<h3>What Is Throne?</h3><p>A passive, continuous health monitor embedded in your toilet seat turns a daily routine into valuable insights for gut health, hydration, and cancer detection. Throne is available today for stool and urine analysis and is designed as the &#8220;Whoop for Your Poop&#8221; for the 75 million Americans dealing with IBS, IBD, and prostate issues. The future version of Throne, known as the &#8220;Smoke Detector for Colon Cancer,&#8221; will expand its capabilities to include screening for one of the fastest-growing cancers in the United States.</p><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!3IZ6!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fe6317f8f-6ae9-4516-ba0b-660001df7160_1200x630.jpeg" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!3IZ6!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fe6317f8f-6ae9-4516-ba0b-660001df7160_1200x630.jpeg 424w, https://substackcdn.com/image/fetch/$s_!3IZ6!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fe6317f8f-6ae9-4516-ba0b-660001df7160_1200x630.jpeg 848w, https://substackcdn.com/image/fetch/$s_!3IZ6!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fe6317f8f-6ae9-4516-ba0b-660001df7160_1200x630.jpeg 1272w, https://substackcdn.com/image/fetch/$s_!3IZ6!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fe6317f8f-6ae9-4516-ba0b-660001df7160_1200x630.jpeg 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!3IZ6!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fe6317f8f-6ae9-4516-ba0b-660001df7160_1200x630.jpeg" width="1200" height="630" data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/e6317f8f-6ae9-4516-ba0b-660001df7160_1200x630.jpeg&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:630,&quot;width&quot;:1200,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:39385,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:&quot;image/jpeg&quot;,&quot;href&quot;:null,&quot;belowTheFold&quot;:false,&quot;topImage&quot;:true,&quot;internalRedirect&quot;:&quot;https://leadvc.substack.com/i/208868655?img=https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fe6317f8f-6ae9-4516-ba0b-660001df7160_1200x630.jpeg&quot;,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="" srcset="https://substackcdn.com/image/fetch/$s_!3IZ6!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fe6317f8f-6ae9-4516-ba0b-660001df7160_1200x630.jpeg 424w, https://substackcdn.com/image/fetch/$s_!3IZ6!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fe6317f8f-6ae9-4516-ba0b-660001df7160_1200x630.jpeg 848w, https://substackcdn.com/image/fetch/$s_!3IZ6!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fe6317f8f-6ae9-4516-ba0b-660001df7160_1200x630.jpeg 1272w, https://substackcdn.com/image/fetch/$s_!3IZ6!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fe6317f8f-6ae9-4516-ba0b-660001df7160_1200x630.jpeg 1456w" sizes="100vw" fetchpriority="high"></picture><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container restack-image"><svg aria-hidden="true" width="20" height="20" viewBox="0 0 20 20" fill="none" stroke-width="1.5" stroke="var(--color-fg-primary)" stroke-linecap="round" stroke-linejoin="round" xmlns="http://www.w3.org/2000/svg"><g><path d="M2.53001 7.81595C3.49179 4.73911 6.43281 2.5 9.91173 2.5C13.1684 2.5 15.9537 4.46214 17.0852 7.23684L17.6179 8.67647M17.6179 8.67647L18.5002 4.26471M17.6179 8.67647L13.6473 6.91176M17.4995 12.1841C16.5378 15.2609 13.5967 17.5 10.1178 17.5C6.86118 17.5 4.07589 15.5379 2.94432 12.7632L2.41165 11.3235M2.41165 11.3235L1.5293 15.7353M2.41165 11.3235L6.38224 13.0882"></path></g></svg></button><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container view-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-maximize2 lucide-maximize-2"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></button></div></div></div></a></figure></div><div><hr></div><p><span>Deciding to invest in a company usually hinges on two questions: 1) Will the founders find a way to succeed? 2) Is the target market large enough?