Welcome to Slice, a podcast dedicated to uncovering the stories of emerging managers across the early-stage venture landscape. In this episode, we talk with Owen Willis, founder and general partner of Opal Ventures, a $10 million pre-seed fund investing in startups building infrastructure to expand access to healthcare. Owen brings a unique perspective to healthcare venture capital, with a background spanning teaching, consulting, and operational roles in health tech startups.
Our conversation explores Owen's journey to founding Opal Ventures, his observations on the healthcare investment landscape, and his innovative approach to fund management. Owen shares his strategy for identifying promising founders, thoughts on the healthcare venture ecosystem, and methods for building a value-add LP base.
Throughout the podcast, we discuss:
The current state of healthcare venture capital
Strategies for emerging fund managers in specialized sectors
The importance of founder relationships and network building
Challenges and opportunities in raising a first-time fund
The future of healthcare technology and investment
This episode provides valuable insights for aspiring fund managers, founders seeking investment in healthcare, and anyone interested in the dynamics of early-stage investing in specialized sectors.
Owen Willis, Founder and GP of Opal Ventures—a $10M pre-seed healthcare fund—takes us on a journey through his diverse career, illustrating how an unconventional path can lead to success in venture capital. From starting as a teacher to becoming an early employee at a startup and ultimately serving as COO before its acquisition, as well as launching the healthcare arm at OnDeck, Owen's varied experiences have shaped his unique perspective in the VC world. He emphasizes the importance of embracing different roles, as each helped him build a strong network and hone his instincts, revealing unexpected opportunities along the way.
With a clear focus on healthcare infrastructure and expanding access to care, Opal Ventures addresses critical gaps in the market. Owen has a distinct vision for the founders he seeks: speed of iteration and resilience. In the fast-paced world of startups, he recognizes that the ability to pivot quickly and persevere through challenges is essential for success.
As Owen navigates the healthcare VC landscape, he shares valuable insights into recognizing market gaps. He highlights the increasing willingness of healthcare organizations to engage with early-stage companies, noting that today is the cheapest it has ever been to start a healthcare startup.
However, Owen's journey to create Opal Ventures has not been without challenges. He faced significant hurdles, including market uncertainty and the collapse of Silicon Valley Bank during the fundraising for Fund I. Yet, thanks to his strong network of supporters, Owen's persistence shone through as he leveraged his existing relationships to build the fund, drawing on the support of his spouse and advisors during tough times.
Owen's fundraising strategy was equally innovative. He began with small investments, using early successes to attract larger LPs while showcasing Opal Ventures' unique offering of early access to promising healthcare deals. He sees a bright future for micro funds as catalysts for healthcare innovation and encourages aspiring VCs to carve out their niche rather than compete with mega-funds. He emphasizes the importance of building long-term relationships with founders, as these connections form the backbone of successful venture investing.
Owen's journey and the pioneering approach of Opal Ventures exemplify the power of embracing diverse experiences and focusing on meaningful impact. For those looking to thrive in the venture capital landscape, his story serves as a reminder that the road less traveled can lead to extraordinary opportunities and lasting success in the evolving healthcare sector. Hope you enjoy!
Lessons from building a Pre-Seed Healthcare Fund with Owen Willis (Founder and GP of Opal Ventures)