In this series, Digital Health Business & Technology interviews a range of digital health investors, from those who work at venture capital firms and at health system and health insurance venture funds, to individual and angel investors. If you’re interested in participating, email us here.
Jay Goss started fundraising for Wavemaker 360’s first fund in 2017 when there were not many venture capital firms dedicated to digital health, particularly at the earlier stages of investment.
“There was plenty of venture capital for life sciences and drug discovery companies, particularly in Boston, San Diego and Northern California,” said Goss, who is Wavemaker 360's general partner. “But when it came to telehealth, digital health, health tech and medical devices, there were way fewer venture funds focused on those four areas.”
The Los Angeles-based company built itself in a nontraditional way, Goss said. It didn’t seek funds from large endowments, pension funds and family office investors, but rather from healthcare executives and companies. Most of the company’s 300 investors across its two funds come from the healthcare industry, Goss said. The investors have led executives to companies like virtual breastfeeding telehealth provider Nest Collaborative and at-home physical therapy company Luna.
Goss spoke about why more venture firms in healthcare don’t share Wavemaker 360’s approach to fundraising, how the Los Angeles startup scene compares to San Francisco and more. The interview has been edited for length and clarity.