</span></p><h3><span>Founder Bet</span></h3><p><a href="https://www.linkedin.com/in/scotthickle/"><span>Scott Hickle</span></a><span> is a founder who combines three qualities rarely found together: being a talent magnet, an obsession with solving the problem, and deep industry k</span><span data-color="#032b31" style="color: rgb(3, 43, 49);">nowledge. His motivation is straightforward &#8212; he&#8217;s passionate about saving lives and wants the Throne device on every accessible toilet. If you don&#8217;t believe us&#8230; His social handle is &#8220;</span><a href="https://x.com/ScottHickle"><span data-color="#032b31" style="color: rgb(3, 43, 49);">Poop Guy</span></a><span data-color="#032b31" style="color: rgb(3, 43, 49);">,&#8221; and he gave a </span><a href="https://www.youtube.com/watch?v=v42gznW6cuA"><span data-color="#032b31" style="color: rgb(3, 43, 49);">TED Talk </span></a><span data-color="#032b31" style="color: rgb(3, 43, 49);">on the history and significance of poop.</span></p><p><span data-color="#032b31" style="color: rgb(3, 43, 49);">Chasing an introduction to Throne kicked off an organic 18-month relationship before a check was written. We introduced him to multiple investo</span><span>rs who then joined this round, connected him with enterprise customers who remain engaged, and brought him before clinicians who initially questioned but ultimately left as believers in his right to win. Scott exemplifies a founder willing to bend reality with passionate intensity to make his business succeed.</span></p><p><span>His effectiveness is evident in the people he&#8217;s assembled. Scott recruited John Capodilupo, co-founder of Whoop and a key technical figure behind the $10B consumer health startup, who personally relates to the problem&#8212;living with ulcerative colitis. Scott also persuaded Ben Grynol, who previously led consumer growth at Levels, to join Throne. Scott established a medical advisory board with Dr. David Rubin and Dr. Mark Pimentel, renowned researchers with over 10,000 combined citations in IBS/IBD. Scott attracted an investor syndicate such as Emerson Collective, Will Ventures, Moxxie Ventures, Felix Capital, and Accomplice (an early supporter of Whoop).</span></p><h3><span>Market Bet</span></h3><p><span>In consumer health technology, continuous tracking now covers sleep, heart rate, glucose, and hormones, providing daily insights into bodily functions that influence habits. Despite valuable clinical signals from bathroom data, this area has received little to no attention. Wearables like Whoop and Oura needed to convince users that tracking HRV and sleep was important, but Throne doesn&#8217;t face that hurdle. This is because its core users have less need for education and face immediate health concerns. Patients with IBD, IBS, and prostate issues already understand the importance of monitoring symptoms, yet lack easy methods beyond memory, spreadsheets, or guesswork. Throne&#8217;s passive approach makes sustained long-term behavior change feasible. Over time, it reveals how factors like sleep, alcohol, medication, stress, and diet shape personal patterns, transforming passive data into actionable insights. This potential creates billions in enterprise value but isn&#8217;t the ultimate swing.</span></p><p><span>As Throne develops colon cancer screening features, its audience grows significantly, unlocking a new dimension of value&#8212;an extension many other consumer health devices are racing to build. Colon cancer is among the fastest-growing cancers in the U.S., increasingly affecting those under 50 and steering market interest toward early detection. While Cologuard, as the market leader, generates over $2 billion annually with a binary test, Throne aims to address an earlier need: helping individuals proactively understand how to prevent cancer before testing becomes necessary. Colon cancer is often preventable and highly treatable if caught early. If Throne can passively detect clinical signals without requiring behavioral changes, it will give larger diagnostic companies a strategic reason to view it as a frontline tool in cancer prevention, ultimately saving lives.</span></p><p>We are excited to back the incredible people, mission, and vision at <a href="https://thronescience.com/">Throne</a>!</p>

Strong conviction in world-class founders building a multi-billion-dollar consumer play around gut health and cancer detection.

