure and so that gave
427
00:20:35,600 --> 00:20:38,300
us some wind in our sails to go
back to the market to raise and
428
00:20:38,300 --> 00:20:39,800
continue to grow on our
ambition.
429
00:20:39,800 --> 00:20:43,000
But I think this is probably
pretty common for many Founders
430
00:20:43,000 --> 00:20:46,900
as you get to every year of
operating and continue to maybe
431
00:20:46,900 --> 00:20:50,200
hit your goals and grow in your
business, your Ambitions get a
432
00:20:50,208 --> 00:20:52,600
little bigger and you start
thinking about what else can we
433
00:20:52,608 --> 00:20:54,400
do, how else can we continue to
grow?
434
00:20:54,400 --> 00:20:56,900
And it's hard.
Once your Revenue numbers, get
435
00:20:56,900 --> 00:21:00,600
larger and bigger.
Compounded growth on a larger
436
00:21:00,600 --> 00:21:02,200
base gets harder and harder each
year.
437
00:21:02,200 --> 00:21:04,700
So you need to continually start
thinking about how to reinvent
438
00:21:04,700 --> 00:21:07,900
yourself each year and now start
thinking about well what's to
439
00:21:07,900 --> 00:21:10,600
come to fuel the growth two
years from now or three years
440
00:21:10,600 --> 00:21:12,600
from now?
And in the first couple of years
441
00:21:12,600 --> 00:21:14,600
of your business, you're just
trying to stay alive from
442
00:21:14,600 --> 00:21:17,800
quarter to quarter and keep
growing as you as you continue
443
00:21:17,800 --> 00:21:19,500
to call.
You still have a mind for.
444
00:21:19,500 --> 00:21:21,000
Okay, what could go wrong in the
business?
445
00:21:21,000 --> 00:21:24,000
How do you D risk?
That becomes your primary job
446
00:21:24,000 --> 00:21:26,900
function as a Founder is D?
Risking the business but then
447
00:21:27,300 --> 00:21:30,500
trying to set yourself up For
future growth, maybe two, three
448
00:21:30,500 --> 00:21:33,100
years out into the future.
Absolutely.
449
00:21:33,100 --> 00:21:34,900
And that's, that's the fun part
of the growth.
450
00:21:34,900 --> 00:21:37,700
And also not fun part of the
growth because the levels of
451
00:21:37,700 --> 00:21:41,200
anxiety still Skyrocket as they
were in the beginning.
452
00:21:41,800 --> 00:21:43,000
So let's talk about the
beginning.
453
00:21:43,000 --> 00:21:46,400
Just one more question before we
jump off to the very last
454
00:21:46,400 --> 00:21:49,300
question of today's episode, the
majority of our listeners are
455
00:21:49,400 --> 00:21:53,300
early, see founder.
So looking back at your
456
00:21:53,500 --> 00:21:56,100
experience of building, your
previous company, that you
457
00:21:56,108 --> 00:21:59,000
eventually sold to LinkedIn and
looking at the True pill.
458
00:21:59,100 --> 00:22:02,000
Do you have any advice for those
people who are currently at
459
00:22:02,000 --> 00:22:04,600
their precede stages?
Sledge seed stages?
460
00:22:06,100 --> 00:22:10,600
For sure, I think I'm a big
believer in founder market fit.
461
00:22:10,600 --> 00:22:13,400
I think a lot of folks, talk
about product Market fit, and
462
00:22:13,400 --> 00:22:15,400
how to achieve product Market
fit.
463
00:22:15,800 --> 00:22:18,900
But for us, it was about, having
the right founding team to build
464
00:22:18,900 --> 00:22:20,000
this business.
I still look back.
465
00:22:20,000 --> 00:22:22,500
Now, if I were to try to go back
five years in time, and
466
00:22:22,500 --> 00:22:24,400
hand-picked to better, Founders
to build this.
467
00:22:24,400 --> 00:22:27,000
I'm sure you could find them but
where the odds that you can put
468
00:22:27,000 --> 00:22:29,700
them in the same room together
in the same area, the same stage
469
00:22:29,700 --> 00:22:32,400
in their life and the same
ambition to want a big build.
470
00:22:32,400 --> 00:22:36,800
A very interesting company in
Eventually became a broader
471
00:22:36,800 --> 00:22:39,500
industry Trend around
Telehealth, or virtual care.
472
00:22:40,000 --> 00:22:42,400
It's hard to hard to do.
So I'm a big believer in the
473
00:22:42,400 --> 00:22:45,700
Serendipity of Silicon Valley
and the way startup startups,
474
00:22:45,700 --> 00:22:48,700
get started in general.
But at the same time, you look
475
00:22:48,700 --> 00:22:52,400
at our founding skills, we had
everything in our founding team
476
00:22:52,400 --> 00:22:53,700
to build everything from setting
up.
477
00:22:53,700 --> 00:22:56,700
Pharmacies running the pharmacy
to building all the technology
478
00:22:56,700 --> 00:23:00,000
assets and infrastructure.
And so my advice always is, make
479
00:23:00,000 --> 00:23:02,200
sure you have.
It's a simple concept.
480
00:23:02,200 --> 00:23:04,800
You have all the skills on your
founding team.
