I Asked 12 Healthcare Investors from Intern to Partner: How Did You Break Into VC?
Venture capital (VC) has always been shrouded in an air of exclusivity and intrigue. And for those peering in from the outside, breaking into healthcare VC can seem nearly impossible. So I decided to ask 12 healthcare investors how they broke into the space.
Here are the roles covered:
General Partner (both managing and non-managing)
Operating Partner
Venture Partner
Principal
Associate
EIR
Venture Fellow
What you will learn from them below is that there is no one path. There are some similarities in their stories, namely a passion for healthcare and entrepreneurship, but the diversity of backgrounds range from biology to journalism to design to medical school. I hope this helps offer a roadmap (and hope) for those of you keen to follow in their footsteps!
For context, I recommend first reading The Many Roles at a Venture Fund — And How to Land Them.
General Partner (Managing)
“Revolutionary ideas are not always understood by everyone, but it’s that unshakable self-belief that propels innovation forward.”
Maria D. Toler's career path is one you often see in venture capital—from operator to MBA to entrepreneur to investor. With this experience and network, she started her own fund which focuses on women’s healthcare startups, after recognizing that they have historically been overlooked.
What she loves about the job: The core of what excites Maria about her job is the opportunity to collaborate with "genius founders." These are the individuals who share her vision of transforming communities and, by extension, the world at large. The founders she invests in are not merely entrepreneurs; she views them as are architects of change whose businesses will create ripple effects in society.
Compensation: As Founder and Managing Partner of her fund, she gets both a salary from management fees and carry in the fund.
Her advice: "Believe in yourself and have unwavering conviction in your thesis," she advises. “Revolutionary ideas are not always understood by everyone, but it’s that unshakable self-belief that propels innovation forward.”
“First, understand why you want to work in VC. What is the future you want to build? What are the types of companies you want to invest in? The best first step you can take is to define your thesis.”
Jessica Karr's career trajectory is a blend of science and entrepreneurship. She started in the labs of UC San Diego, where she delved into the world of biochemistry. A stint at Impossible Foods taught her the ropes of product development and scaling, and she formalized her business acumen with an MBA focused on sustainability and impact. This multifaceted background led her to venture capital, where she founded Coyote Ventures.
What she loves about the job: For Jessica, the thrill lies in identifying startups that are not just promising in terms of returns but also make a meaningful impact. The process of turning a thesis into a transformative investment and watching companies hit pivotal milestones adds layers of fulfillment to her role.
Compensation: Like many in the VC world, Jessica operates on the "2 and 20" model. She draws a 2% management fee for operational expenses, and she gets 20% carry on successful exits, ensuring her objectives are tightly aligned with those of her investors.
Her advice: Jessica emphasizes the importance of having a distinct investment thesis, and more importantly, the drive to see it make an impact. "Your unique angle will not just be a facet of your investing strategy but will also serve as your distinct identity in the VC landscape," she advises.
General Partner (Non-Managing)
“Act like a VC before you recruit for VC. Starting building relationships and adding value to entrepreneurs, build content, and build a brand for yourself.”
Vivien Ho's path to becoming a healthcare investor at Pear VC follows various career stints. From interning at Hyde Park Angels, where her appetite for early-stage companies was whetted, to consulting at BCG's healthcare team, and then to a defining role at Airbnb in tech culture and strategy—each chapter was a preparatory phase. Her interest in digital health eventually led her to the Healthcare Management Program at Wharton, where she acted as a fellow for Pear VC and co-hosted the Pulse Podcast. Post-graduation, Vivien transitioned to a full-time role, becoming the first healthcare investor at Pear VC.
As a non-managing partner, she leads healthcare deals but still needs the ultimate decision approved by the fund’s managing partners.
What she loves about the job: "You feel like a co-founder," Vivien says about her work as a VC. She revels in the successes, big and small, of the founders she backs. Whether it's helping them secure their first customer or assisting them in their initial journey from 0 to 1, she finds the work satisfying. "Mostly, I love my job because I get to meet and help mission-driven founders who want to reform today's flawed healthcare system."
Compensation: Vivien receives both a salary and a carry in the fund’s overall performance.
Her advice: Vivien encourages people to act like a VC before officially entering the field. "Start building relationships and adding value to entrepreneurs," she advises. According to her, the healthcare VC ecosystem is quite intimate; each interaction helps you build your brand. As a pro-tip for reaching out to VCs, she recommends offering valuable leads first. "I follow the rule 'giving before taking,'" she says.
Operating Partner
“When you’re an operator, consider your investors and their teams as your colleagues, even if you don’t work with them every day. If you think they’re great to work with, there’s a good chance they think the same of you, and there are opportunities to do some more work together.”
Jackson Wilkinson spent the first half of his career in consumer tech, working in design at growth-stage companies like LinkedIn, agencies such as Viget, and startups like Posterous. His segue into healthcare technology was propelled by meeting his future wife, who was studying medicine at the time, which lead him to found his first digital health company (at Rock Health!)
