Vinny Olmstead

Kalos Ventures Management has closed an oversubscribed $78.8 million inaugural fund to back early-stage startups in workforce, care, and education. The fund includes support from ZOMA Capital, GCM Grosvenor, MassMutual, Sorenson Impact, and Pivotal Ventures. Led by Ashley Bittner, Renée Beaumont, and Kate Ballinger, Kalos Ventures will invest in companies building technology for changing labor markets, caregiving needs, and education infrastructure. More at: https://lnkd.in/euNKrTmX #VentureCapital #Startups #FutureOfWork #EdTech

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Operating companies permanently changes how you invest. When you’ve lived through payroll cycles, commodity volatility, grid constraints, and board pressure in down markets, you stop starting with upside. Operators underwrite downside first: what breaks margins, what disrupts cash flow, what fails under stress. Capital doesn’t solve those problems but execution does. Operators: what risks do you underwrite first that others miss?

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Carta's 2026 PE Executive Equity Report found that the median refresh grant issued to executives at PE-backed LLCs rose from 46.4% to 72.7% of initial grant size between 2023 and 2025. Sponsors are not being generous with equity. They are managing a retention problem the headline numbers understate. Carta analysed equity grant data across thousands of PE-backed companies for its 2026 report. It also found that 57% of initial grants to management teams at PE-backed LLCs include performance conditions tied to MOIC, IRR, or a comparable financial return metric. The 2019 to 2021 era distributed equity grants at PE-backed companies during a period when compressed discount rates, expanding multiples, and high sponsor activity made ambitious MOIC targets credible. A CFO or COO who joined a PE-backed business in 2021 on equity structured at a 3x or 4x MOIC return found, by 2023 and 2024, that rising rates, revalued portfolio assets, and compressed exit multiples had materially changed the value of those grants. The equity designed to lock executives in became, in many cases, a source of friction rather than alignment. A refresh grant of 72.7% of the original package is a significant capital commitment to keeping someone at the table. What it reveals is specific: sponsors are losing or at risk of losing executives at precisely the point when the value creation plan is supposed to move into its acceleration phase. The institutional knowledge those executives carry - operational progress, board history, sponsor relationships - is not easily replaced mid-hold. The cost of a search, a transition, and a 12-to-18-month ramp before a new executive is contributing to exit preparation is a risk sponsors are paying equity to avoid. At HMN Capital, we are working with PE sponsors on executive retention mandates where the original equity package has ceased to provide the alignment it was structured to create. The conversation has moved from grant size to realistic MOIC timeline, refresh cadence, and whether the individual stays in role through to exit. Happy to share what we are seeing across executive retention and replacement searches in European PE portfolios. #PrivateEquity #ExecutiveCompensation #EquityRetention #TalentRetention #PEPortfolio #ExecutiveSearch #CFO #COO #Leadership #ManagementTeam #Carta #HMNCapital

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As founders scale, financial leadership needs evolve just as fast as product or team strategy. In this article, Jason Anglin does a great job outlining when a startup needs a fractional Director of Finance vs. a fractional CFO. And why getting that choice right can save both time and capital. Worth a read for founders approaching their next growth stage.

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Had a great time at DC Startup & Tech Week (Formerly DC Startup Week) moderating a panel with Scott Christensen (Chesapeake Bay Seed Capital Fund (CBSCF) , Faith Davis (Exelon) and Bill McNulty (NextEra Energy Investments), convened by the great C'pher Gresham. Here's a quick recap: 1) The panelists were phenomenal - a mixture of corporate, state and foundation-backed VC's all focusing on climate. They're actively funding companies across a range of sectors - e.g. nature-based solutions, energy + AI, water, etc. Point being, we were lucky to have experts with such broad purviews. 2) The current climate could be pushing at least some climate VC's to focus on software and move away from hardware, at least temporarily. This type of capital may indeed just be better suited for software companies at this juncture. It also reflects the fact that certain segments of the climate-tech market are just more mature than others - e.g. software performs best once the hardware and the business case around it are solid, then it becomes and optimization and efficiency game. 3) Founders need to target "must-solve" climate problems from the investor lens. In other words, yes there's a sea of climate challenges where startups can be additive. However, in this environment, few of these areas are attracting meaningful capital. There's nothing wrong with tackling problem areas that are under-invested, we need this in spades. However, for those trying to get capital in the door, realize the constraints that come with targeting problems that investors just aren't prioritizing. 4) Look to funders overseas. The EU, where so much climate finance, policy and general expertise has come from, could be playing a much more important role. I'd also argue that Gulf countries like KSA and UAE are going to be critical here too, not to mention China, of course. 5) We need mentoring and coaching to be at an all-time high. With so much uncertainty, networks/communities where both founders and investors can learn from/lean on each other have never been more important. The panel/audience was a nice microcosm of the types of support networks we need to be actively building. Big thanks again to C'pher, Faith, Scott and Bill, as well as the whole DC Startup + Tech Week team. Til next year!

