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Food-as-Medicine: MEND’s Path to a $20M Series A with Eziah Zaidi

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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

Don't forget to hit subscribe for more episodes!

Food-as-Medicine: MEND’s Path to a $20M Series A with Eziah Zaidi

Show: Fundraising Demystified  |  Publish Date: 2023-08-22  |  Episode Page: https://blog.thunder.vc/raised-20-million-for-mend-labs

Watch the episode on YouTube:

https://youtu.be/ZV3_eRaqUl4

Episode Summary

Host Jason Kirby interviews Eziah Zaidi, founder of MEND, a healthtech company combining food‑as‑medicine with a behavioral and digital care platform for acute care patients. Topics include: clinical evidence for perioperative nutrition; supporting patients with dietitians, nurses, and PTs via a bidirectional app; payer pathways (RPM and nutrition codes + cash); fundraising from friends & family through multiple seed rounds to a Series A; navigating the SVB crisis during close; and building investor trust with transparent, frequent updates.

  • Keywords: Series A, hospital contracts, RPM, perioperative care, food as medicine, fundraising strategy, SCG Ventures, SVB.
  • Takeaways: Proof points before institutional capital; lead investor unlocks syndicate; overshare with the board; operational readiness (billing/codes) can bottleneck growth.

Full Transcript

Jason Kirby: I gotta get started. All right, welcome everyone to Fundraising Demystify. This is Jason, your host, manager and dra... Manager... Sorry, we're just gonna scrap that right there. For some reason, I always screw up the intro. I do this about like every other podcast. And I was just like, I go straight in, I'm like, oh wait, I have to talk first. So I'll do that one more time. And just mark clip from my editor and go.

Eziah: Cut number two.

Eziah: Ha ha ha. Hey, I'm Jason, yeah.

Eziah: No worries.

Jason Kirby: Hi everyone, welcome to Fundraising Demystified, the show where we share uh, fundraise, all right, I'm just going to keep this up. I'm over-complicating it. All right. Terrible. All right. Everyone welcome. Jason here, host of Fundraising Demystified. Welcoming Isaiah Saeed to the show, founder of MEN. Uh, welcome to the show.

Eziah: Go for it.

Eziah: Thank you, Jason. Thank you for having me. Said about the conversation.

Jason Kirby: We're excited to share your journey and hear your story. And the best thing we can do is just tell the audience a little bit about your background and how that ultimately led to you starting this company. And we'll go from there.

Eziah: Yeah, no, I'm so, first of all, thank you for having me. It's always important to share learnings with the ecosystem and the product community entrepreneurs. We're the ones out there working hard to change the world. So happy to share anything that might be useful. I'm Canadian by origin, but I live here in New York City. I've been here for a couple of decades now. And time has flown by and spent my career really steeped in innovation primarily as a passion. So I've studied academically innovation, have practiced at both at a corporate level as well as an entrepreneur, having gone through the full cycle of germinating an idea on an app and then taking it all the way through commercialization. So I spent roughly two decades between Citibank and Deloitte in a variety of different strategy and innovation roles, everything from corporate strategy to product innovation. Again, looking at transformational ideas, sort of the forefront of things that are going to change society and really identifying white spaces. That's what I love doing and recently fell in love with some of the challenges of healthcare and my new company is really about addressing some of those challenges.

Jason Kirby: I appreciate that background and you know, given your history and innovation and coming to what you're doing now, like tell us about MEND and you know, what's the problem that you identified and ultimately what's the solution you brought to market?

Eziah: Yeah, I think there's really kind of two big problems. And this came to light for me, I'm going through a number of kind of experiences in family with healthcare and encounters with acute care. My mom most recently, in fact, she right now just went through breast cancer surgery. It's her second. The first one was about 15 years ago. And she recently actually had to join our prison as well. She's 80 years old. And I've seen her interaction with acute care and the things that were really great and the things that weren't so great. My brother fell from an 80 foot waterfall not too long ago in upstate New York and had to be airlifted out in a helicopter and he had numerous surgeries and was in the hospital in and out for about three months and saw his experience and again, some really great things about his experience and some things that were not so great. And then, you know, I had an encounter with an acute injury stress fracture that was very slow to heal. I was frustrated with my healing process and asked my doctor what I should be doing and the response was kind of go.