During the pandemic, he transitioned from leading product, design, and engineering at PathAI to getting involved with Project Beacon. This not-for-profit venture set up tech-enabled mass-testing programs in New England, testing millions and significantly reducing the cost of testing in the region. This project was partially funded by F-Prime Capital, so as he wrapped up, he joined their team as a Venture & Operating Partner.
What he loves about the job: Jackson spends most of his time helping and advising the fund’s existing investments, from office hours, intros for exec hires, and board meetings to working closely with their product teams, standing in as an interim CTO or CPO, or even just designing a logo in a company’s early days. He says "The diversity of work is a blast, and while I sometimes miss being all-in and building a company from the ground-up, this is a pretty great and impactful way to spend your week”.
Compensation: He gets a salary, as well as carry on a deal-by-deal basis. In addition, sometimes portfolio companies ask him to contribute as a formal advisor or director beyond, in which case there’s an equity component.
His advice: Getting startup experience, as a founder or early employee, will help you add more value to the companies you're serving as a VC.
Venture Partner
“Remember that you’ll need to deliver at least three times the value of your cost to the firm.”
Ray Costantini is an MD/MBA who previously founded and ran a digital health startup. Suncoast Ventures was looking for expertise in several areas (digital health operations, clinical insights, enterprise health operations) and Ray got introduced to the General Partners. In this part-time role, he participates in mid-stage due diligence, acts as an advisor and operating partner to portfolio companies, and helps both in sourcing deals and potential limited partners (LPs).
What he loves about the job: Ray finds joy in the multi-dimensional aspects of his role. "Getting exposure to early-stage companies, advising them, and experiencing the other side of the VC table" are elements that captivate his professional interest. It’s also helping him decide if he wants to move into a full-time investor role.
Compensation: Rather than a more typical per-deal carry, he receives a carry on the entire fund, and additional per-deal carry for companies that he directly sources. He does not get salary for this role.
His advice: Ray suggests that diverse experiences will make you better at your job, and help you add more value to portfolio companies. He also offers a metric for self-assessment: "Remember that you’ll need to deliver at least three times the value of your cost to the firm." Yet, he notes, caution is key. There's often a discrepancy between self-perception and external valuation; acknowledging this can be a catalyst for growth.
Principal
“Figure out how to differentiate yourself. Just having access to capital isn’t enough. It’s a sales job. You’re constantly pitching yourself. So you need to have a reason why YOU – not just the fund you work for – are the right partner for a company.”
An award-winning journalist, Christina Farr’s career started in newsrooms like VentureBeat and CNBC. Her expertise in health-tech drew the attention of OMERS Ventures, eventually leading her to transition from journalism to venture capital. This career path is actually not all that uncommon! Other prominent journalist-turned-VCs include Kim-Mai Cutler of Initialized, MG Seigler of GV, and Michael Moritz of Seqouia.
What she loves about the job: Chrissy’s journalistic agility translates perfectly into her current role: she relishes the intellectual diversity that each day brings, especially when interacting with passionate founders.
Compensation: In addition to a salary, she gets carry in the fund, meaning Chrissy partakes in the profits of the entire fund, not just individual deals she leads.
Her advice: "Figure out how to differentiate yourself," she advises. In an industry flush with capital, your unique value proposition isn't just the fund you represent, but yourself as an individual.
Investment Manager
“Rather than trying to be a ‘cookie cutter’ version of what it has (historically) looked like to be a VC, work out what your value add is in the industry and lead with that. I’m not an ex-investment banker, I don’t have an MBA and I’ve never founded a Company. I am a clinician though, and a solid problem solver who gets a lot of energy from working with and supporting others – there’s value in being someone who can approach the industry differently.”
Dr. Chantal Cox describes her entry into venture capital as almost serendipitous: "I think that I tripped and fell into VC." Initially trained as a doctor, Chantal transitioned from emergency medicine to strategy consulting before marrying both domains in her current role. Now, she's an early-stage health tech investor, combining analytical prowess with a clinician's touch. In her role at Octupus Ventures, she sources and leads deals, while also supporting portfolio companies. She’s not just focused on the big picture; she also manages colleagues and spearheads various internal initiatives that bolster both the partnership and the broader fund priorities.
What she loves: For Chantal, the real allure of the job lies in the people. "I’m lucky to work with mission-driven founders and investors who aim to revolutionize healthcare," she says. Although she has moved on from patient care, the prospect of effecting "big picture change in healthcare" remains a motivation.
Compensation: Chantal's compensation package comprises both salary and carry in the entire fund.
Her advice: Chantal encourages aspiring VCs to ditch the cookie-cutter image of venture capitalists and focus on your unique value. "I don’t fit the traditional mold—I’m not an ex-investment banker, I don't have an MBA, and I've never founded a company. But I am a clinician and a solid problem solver," she says. According to her, the true value lies in leveraging these distinct capabilities to bring a fresh perspective to the table.
Associate
“Don’t just apply to every role. Pick the ones that get you so excited.”
From a biology major in undergrad (where she studied heat shock proteins in invasive zebra mussels) to becoming a policy analyst (where she wrote memos for legislators) to getting her MBA, Jenni Le's career has been anything but linear. On the first day of her MBA classes, she sat next to someone who knew someone who needed someone to run a program with the tech transfer arm of UW. From there, her experience in translating complex scientific concepts into accessible information found a home at Venture Investors Health Fund, where she focuses on Midwestern university spinouts.