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Layer is tackling one of the most overlooked pain points for SMBs: accounting. They’re gaining real traction doing so. Emergence is leading their seed round to bring embedded, AI-powered accounting to the SMB software stack. Kevin Spain highlights what makes this team and product so compelling. 

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It is incredible what care.fi has built - an OS for healthcare players —unifying RCM, claims intelligence, and embedded finance into a single execution layer. Welcome to July Family, Care.fi

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🚨NEW EPISODE: Recorded live at FUTURE TITANS 2026 - Jeff Perry of Carta sat down with the iconic Seth Levine, co-founder of Foundry. Seth has been in venture for 25 years, built Foundry from scratch as an emerging manager himself, and has backed about 50 emerging manager funds through his fund of funds. He has genuinely seen every side of this table. They went deep on building Foundry, why VCs are in the influence business, not the decision business, and why the concentration problem in venture is not only bad for LPs, but also for the innovation ecosystem overall. And why Seth's new book, Capital Evolution, is so important for the future of America. 🎧 Links to listen... Apple: https://lnkd.in/ehQUQ2EM Spotify: https://lnkd.in/eU4FExpg

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One of the most common ways to get a technology based business going is with a SBIR or STTR grant. That includes more than half the portfolio companies of Venture Investors Health Fund. Funding for these programs ran out on September 30, and it was not included in the continuing resolution to reopen the government. Congress needs to get this funded again ASAP. These grant programs are particularly important in the middle of the country where capital is not as abundant. It can considerably stretch funding from personal savings, friends and family, angels, and seed stage VC at the formative stages. The peer review process is reassuring to the earliest investors and the results of the funded work often provides the proof of principle that unleashes access to a broader group of investors. The success stories are seemingly endless. Beyond our portfolio, Amgen, Genzyme, Qualcomm and Illumina are among the industry giants that got their start with SBIR funding. The impact is beyond dispute. There is broad bipartisan support, but some in Congress are proposing changes to do things like capping the lifetime grants to those who fail to commercialize, targeting the mills who make it a primary business to attract grants. One thing contributing to the success of small companies is a sense of urgency. They are focused on priorities and want to get things done now. When caught in an unexpected funding or regulatory delay, they are disrupted and cash continues to burn on core monthly expenses. Once beyond the unexpected delay, the available cash is diminished, reducing the likelihood of achieving the value transforming milestones that open the doors to new investors and the next funding round. The programs are not broken but could be improved. However, allowing the program to lapse while potential changes are being debated can cause irreparable harm for the most fragile nascent companies. Congress needs to develop an entrepreneurial sense of urgency to help the current crop of early stage founders that they have left hanging and pass a continuing resolution while they contemplate changes.

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🚀 🗞️ Big news for Florida’s startup ecosystem. New World Angels and Miami Angels are uniting to create a statewide angel network, aligning capital, expertise, and community under one platform for founders and investors across the region and beyond! This combination brings together 160+ members, deeper industry expertise, and a single point of entry for early-stage founders seeking truly “smart money” from engaged angel investors. It also builds on years of collaboration between the two groups and reflects how Florida's innovation ecosystem is maturing and scaling. I am proud to be part of this next chapter and excited about what it means for founders and fellow investors throughout Florida and across the wider startup community. Read more here: https://lnkd.in/efQSpXyf search.sunbiz 🚀

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Excited to share that we have closed RA Capital’s $120M Planetary Health Fund. We are bringing RA Capital’s evidence-based, returns-driven approach to companies addressing urgent planetary challenges. Planetary Health is about people, planet, and profits. What sets us apart: • Deep technical and market diligence • Precision capital deployment based on proprietary research • Active support across technology, regulatory strategy, hiring, and scale-up • Focus on market readiness over momentum or funding rounds • Portfolio companies are commercially viable and not reliant on policy tailwinds Our expanding portfolio includes companies like Sortera Technologies (AI-powered metal recycling), AM Batteries (advanced battery manufacturing), and several exciting companies still in stealth. Each is built on strong fundamentals, with clear paths to impact and profitability. Proud to rejoin Kyle Teamey and partner with the RA Capital Management team to help build enduring, high-performing businesses that create both strong returns and lasting impact. The opportunity is real. The timing is right. Let’s build. https://lnkd.in/guU6hktt