Why We Backed Throne? A Bathroom Biomarker

<div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!9TCH!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fb893b23e-bee8-4e54-8ac2-474173538420_1742x978.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!9TCH!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fb893b23e-bee8-4e54-8ac2-474173538420_1742x978.png 424w, https://substackcdn.com/image/fetch/$s_!9TCH!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fb893b23e-bee8-4e54-8ac2-474173538420_1742x978.png 848w, https://substackcdn.com/image/fetch/$s_!9TCH!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fb893b23e-bee8-4e54-8ac2-474173538420_1742x978.png 1272w, https://substackcdn.com/image/fetch/$s_!9TCH!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fb893b23e-bee8-4e54-8ac2-474173538420_1742x978.png 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!9TCH!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fb893b23e-bee8-4e54-8ac2-474173538420_1742x978.png" width="1456" height="817" data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/b893b23e-bee8-4e54-8ac2-474173538420_1742x978.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:817,&quot;width&quot;:1456,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:1337300,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:&quot;image/png&quot;,&quot;href&quot;:null,&quot;belowTheFold&quot;:false,&quot;topImage&quot;:true,&quot;internalRedirect&quot;:&quot;https://leadvc.substack.com/i/201233039?img=https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fb893b23e-bee8-4e54-8ac2-474173538420_1742x978.png&quot;,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="" srcset="https://substackcdn.com/image/fetch/$s_!9TCH!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fb893b23e-bee8-4e54-8ac2-474173538420_1742x978.png 424w, https://substackcdn.com/image/fetch/$s_!9TCH!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fb893b23e-bee8-4e54-8ac2-474173538420_1742x978.png 848w, https://substackcdn.com/image/fetch/$s_!9TCH!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fb893b23e-bee8-4e54-8ac2-474173538420_1742x978.png 1272w, https://substackcdn.com/image/fetch/$s_!9TCH!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fb893b23e-bee8-4e54-8ac2-474173538420_1742x978.png 1456w" sizes="100vw" fetchpriority="high"></picture><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container restack-image"><svg role="img" width="20" height="20" viewBox="0 0 20 20" fill="none" stroke-width="1.5" stroke="var(--color-fg-primary)" stroke-linecap="round" stroke-linejoin="round" xmlns="http://www.w3.org/2000/svg"><g><title></title><path d="M2.53001 7.81595C3.49179 4.73911 6.43281 2.5 9.91173 2.5C13.1684 2.5 15.9537 4.46214 17.0852 7.23684L17.6179 8.67647M17.6179 8.67647L18.5002 4.26471M17.6179 8.67647L13.6473 6.91176M17.4995 12.1841C16.5378 15.2609 13.5967 17.5 10.1178 17.5C6.86118 17.5 4.07589 15.5379 2.94432 12.7632L2.41165 11.3235M2.41165 11.3235L1.5293 15.7353M2.41165 11.3235L6.38224 13.0882"></path></g></svg></button><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container view-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-maximize2 lucide-maximize-2"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></button></div></div></div></a></figure></div><p>There&#8217;s no denying that sports teams have some of the most loyal customer bases in the world. Yet despite valuations in the billions, most teams don&#8217;t know their fans&#8217; names (or much else about them) because they don&#8217;t own their consumer data. That gap, in our eyes, is the structural problem in sports &#8212; they are not acting like consumer brands. </p><p>The critique isn&#8217;t that valuations are wrong, but that they are incomplete. Today&#8217;s market prices in brand equity and media rights, but not yet data infrastructure or the compounding value of a direct customer relationship built over decades. The conventional justification is that the supply of sports teams is scarce, fans don&#8217;t churn, and a new investor will always want in. We don&#8217;t disagree. But it explains the floor, not the ceiling.</p><p>Data infrastructure and customer data don&#8217;t appear in a traditional sports team&#8217;s valuation, but they do in every other consumer business. Netflix commands its valuation not because of its content library alone, but because it knows exactly who is watching, when they stop, and what brings them back. That gap between what a sports team is worth today and what it could be if it centered on fan data is where the next tier of value is created.</p><div><hr></div><h4><strong>I. The Valuation Paradox</strong></h4><p>In the last 5 years, franchise valuations have defied gravity. The NFL&#8217;s average team now exceeds $5 billion, with the NBA, NHL, MLB, and European football clubs not far behind &#8212; all trading at multiples that compare to most tech deals. Every new sale seems to set a record that the next one breaks.</p><p>And to be fair, the track record justifies the attention. Over the past two decades, the big four North American leagues have generated 13.2% annualized returns (outpacing the S&amp;P 500 by more than 2x). As an asset class, sports franchises have been among the most consistent wealth-creation vehicles over the last generation.</p><p>When you look past the headlines, most teams still run a business model designed for a different era. They don&#8217;t own their ticketing infrastructure, don&#8217;t control their merchandise, and have outsourced their media rights. At some point, price appreciation alone stops being a thesis. We are confident that reality has either arrived or is close.</p><p>The business of sports teams is not easily explained on a spreadsheet. The real question is what they would be worth if they were run like a consumer brand that owned its customers?