Eziah: One is that acute care overall is under significant stress. So doctors are understaffed in their practices. 30% of nurses have left the profession. 50% of physicians are over the age of 65 and will retire in the next 10 years. And so there's a lot of pressures in that environment, Medicare rates being cut, et cetera. But then if you superimpose on that, the fact that patients are going into acute care with more and more challenges. So they're older, like my mom is 80, 90 having surgeries, they're undernourished, they've got lots of complications. And those two are not a good mix, that the fact that you have acute care that is going to be understaffed, under pressure, and a more complicated patient. And how do you solve for that? It's gonna mean a reduction or reduced quality in terms of our outcomes, and that's gonna cost billions of dollars in healthcare. And so MEND is taking that on. It's addressing some of those gaps that I saw in acute care to help lift the outcomes, but also position patients for long-term success. So we have a technology platform, a behavioral model, along with a food as medicine core philosophy and approach in how we position patients for good outcomes. Convergence of those two is really where we're operating. We think we're quite unique in that regard.

Jason Kirby: It's like, I guess, walk me through this, you know, going through your site and what you guys do, you have kind of like a physical supplement that people can take, but you also have an app. You know, what's that user experience that are you patient? Oh, uh.

Eziah: Jason, I completely lost your audio.

Jason Kirby: Can you hear me? Oh, it went to your speakers. Oh, and we locked, oh, you, your head, dead. Your headphones are dead.

Eziah: Can you hear me now? I can hear you.

Jason Kirby: I can hear you, yeah. Your headphones are dead.

Eziah: My headphones are dead.

Jason Kirby: So that's that, yeah, because I lost you for like, uh, two seconds there. Screen went black and now I see that, what the problem was, the audio was lost. Uh, lost you again. You have no microphone. There you go. Yeah, I can hear you now.

Eziah: Can you hear me now? Okay. Well, hopefully we can manage this way. Sorry about that.

Jason Kirby: That's all right, just my editor will hate it. No, that's fine. So I think we lost you for about a moment, but how you came back in, it was gonna be fine. So I just make a note and we kind of continue back in. So I'll ask my question again and we'll go back.

Eziah: Okay. Yeah, ask it again. No problem. I'll replay for you.

Jason Kirby: So you kind of talk about serving the patient community, but looking at your website, I see physical supplements that I assume people could purchase as well as app and technology. Can you walk us through what the patient experience is, how they discover you and what they end up, how do they utilize you?

Eziah: Yeah, we really focus the business and this is, you know, a hard lift of getting into conventional health care, really, really going through, go to market through physicians and doctors and hospitals. And you can imagine a very skeptical community that is evidence-based and really wants to see published papers and signs before they touch anything. And then when you're bringing them to them some something that's not a pharmaceutical or they're not accustomed to using it, even heightened level of skepticism and scrutiny. So we've had to work really hard to go through that channel as well because we really want to help support medicine and make sure that we're a cornerstone of medicine. So the way that MEND is primarily being used today is you go see your doctor, let's just say you're having a total joint surgery. We have a number of published papers and studies, randomized placebo controlled trials that show that if you take our product pre and postoperatively, you will actually enhance outcomes. And that means better muscle, better volume, better return to function, and a whole bunch of things that result in better downstream outcomes. Really, really fascinating studies done, both in the form of placebo control trials and MRI, but also biopsy studies that have been validated across a number of sites. And recent studies that have also been published, biopsy studies that have shown that the problem we're trying to solve has actually been historically underreported, that the atrophy is actually quite significant and can lead to long-term risk for disability if not addressed. So that's how we've gone to market. And now conventional medicine is increasingly utilizing our medicine. Health systems, it's the leading orthopedic surgeons in the country and hospitals are ensuring that MEND is a part of your protocol as you go through your perioperative experience.

