Casey Albert (she/her) is a Managing Partner at SteelSky Ventures. SteelSky made history in 2022 when they closed their first fund. With $72 million in assets under management, they became the largest women’s health fund in the world.

In the first part of our Investing Cheat Codes Series, Casey shares how SteelSky’s investment thesis drives their work and shares tips for developers on how to fund their health solutions.

SteelSky Ventures’ Investment Thesis

Our investment thesis at SteelSky Ventures is driven by the knowledge that women’s health care is a global market opportunity, in the nascent stage, that it is primed for exponential growth driven by technological and business model innovation in both established and new categories.

In Full Health (IFH): How does your investment thesis prioritize companies that are developing health innovations designed by, with, and for historically marginalized communities?

Casey Albert: We prioritize companies that improve access, care, and outcomes for women and the people we care for. Historically marginalized communities are the global majority, so our investment thesis represents an expansive, addressable market. We have an advantage in that — in addition to our investment acumen — we can draw on our own experiences as patients and caregivers to identify innovations that promise to deliver value, equitably and at scale.

IFH: SteelSky Ventures is both a fund that focuses on health solutions for women — and you’re also a team composed entirely of women. How do these lived experiences your team brings to the table impact your funding work or practices?

Casey Albert: While we are an all-female team, all women are not the same. Our team brings a diversity of experiences to the table including cultural, socioeconomic, life stage, and many other aspects of identity. There are layers to each of us as individuals, and the multifaceted nature of our group and our commitment to listen and learn from each other expands our lens and makes us stronger investors.

As women, we are often the target market, so we have insight into unmet needs and the customer journey. For example, given my experience postpartum, which was both very typical and totally unacceptable, I quickly saw that Origin — which offers physical therapy for pelvic floor and the whole body — could be a billion-dollar company by creating value to patients, health systems, and health plans alike. And now we have the privilege of being on their cap table.

Maria Toler Velissaris

Expressing Gratitude

Maria Toler Velissaris, the Founding Partner of SteelSky, has been a critical part of my professional journey. We’ve known each other for over 15 years, when we were both operators leading health and wellness companies. When she says she wants to do something – like build the biggest women’s health venture fund – she does it.

Casey Albert
Managing Partner, SteelSky Ventures

IFH: SteelSky recently made history by raising the largest women’s health VC fund — with $72 million in total assets under management. What would you say are the top takeaways you’ve learned from this process?

Casey Albert: We are inspired by the momentum that now exists in investing in women’s health. Closing our fund represents a recognition by the investment community of the vast opportunity for innovation and scale within women’s health, so I believe there will be a ripple effect. But also, the type of work that we do extends beyond investing. We are advocates of change, gender diversity, and health equity. That affects how we view our investments and the companies that we support. Our approach will continue to drive change in a rather staid industry that in and of itself is ripe for disruption.

IFH: How are you evaluating the financial and social impact of your fund?

Casey Albert: We are laser-focused on financial returns, so we evaluate our financial performance in the usual industry-standard ways. With respect to social impact, it’s embedded in the work we do and how we do it. The founders we invest in have a variety of lived experiences, and we provide them the capital and other resources to accelerate their impact and be highly visible leaders. Our portfolio companies have provided more than 40 million people with access to essential health care services.

IFH: What successes has SteelSky seen so far?

Casey Albert: Our portfolio includes a group of companies that continue to outperform while often being first-movers in their respective industries:

• Zipline, which is focused on drone delivery services, has flown close to 25 million miles bringing critical health care products straight to those who need them most.
• Bend Health, a virtual behavioral health clinic, is licensed and available online in 40 states, so we don’t have to wait to get better, iterative care for our kids.
• Twenty Eight, which began by offering birth control covered by insurance, including Medicaid, has expanded to offer other critical products, including emergency contraception and COVID tests.

We’ve been investing in protecting and expanding access to women’s health for years, and will continue to do so.

IFH: A common misperception is that there aren’t enough fundable companies led by or focused on women or other historically marginalized community members. What has your own experience been like cultivating a pipeline and making investments in portfolio companies?

Casey Albert: It’s not a misperception, it’s an excuse. We didn’t set out with the goal of investing in companies led by women or diverse founders — we set out to invest in the strongest founders building the health care companies of the future. As a result, our portfolio organically is composed of a diverse set of founders solving challenges in different ways.

If you continue to invest in the same types of people, you will get the same types of products and services. By investing in those with different and unique perspectives, we can drive real innovation and change.

IFH: For companies that might be raising funds for new health solutions and innovations — what advice would you give them during the pitching process? What makes a company or a solution a good candidate for funding through SteelSky?

Casey Albert: We invest in companies that improve access, care, and outcomes. Because the health care system benefits people who have the means to pay for care out of pocket, we’re looking for companies who have done the work to create value equitably and at scale. Show us how you’ve done that, and how you plan to continue to do that.

We’re focused on Series A investments, and we add value by creating meaningful connections with health systems players, including our limited partners like Blue Shield California, Eli Lilly, and the American Hospital Association. Having a model with demonstrable impact and one that is ready for scale means that we’re a good fit for you.