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The PE fundraising boom wasn't a new normal. It was an anomaly. Nowhere is that clearer than in healthcare services. Capital concentration, depressed exit activity, and a structurally smaller pool of available LP commitments have reset the investment landscape across the board. In healthcare services specifically, Q1 2026 deal activity declined 16% year over year, with deal value down 23.3% despite several megadeals in the quarter. The weakness was broad: generalist and multispecialty providers, PPMs, and skilled care all saw volume declines. What the data doesn't fully capture is the inventory problem building underneath. Dental, mental health, home-based care, MSK, and dermatology each have at least 25 PE-backed companies with holding times of five years or more. That is not a pipeline. That is a logjam. And in a market where finding buyers is already difficult, with nearly half of PE executives describing exit conditions as challenging, sponsors are facing a compounding problem: assets they cannot exit, in a fundraising environment that is not forgiving of underperformance. The bright spots are instructive. Elder and disability care drew the quarter's largest transactions, including a $3 billion LBO of TEAM Services Group and a $1.2 billion take-private of Enhabit Home Health and Hospice. Demographic tailwinds are real. Strategic acquirer interest is real. But even in the sectors that are working, the underlying pressure is the same: 27% of PE executives report more underperforming assets this year than last, the third consecutive year that figure has increased. The market has reset. The question is whether the leadership inside these assets is built for what the reset demands.

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Navigating Growth in Venture Capital 137 Ventures has successfully raised over $700 million for its two growth-stage funds, signaling a strong commitment to supporting innovative startups. This move highlights the increasing need for dedicated funding strategies that address the unique challenges faced by growth-stage companies. At ElevenX Capital, we recognize the importance of aligning investments with strategic growth trajectories. As we look ahead, what factors do you believe are key in determining successful investments in this stage? #investing #innovation #venturecapital #entrepreneurship

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HealthVC x Lusha: Unlocking Smarter Fundraising and Sales Workflows We’re thrilled to announce our newest partnership: HealthVC has teamed up with Lusha to bring next-gen data and prospecting tools to founders, fund managers, and operators across our community. Lusha recently launched a powerful suite of AI-powered features that redefine how go-to-market teams research, prospect, and convert. Now those capabilities are coming to HealthVC Pro subscribers. ✨ With this partnership, you’ll be able to: Surface real-time, accurate, and compliant B2B contact data Use AI Prospecting Chat to instantly uncover new investor or customer leads Tap into CRM-triggered recommendations to stay one step ahead Turn insight into action with Sales Streaming, Lusha’s smarter, connected selling framework. But Lusha’s superpower isn’t just the AI; it’s that the AI sits on top of best-in-class data. That means every signal, every recommendation, and every lead is not just fast, it’s trustworthy. At HealthVC, we’re building more than a newsletter; we’re building the operating system for venture, and this partnership helps our members move faster, pitch smarter, and close better. Available now to all HealthVC subscribers, link in comments.

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"My favorite CEO comes in, and the first ten minutes of the meeting is actually psychotherapy." We are excited to welcome Paul Martino, Managing Partner at Bullpen Capital, for Episode 2 of Charting the Course. A nine-time founder and veteran investor, Paul brings a unique perspective on the "post-seed" gap—backing founders who build in categories and geographies that others often ignore. To Paul, being misunderstood isn't an obstacle; it's often an early signal of opportunity. Full episode drops this Friday - follow to be notified. #ChartingTheCourse #VC #Startups

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PitchBook's quarterly Venture Monitor report shows a market that is beginning to move again, but unevenly. These are discussions we have with customers every day and we have seen these trends play out across the market. But the numbers certainly speak for themselves. In 2025, AI accounted for about 65% of total deal value and nearly 40% of deal count, driving a highly concentrated environment where 50% of deal value went to just half of 1% of deals. Deal activity increased across every stage, with early-stage and first financings nearing 2021 highs, even as fundraising and liquidity remain constrained. It seems that opportunity is returning, but selectivity and differentiation matter more than ever. As always, we strive to ensure we are helping our clients across the private capital market ecosystem navigate the current environment. http://spr.ly/6045CFwD5

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At Brightstar Capital Partners, we believe success begins with strong relationships built on trust, alignment, and a shared vision to help great businesses grow. While capital is essential, we focus on building long-term partnerships built through hands-on experience and a commitment to lasting value. Our investment evaluation process is grounded in sectors we know deeply. We focus on cash-flowing businesses where we see an opportunity to optimize operations and foster ownership culture, helping to grow the company better than it could on its own. Ultimately, we judge success by a simple question. Five or 10 years after we exit, if someone calls a founder or partner we’ve worked with and asks, “Should I work with Brightstar?” I want the answer to be yes. That is our definition of real value creation.

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What’s old is new. Funny to watch VCs flood back to out-of-favor business models—hardware-enabled software, marketplaces, consumer tech—which are now viewed as more defensible because AI can't easily replicate physical infrastructure, network effects, or brand.

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