Jason Kirby: No, that's something I probably talked to my dad about. My dad just had surgery yesterday. Had his fourth knee replacement. Brutal. Well, I guess technically the real knee replacement was several months ago, but they botched it and had to redo it and repair it. So not fun, but he's feeling great. He's released today, so it's good news. But...

Eziah: Is that a fourth? Wow. Reversion, yeah, no fun. Have to play Sarah that.

Jason Kirby: And I guess walk me through the technology aspect. So it's one, you have the proprietary, uh, you know, the supplements and solutions that people can consume, but from a technology play, where, where are you guys at on that front?

Eziah: So today, Jason, I know you've recently had some work done on your shoulder and your dad did. I presume when he went in for surgery, there was a sheet of paper that was given to him and said these are the things you should do and things you shouldn't do. We think that's a relic, that we can provide much more hands-on care in terms of best practices. So our tech platform enables bidirectional conversation between our care providers and the patient, coaching them through the entire period. So your dad, if he was on our platform, not only would he have received the nutritional medicine, nutritional products in the mail and told how best to take them, but he would have had a nurse, a dietician, perhaps a PT that would have navigated him through the entire episode of care. So all the things you need to do pre-surgery to ensure that you have a good outcome. And there's a whole bunch of things that aren't typically given as much attention to, like nutrition that your dad would have been optimized on. And then post-surgery, what are all the things that you should be doing to ensure that you not only get really good outcomes during surgery, but you're positioned for long-term success. So our behavioral model, our technology is designed to support a patient through that entire episode of care in a much more advanced, digitally native way that also then uses that acute opportunity as a way to position people for long-term success. We think that's a missed opportunity. A lot of times that acute event is an aha and an eye-awakening moment for folks where they're most receptive to change. They're looking for ways to not end up in the same situation. And how do I make lifestyle choosing choices that will result in better long-term health? And so we do that. We use a behavioural model to position patients for long-term success.

Jason Kirby: Okay, no, that's awesome. And just from a payer, is this a health insurance payer situation that pay for the service? Or is this a patient opt in?

Eziah: Yeah, and there are different criteria. If the patient has certain chronic conditions that we're trying to manage because those can lead to complications and risks, then there would be certain codes that we bring to bear. The remote patient monitoring does have a set of codes that we can utilize in the nutrition realm. There are some codes that our dieticians can utilize to bill to payers, and we also do have a cash-based model.

Jason Kirby: Awesome. Okay. Now that's great to share. So now I feel like a really good grasp of what you put together, this company and the offering that is servicing the patients that are impacted in these situations. Let's talk a little bit about your fundraise. You know, I start from kind of the beginning from conception to when you first went out to go raise some capital, who you targeted, all the way up to your recent series A of 15 million.

Eziah: It's been a pretty traditional kind of curve of you think about what startups go through, you're begging and borrowing from family and friends in the initial stages and that's literally what I did. I spoke to everyone that I could about my concept and my vision for it and the first check was $5,000 and five went to 10 and 10 went to 15 and so on and so forth and literally cobbled together as much capital as I could and the really critical thing at that stage is getting as many proof points in place as possible with, you know, obviously as little resources as you can, doing all the validation. And I went and spoke to as many doctors as I could, dietitians, et cetera, built proof of concepts, did validation and market studies and consumer studies. So you got to stretch the dollars every, I mean, it doesn't end. You got to stretch the dollars every step of the way. So ultimately that led to enough proof points where we started to go after institutional capital, but we did that in the form of, you know, what's commonly used, convertible notes with sophisticated investors through seed rounds. Sometimes the seed rounds were kept open for a while. We took some capital that would allow us to move, but we kept it open so that additional seed investors could come into the round. And then to today, where we recently completed a series A round in a very difficult market environment, where we've got very sophisticated investors on our cap table and traditional series A, that's a priced round, and we went through a whole evaluation exercise, and that's where we're at today.