481
00:23:05,100 --> 00:23:07,500
To build your first version of
your product and hopefully first
482
00:23:07,500 --> 00:23:09,100
several versions of your
product.
483
00:23:09,100 --> 00:23:11,700
Because as soon as you have a
hole there, I can guarantee you
484
00:23:11,700 --> 00:23:15,800
that the capital efficiency of
your startup will be very
485
00:23:15,800 --> 00:23:17,500
different.
You'll you'll see teams that
486
00:23:17,500 --> 00:23:20,800
maybe get started without Tech
Talent on the team and where is
487
00:23:20,800 --> 00:23:22,600
their.
Number one drainage of resources
488
00:23:22,600 --> 00:23:25,500
goes to paying for a development
shop or development team to
489
00:23:25,500 --> 00:23:27,600
build it.
And in the early days, when
490
00:23:27,600 --> 00:23:32,000
you're trying to reach this,
This promised product Market fit
491
00:23:32,000 --> 00:23:34,200
in this elusive concept of
product Market.
492
00:23:34,200 --> 00:23:37,500
Fit, you want to make sure you
can stretch your capital for as
493
00:23:37,500 --> 00:23:39,800
long as possible.
And the best way to do that is
494
00:23:39,800 --> 00:23:43,400
have all the skills in your team
to build your first versions of
495
00:23:43,400 --> 00:23:45,300
their product.
And I think that's something
496
00:23:45,300 --> 00:23:47,800
that I would recommend.
Everyone think about, are you
497
00:23:47,800 --> 00:23:49,500
not only the right team to build
this?
498
00:23:49,500 --> 00:23:51,000
Are there any gaps on the
founding team?
499
00:23:51,000 --> 00:23:53,800
And it might be okay where you
might need a third co-founders.
500
00:23:53,800 --> 00:23:56,300
Not a bad thing to have a third
cone founder that rounds out.
501
00:23:56,300 --> 00:23:59,400
The skill set on the team, but
certainly start thinking about
502
00:23:59,500 --> 00:24:02,500
about where those gaps are on
your founding team.
503
00:24:03,400 --> 00:24:06,800
Perfect.
That is a great advice and yet
504
00:24:06,800 --> 00:24:08,800
having sizable teams that can
cover.
505
00:24:09,100 --> 00:24:12,300
Most of the needs of this tarp
when it's building out, its MVP,
506
00:24:12,700 --> 00:24:17,200
definitely get called on this.
Optimistic positive note, let's
507
00:24:17,200 --> 00:24:19,800
move on to the very last
question of days episode, which
508
00:24:19,800 --> 00:24:22,800
is a call to action.
So Sid, once this episode is
509
00:24:22,800 --> 00:24:24,400
over, what do you want to listen
to do?
510
00:24:24,500 --> 00:24:30,000
Right, as soon as they hit stop
or pause or jump on The next
511
00:24:30,000 --> 00:24:31,700
episode would you want them to
do?
512
00:24:32,700 --> 00:24:34,600
Oh, that's a great question.
I mean, if you're looking to
513
00:24:34,600 --> 00:24:37,500
start a company, feel free to
reach out always happy to share
514
00:24:37,500 --> 00:24:39,600
advice and feedback.
And if you're not sure if you
515
00:24:39,600 --> 00:24:42,400
want to start a company yet,
then I've always been an
516
00:24:42,400 --> 00:24:43,800
advocate for the best way to
learn.
517
00:24:43,800 --> 00:24:46,100
Whether you want to start a
company is come join, another
518
00:24:46,100 --> 00:24:49,000
early stage startup or medium
stage startup, whatever you want
519
00:24:49,000 --> 00:24:52,000
to call it and if true pill and
Healthcare something that's
520
00:24:52,000 --> 00:24:54,300
interesting, definitely drop me
a line.
521
00:24:54,300 --> 00:24:57,600
I'm on Twitter at Sid
viswanathan or on email, sit a
522
00:24:57,600 --> 00:24:59,700
true pill.com.
So we'd love to chat with You.
523
00:24:59,700 --> 00:25:03,100
And if Health Care is at all in
your future, in terms of wanting
524
00:25:03,100 --> 00:25:06,200
to maybe even start a company
and Health Care definitely reach
525
00:25:06,200 --> 00:25:09,600
out because I'm invested in
seeing Healthcare Tech and the
526
00:25:09,600 --> 00:25:14,900
broader ecosystem.
Continue to grow a lovely.
527
00:25:14,900 --> 00:25:18,000
Perfect.
On this notes, my call to action
528
00:25:18,000 --> 00:25:20,600
is as usually extremely simple.
Check out the description fits
529
00:25:20,600 --> 00:25:22,600
episodes.
I'll include sins LinkedIn.
530
00:25:22,600 --> 00:25:25,600
I'll include his email that he
just said, how are you forgot
531
00:25:25,600 --> 00:25:27,600
it?
For people who have memories as
532
00:25:27,600 --> 00:25:29,400
short as mine is going to be all
in?
533
00:25:29,600 --> 00:25:33,000
The description of this episode
and also include a few links to
534
00:25:33,000 --> 00:25:36,200
troop Bill and of course
Shameless personal plugging off.
535
00:25:36,200 --> 00:25:41,100
Our newly developed course on
reaching out to investors and as
536
00:25:41,100 --> 00:25:42,500
usually have a good day.