What she loves about the job: For Jenni, it's all about the underdog—the overlooked yet impactful healthcare technologies emanating from Midwestern universities. “The major research universities in the Midwest get a ton of federal funding and have incredible technologies that can transform healthcare, yet VC funding in companies spinning out here don’t get nearly the same amount as the coasts.”
Compensation: Jenni has carry in the entire fund as part of her compensation, in addition to a salary which she describes as “in line with what associates make at a fund of our size”.
Her advice: Networking is key. Build a reputation in your local ecosystem, choose roles that excite you, and showcase your enthusiasm during the interview process. And the true Midwesterner in her advises: “help as many people as you can, be nice, and keep moving forward even if you get told no”.
“It helps to know the lingo so to speak of VC, so some low-hanging fruit is just getting familiar with how a fund works, financing vehicles, who the players are, the lifespan of a company from creation to exit, etc. It just better helps engage with the individuals you want to build relationships with.”
Spencer Mocarski, PharmD always knew he would steer his pharmacy degree into something non-traditional. So during school, he interned at several digital health companies and found mentorship in digital health pioneers in Nashville's healthtech ecosystem. He learned that he loved working with founders, and applied for a job at Mayo Clinic Ventures (with no inside connections) where he now works as a Technology Development Associate.
What he loves about the job: For Spencer, the job is a constant learning curve, facilitated by conversations with founders. What truly fuels him is the tangible impact that venture capital can have in healthcare, transforming the lives of patients.
Compensation: The salary range for this role is $82,000-$115,000. As a non-profit CVC, no employees at Mayo Clinic Ventures get carry in the fund. Profits from investments are cycled back into Mayo Clinic to support its broader mission.
His advice: "It’s helpful to know the lingo," Spencer stresses. He emphasizes that understanding the nuts and bolts of the venture capital ecosystem—from fund operations to financing vehicles—can serve as essential tools in breaking into the industry.
Entrepreneur-in-Residence (EIR)
“I was in academic science and medicine for the first ~25 years of my career. I had co-founded a company and had done a bit of consulting but it was a close relationship with a long time partner at TRV that led me here.”
With a background spanning 25 years in academic science and medicine, Ethan Weiss moved into venture capital almost incidentally. A close relationship with a partner at Third Rock Ventures segued into an EIR role, where he’s building a new biotech company.
What he loves about the job: For Ethan, it's the thrill of creation. Every day presents a new challenge in the journey of building his company.
Compensation: Unlike traditional VC roles, Ethan doesn't receive carry in the fund. His compensation comes in the form of a a “generous” salary and a substantial equity stake in the company he's building.
His advice: Ethan notes the value of personal relationships and advises those looking to enter the VC world to consider consulting roles as a viable entry point. For those looking to become a founder, Ethan has found the EIR well-worth it. “It is 100% something I could not have done on my own even having done this once before”.
Venture Fellow
“Network, ask for opportunities, and focus on areas you are passionate about!”
Kavya Davuluri decided to become a doctor at the age of 10, captivated by her visits to the pediatrician. During her college years, she started a student social enterprise accelerator and became enthralled with supporting underestimated and overlooked founders. Ultimately, she chose to attend an MD/MBA program, where she merged her interests in OBGYN and venture capital. She applied for a semester fellowship at Thornapple River Capital, where she specialized in market research within in behavioral health and women’s health.
What she loves about the job: For Kavya, the allure of the job lies in the seamless melding of her dual interests in medicine and business. She enjoys diving deep into emergent spaces.
Compensation: She was given a “small” stipend during the fellowship.
Her advice: Kavya’s advice is threefold: network actively, ask for opportunities, and most importantly, align your focus with your passions. In this way, your work won't just be work—it will be an extension of your interests, a natural output of your enthusiasm.
“I love being able to directly translate and advocate for patients and providers through the pain points and upstream system gaps I see clinically everyday as a resident by acting as a bridge for builders working on addressing those pain points.”
Sherman Leung's started his career in software engineering and product management roles in digital health startups, where he felt the pull towards medicine after shadowing physicians. He landed his role at Andreessen Horowitz (A16Z) through relationships. He knew one of the partners from healthcare product management circles, which helped him land the Venture Fellow role he does part-time along with being a medical resident.
What he loves about the job: What invigorates Sherman is the opportunity to serve as a bridge between two worlds—medicine and venture capital. "I can advocate for patients and providers through the challenges and system gaps I encounter in my clinical role," he says. He is equally passionate about guiding aspiring physician-innovators and healthcare founders in their vocational journeys.
Compensation: Given the constraints of his medical residency, Sherman is compensated on an hourly basis, with his time commitment generally hovering around 10-15 hours per week.
His advice: If you’re a physician, Sherman recommends joining MD+, a community of over 2,500 physician innovators exploring hybrid career paths. "We have an active MD-VC channel, published guides for breaking into VC, and a dedicated team assisting medical students and professionals who are exploring venture capital," he adds.
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