Jason Kirby: That's awesome. And, you know, from kind of going back to, you know, kind of that post family, you know, friends and family round, but, you know, maybe low six figures, I imagine is kind of where you guys ended up on that round. Is that correct? And then from there, like, from that point to like, you know, I guess to call it a pre-seed or was it more of like a rolling seed the entire time with like, you know,

Eziah: Yeah, yeah. No, we closed a couple of seed rounds. So we took a seed round, hit a bunch of milestones. We closed it. We hit a bunch of milestones. And we decided we weren't quite ready for a Series A yet. Wanted to put some more things out in our business model. And then when we got to a valuation and a place where we felt the really sophisticated VC, institutional investor, would like our pitch and story, that's when we went after the Series A.

Jason Kirby: Was that more of like a revenue milestone, a growth milestone? Like what were the milestones or KPIs that you guys were monitoring to kind of get you, as you say, like series A ready?

Eziah: Yeah, it really is. I mean, they're going to look for market traction beyond anything else. If you're not a heavy IP-driven company, it really is about market traction, revenue, demonstrable demand. And so we had and have hospital contracts in place. And so it's very clear when you look at our company that we're executing now. We're not in the product market fit stage. We're not in the validation stage. We're now about, OK, there is a demonstrable demand for these guys' solutions. And if they execute well, this should be a success story. So that's very much where we are now. We have lifted hospital accounts into our platform. We're generating that data and we're seeing results. And so if that goes well, we continue to execute with excellence. We've got four or five other accounts that are closed and it'll just be a big story in 2024. So you have to have all those pieces in place for the professional VC community to really take notice of your opportunity.

Jason Kirby: And when it came to those kind of seed rounds, the sequential seed rounds, how were you getting in front of VCs? What was your strategy? What was your approach to kind of inevitably end up in front of the right people and close checks?

Eziah: Yeah, and you have to be a little bit deliberate about kind of who you take into your angel rounds and how you're doing your early stage raise. We got a lot of family money into the company. We've got some investors that are well-connected and have large networks. One of my investors is an LP in a fund. So once you're there, it really is about shaking the trees and getting in front of as many communities as you can of investors and having folks open the doors. It's a relentless job. We just closed our Series A and some people are shocked that I'm already thinking about Series B but I can't afford not to because the gap closes—the time comes up on you so quickly—and if you're not laying the foundation for it, you're just gonna miss the boat. So it's a never-ending part of the job when you're a CEO and a startup. I wish it wasn't because I'd love to dedicate 100% of my energy towards execution, but it's a necessary evil and you just have to constantly be working on it.

Jason Kirby: And when you were, you know, from seed to Series A, you know, was it a lot more relationship building or was it a lot more like, here's my startup, here's my deck. I'm pitching you.

Eziah: We were very fortunate in that we didn't have to do a lot of show pitching to really get to the capital that we needed to get to. You get yourself a strong lead investor and if you've done enough socialization, the round will fall into place. So that's really the focus: if you're doing a $10M round, can you find that really strong lead to take half of it—a lead that will influence others. And it's a highly reputed investor where others will follow into the round. We were very fortunate to get introduced to SCG Ventures, which is the Walmart family fund, and they led the round. And of course they are such reputed investors that it really helps you ease and close out with the others. Now we did have a bunch of money lined up prior to that lead investment, and it is about just being persistent about getting in front of credible investors whose mission aligns with you. Really important to us is purpose and mission alignment because we are in a space that doesn't move fast—healthcare, human health, etc.—but there is such an enormous opportunity to make an impact that we felt like if we had the right investors that were patient capital that understood the complexity of what we're trying to build, that would be the right alignment. So we're very fortunate that they're on our cap table and in the last round we have three pure-play, food‑as‑medicine, human-health focused investors, and then others that are tangentially interested. It's not a core part of their thesis, but they really love what we're trying to build. So, to answer your question, it is something that you have to stay very persistent with and speak to as many people as you can speak to.

