Welcome to episode 12 of Fundraising Demystified. In this episode, we speak with Eziah Zaidi, the CEO of Mend Labs, a life sciences and digital health company on a mission to improve societal health and healthcare delivery. They've recently raised a $15MM Series A bringing their total capital raised to $20M.
We talk about what they are building at Mend Labs, their fundraising journey, key milestones they tracked to get ready for Series A, and much more. Let’s dive in.
Addressing Challenges in Healthcare
Mend Labs is dedicated to tackling the challenges in healthcare through its unique approach. The company has developed a technology platform and a behavioral model, with a core philosophy centered around food as medicine. Their goal is to improve patient outcomes and position them for long-term success.
With a number of published papers and studies, Mend Labs has demonstrated the efficacy of their product in enhancing outcomes. Conventional medicine is increasingly adopting their solutions, and they aim to support the broader medical community. Their tech platform enables bi-directional conversations between care providers and patients, providing coaching and support throughout the entire treatment process.
One key aspect of their business model is determining who pays for their services. Whether it's health insurance payers or patients opting in, Mend Labs has carefully considered the financial aspect of their offering.
The Journey to Series A
From the initial conception of the idea to their recent Series A funding, Mend Labs followed a traditional startup trajectory. They had to be mindful of every dollar spent along the way. The milestones and key performance indicators (KPIs) they focused on were revenue and growth-related. They needed to prove their business model's viability and demonstrate their potential for future success.
Building relationships and connecting with mission-aligned investors was crucial during their journey from seed funding to Series A. Mend Labs prioritized warm introductions, leveraging existing connections to skip the time-consuming process of relationship building. They targeted investors who shared their vision and were passionate about food as medicine and human health.
The fundraising process was not without its frustrations, as it often is for startups. However, Mend Labs was fortunate to have a relatively smooth close, securing the capital they needed at a fair valuation. They closed their round amidst the collapse of Silicon Valley Bank, which caused some delays but ultimately did not threaten their funding.
Overcoming Challenges and Looking Ahead
Like any startup, Mend Labs faced operational challenges along the way. While their clinical side was successful, they encountered difficulties on the operational front. However, they have addressed these challenges and are ready to tackle the second part of the year head-on.
The CEO of Mend Labs emphasizes the importance of managing investor relations and providing regular updates. Clear communication and transparency are key to maintaining strong relationships with investors, especially during critical times.
In closing, Eziah offers some advice to fellow founders: be resilient, stay strong, and have faith in yourself. Entrepreneurship is a game that requires perseverance and belief in your vision.
For those interested in learning more about Mend Labs, visit their website to find out more. Don't hesitate to reach out and connect, but always remember to be respectful in your approach.
Join us next time for another episode of Fundraising Demystified, where we continue to uncover the inspiring stories of successful entrepreneurs.
Links mentioned:
Mend Labs website - https://mend.me
Follow Eziah on Linkedin - https://www.linkedin.com/in/eziah/
Hosted by Jason Kirby - https://www.linkedin.com/in/jasonrkirby/
Email Jason at jason@thunder.vc
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