Jason Kirby: Were most of these people you were getting in front of, was it mostly just warm intro after warm intro, or were you identifying these would be our ideal investors and you reach out to them cold, or you try to path into warm intro?

Eziah: I didn't do a single cold outreach—not a single. Our entire raise was done off of warm introductions. I suspect people do a lot of cold outreach, but I find sending a cold deck to someone who doesn't know you into their inbox to be limited in what you can achieve. So I haven't focused on that. I've focused on leveraging my network to get in front of folks that they have relationships with. And that's served us well.

Jason Kirby: In most seamless fundraises, that's the reality—it's leveraging existing warm introductions, because you just skip so much of the necessary relationship building when you come in cold and the trust establishment. If you have someone you trust, referring someone you trust to someone, it's a much quicker validation. But were you more or less saying, hey network or hey friends, family, like I want investors thrown my way, or were you like, hey, I need to get in front of 30 investors and trying to map out who knows who? What was the process of requesting those intros?

Eziah: We did a little bit of both. We had our target list. We mapped out the community of investors that were thematically aligned with what we were looking for, that we were at the right maturity stage for their thesis. These guys invest in companies like us in terms of what we were bringing to the table. They invest in check sizes like us. So these were our targets. And then you take your targets to our existing investors that were on our— we were a little bit unique in that we had some institutional investors already on our cap table from seed, and of course they can make a bunch of introductions. So it was a little bit of both. It was a targeted approach on who we wanted to get in front of, as well as opportunistic. One of our larger investors that came into this past round was purely opportunistic. We didn't know about them. They weren't on our target list. It happened to be a new relationship of one of our VCs and they said, hey, why don't you speak to these guys? Through the course of the conversation, we learned that we had a lot of alignment and that they could bring strategic value and we could bring value back to them. They ended up writing us a pretty decent sized check. So again, that was an opportunistic play.

Jason Kirby: No, it's awesome—but you're opportunistic, and you did a lot of homework. You built the business to be attractive to these investors. It was not just a handshake and a check. It was a lot of hard work leading up to it. That I always like to make very clear to founders: you're building a company that is fundable. It's not just about going out and trying to pitch investors on an idea at this point, especially at this stage.

Jason Kirby: So that brings me to a point I’d like to call out for the audience: you mentioned you did the homework first in terms of identifying who your prospects are—who's actually in your market that is willing and able to write checks? That's something I work on with founders extensively. Too many focus on spray‑and‑pray. Usually, that turns into a giant waste of time for everyone involved. It sounds like you went about it the right way and the results show. So going to your Series A: at this point, you've raised seed, built relationships, you're building traction. I believe you raised about five million and change before you got to your $15M Series A, right? And from the moment that you talk about the A to these investors to the moment that the cash is in your bank and you're firing on all cylinders—what was that timeline like and what were some of the frustrating points along that journey?

Eziah: We were again pretty fortunate. We're in an incredibly difficult funding environment where very few deals are actually getting done. From the time we met our lead to closing everything, probably about four to five months to get all that work done. There were a number of things that delayed it—Christmas holidays, then SVB. We probably would have closed a lot sooner had those things not happened. I think one thing was because we had a number of investors come into the round, we were repeating the diligence process over and over: references, customer calls, etc. Are you gonna send a hospital chairman another client to do another reference check? Some things we were asked—because of the heightened scrutiny in the environment—required extra levels of diligence. We were fine with that; we knew we had a solid story. But some of that delayed when we thought we'd close and have cash in the bank so we could start running and have a really strong year. We had to get a little creative about bridging until the round was fully closed. Overall, we were fortunate to have a relatively smooth close and get the capital that we wanted and needed at a valuation that everybody felt was fair. We could have dug our heels in and fought for something higher, but that wouldn't have served anyone well. The most important thing was to get a strong lead, comfortable with value and asset quality, and make sure the collective syndicate was strong. That will serve us in future rounds, in the market, opening doors, etc. We feel good about where we landed.

Jason Kirby: You closed your round in the midst of the SVB—Silicon Valley Bank—collapse. What was it like when you saw that news and everyone freaking out, moving money? What were you feeling in that moment? Did you feel like your round was potentially threatened?

Eziah: At points, yes. We were literally in close. For me, it was a triple whammy: MEND’s money was in Silicon Valley; my personal money was in First Republic; and my 401k was with Vanguard, which was one of SVB's largest investors. As an entrepreneur, I've developed the muscle of anticipating crisis after crisis. I practice stoicism: I control what I control and react to what I can control; I don't stress what I can't. It definitely delayed our funding significantly. There were moments of “what does this mean?” Fortunately, the government stepped in and did what they did—otherwise we might have been in significant trouble.

Jason Kirby: That was an intense moment. I saw term sheets fall off; funds went dark while scrambling. Many people were not so calm. Looking back…

Eziah: A lesson my uncle shared: if you're reductionist, the biggest risk is your company fails. Horrific—people are laid off; investors lose money. But you'll survive, you'll feed yourself, you'll find a home and your next thing. So I focus on what I control. Ultimately, survival isn’t at risk. During SVB we were careful about expenses, stayed focused on executing the plan, and the world turned out okay.

Jason Kirby: We're all alive and doing well. Market seems to be ripping back. So you got the $15M. What's the acceleration plan from here? You're already thinking about the Series B—what milestones are you pursuing to set up the next round?

Eziah: As I mentioned, we have a number of contracts in place. The first contract we lifted in January. A lot of eyes were on that to demonstrate we could deliver a great client and patient experience, bill, and see revenue. I was elated that in March the client indicated they were seeing real clinical outcomes already—two months into deployment the most important medical leader is saying it's working. But we uncovered operational challenges—not clinical—around billing and codes, etc. We put the brakes on a bit to ensure we got operations right. Now I have clients waiting to be onboarded—just ordered two more accounts—and in parallel we’re fixing operations. If we get all that humming, we’re ready for a very big second part of the year: enrolling and onboarding provider accounts. One challenge as a CEO: investors aren’t there for all the nuance. You send a quarterly report and if you're behind, that raises concern. So you have to work hard on investor relations. I had a quarterly call; I encouraged professional investors to find 1:1 time because they'll miss the nuance. Even though I’m busy, it's needed; otherwise the 3,000 things we’re doing won’t be in a spreadsheet. Please find time with me. Those are the people who will evangelize you in the next round. If they have confidence you’re a good steward of capital, half your job is done. Invest appropriate time in investor relations.

Jason Kirby: How frequently are you sending investor updates? How often do you keep them apprised?

Eziah: Because of this critical period—and if we hit a home run in the next couple months—we're having a board meeting every second Friday (bi‑weekly). It's a quick 30‑minute board meeting: here’s what we did; here are activities to optimize. For the broader investor community, we send a quarterly update, and I try to have 1:1s with more sophisticated investors who need more detail. The board meets every couple weeks now; otherwise, it's the regular quarterly cadence.

Jason Kirby: Some founders might be intimidated by that, but what you’re describing is a collaborative environment—hashing out issues and bringing ideas to the table. That cadence isn't unusual in hyper‑growth. Traditionally it’s quarterly; this is a crunch period so everyone stays apprised.

Eziah: I'd rather share more than less. My board knows and can opine; if there’s a blind spot I'm not seeing, they can catch it. Right now it's critical—we're running daily and weekly sprints. Everyone knows what everyone's doing. The board knows. If we do that and stay aligned, we have a chance of success. If I'm arrogant and not sharing, operating in a black box—shame on me if things fail. I had the opportunity to expose my blind spots; that's my bias: overshare.

Jason Kirby: In today’s market, for founders trying to get funding, there’s a stat: for every $1 of deployable capital, there’s $3.50 trying to raise. There's not enough capital deployed. Founders who value transparency—not seeing it as a burden—stand out.

Eziah: It is scary. You’ve got people on your board who wrote big checks; they’ll be demanding. But they will appreciate transparency. They’ll appreciate you asking for help; they want success for you as much as you do. Don’t be intimidated. Overshare, if anything.

Jason Kirby: I’ve seen founders be super prompt on updates but sometimes too bubbly—what’s really going on? It often takes 1:1 calls to unpack things. Worse is when founders go dark—nothing good comes of that. Sounds like you’re ahead of it and open with your board.

Eziah: I hope so. I’m always asking investors: what more do you want? Are these calls structured the way you want? What else would be useful? Ask your investors that—what do you want to hear, what format? They'll tell you.

Jason Kirby: Don’t reinvent the wheel when they already know what they want—you just have to show up. I ran a company where the board wanted a full deck every month—and it was different every time. It was excessive and tough. When we had a candid conversation about how much it distracted us and took away from execution, they said, “Oh, we didn’t think it was a big deal—keep it brief.” We did that for months!

Jason Kirby: Any advice to founders thinking about raising or currently fundraising?

Eziah: It requires incredible resilience and toughness. Sometimes you’ve worked so hard you can’t see there’s an opportunity just around the next corner you turn. Invariably, it seems like a rite of passage—you get to the point where you're hanging by a thread before the opportunity reveals itself. If you stay true to your mission, work hard on the right things, that's the alchemy for opportunities. Be resilient, be strong, have faith in yourself—that’s the game of entrepreneurship and being a CEO.

Jason Kirby: Fun question I like to ask: how many investors do you think you’ve pitched in total since day one and how many ended up investing?

Eziah: I’ve probably had conversations with at least 100 investors. I’d say in total there are 15 to 20 institutional/family investors on our cap table. Some conversations are more informal—just getting on each other’s radar—versus an active pitch. But that’s my estimate.

Jason Kirby: Solid conversion rate. Where can people go to learn more about MEND?

Eziah: Our URL is really short and simple—mend.me. And my email is [redacted in transcript]. I’d love to hear from you if you want to talk about anything. I love talking to people who can share learnings with me and I can share learnings back.

Jason Kirby: I appreciate that. I’ve found many guests are reached out to by our listeners—which has turned into fruitful relationships. We encourage it. Don’t be scared to reach out—just be respectful. I appreciate you being on the podcast. You shared valuable insights into what you’ve been doing and how you went about your fundraise. I hope founders walk away with valuable input.

Eziah: Thanks Jason, and thanks for doing what you do. We're all part of the community trying to change the world. It’s important to be part of the conversation. Thank you for having me.

Jason Kirby: Pleasure’s all mine. Thank you.

FAQ

What is MEND and who is it for?
MEND is a healthtech company combining clinically supported nutrition (food‑as‑medicine) with a behavioral, digitally enabled care platform to improve outcomes for acute care patients, especially around perioperative episodes.
How does MEND’s technology support patients?
Patients receive guidance and two‑way communication with nurses, dietitians, and PTs via a platform that coaches them pre‑ and post‑surgery, covering nutrition and recovery steps for long‑term success.
Is MEND covered by insurance?
In many cases, yes. Depending on patient criteria, clinicians can use Remote Patient Monitoring (RPM) and nutrition‑related billing codes; a cash‑pay option is also available.
What clinical evidence supports MEND?
The team cites randomized, placebo‑controlled trials, MRI and biopsy studies showing improved perioperative outcomes (e.g., muscle preservation, return to function) when using their protocols.
Who led MEND’s Series A?
SCG Ventures (a Walmart family fund) led the round alongside other health‑focused investors.
How long did the Series A take to close?
Approximately four to five months from first meeting the lead to final close, with delays due to holidays and the SVB collapse.
Key fundraising lessons from the episode?
Line up proof points before institutional capital; prioritize a strong lead; use warm intros; overshare with your board; and ensure operational readiness (e.g., billing) as you scale.

Tags: Fundraising, Series A, Healthtech, Food as Medicine, RPM, Hospital Partnerships, Venture Capital, SVB