</p><div><hr></div><h4><strong>II. A Brand With No Customer</strong></h4><p>Think about the brands with the most loyal customers in the world: Apple, Netflix, Adidas, and Spotify. Their business is built around one obsession: knowing their customers better than anyone else. Spotify knows your favorite artist and can recommend a new song to you. Adidas knows which sneakers you bought and can offer a special-edition Samba next release. Now think about your favorite sports team. You've worn the jersey since you were 8 years old. You've never missed a home game, with season tickets, exclusive merchandise, and the league pass. Chances are, the team has no idea who you are.</p><p>Sports franchises sit on the most emotionally committed customer bases ever assembled. This is loyalty that consumer brands spend billions trying to manufacture. In sports, it exists organically and is inherited across generations, geographies, identities, and communities. By every metric that matters in a modern consumer business, teams have already won the hardest part. It&#8217;s precisely why sponsorship commands such a premium: partner brands are paying to access a loyal customer base they could never build on their own.</p><p>And yet, structurally, they operate like a business that is not direct-to-consumer.</p><p>The average fan can appear as four entirely different users across four entirely different systems. The ticketing platform knows you by your seat number. The merchandise provider knows you by your shipping address. The broadcast partner knows you by your subscriber ID. The team itself? Often, it knows you as little more than an email address. Of course, through innovation, this is changing drastically, and it is most teams&#8217; top priority.<br><br>The average fan can appear as four different users across four entirely different systems. The ticketing platform knows you by your seat number; the merchandise provider by your shipping address; the broadcast partner by your subscriber ID. The team itself? Often, little more than an email address. Through innovation, this is changing drastically, and it is most teams&#8217; top priority.</p><p>The model currently optimizes for the vendor partner over the fan relationship. It has not measured what it&#8217;s losing: the compounding value of unified fan data.</p><div><hr></div><h4><strong>III. Why Intermediaries Made Sense And Why They Don&#8217;t Anymore</strong></h4><p>For most of the 20th century, sports organizations lacked the technology and operational infrastructure to sell directly to fans at scale. Ticketmaster could distribute inventory across thousands of outlets. Fanatics could manufacture, warehouse, and ship merchandise globally. Broadcast networks could reach tens of millions of households that no team could reach.</p><p>The problem isn&#8217;t that intermediaries exist. It&#8217;s what happens over time when the entire fan relationship is built on someone else&#8217;s infrastructure.</p><p>Every time a fan interaction is outsourced, the team loses a little more visibility into who that fan is, what they value, and how their behaviors connect. Intermediaries don&#8217;t just take margin; they take context. And unlike margin, context doesn&#8217;t show up on financials until it&#8217;s gone.</p><p>The model highlights a structural weakness: the idea that ticketing, merchandise, media, and sponsorship are separate businesses that happen to share a logo. Each vendor relationship became its own silo, with its own contract, data, and definition of who the customer is.</p><div><hr></div><h4><strong>IV. What Would a D2C Business Model Look Like?</strong></h4><p>We provide a blank-page exercise exploring what could be possible if they were run more like a consumer business, with examples below.</p><ul><li><p><em>Ticketing: </em>The status quo is that outsourced providers such as Ticketmaster, Live Nation, SeatGeek, StubHub, and others control primary/secondary distribution. The D2C vision is to sell inventory through owned channels, with price optimization and other strategies managed by the team.</p></li><li><p><em>Media/Broadcast: </em>The status quo is that broadcast rights deals are the dominant revenue engine for teams today. The D2C vision is to include behind-the-scenes programming, player storytelling, and other content opportunities owned by teams and leagues, built on a direct, owned audience.</p></li><li><p><em>Merchandise: </em>The status quo is that Fanatics controls manufacturing and distribution for most major North American league apparel. The D2C vision is to sell all merchandise through an owned commerce infrastructure, in which the sports team retains all customer data.</p></li></ul><div><hr></div><h4><strong>V. The Talent Evolution in Sports</strong></h4><p>If the problem were technological, it would already be solved. The tools to build a D2C business exist and are accessible; the harder problem is organizational.</p><p>For decades, the sports industry has been powered by career insiders, people who have built deep institutional knowledge over 20 years within the same organization, league, or ecosystem. That experience is genuinely irreplaceable. Nobody understands a fanbase, a market, or a league relationship better than someone who has lived inside it for a generation.</p><p>But the next chapter of value creation requires bringing in diverse thought and experience alongside these leaders. In technology, the pace of change is relentless by design. Companies like Anthropic, SpaceX, and Ramp operate on an iteration cadence that most industries never experience. Operators who have built consumer businesses from scratch think differently about data, retention, and customer lifetime value.</p><p>Sports are beginning to import talent. AC Milan hired Maxime Laharrague, formerly a data scientist and insights manager at Spotify, to lead their data strategy across business and marketing. The Florida Panthers brought in Michael White, President of Business Operations, who previously served as Chief Product Officer at Amazon&#8217;s autonomous vehicle division. These examples are early signals of what more ownership groups will begin to implement.<br><br>Sports are beginning to import talent. AC Milan hired Maxime Laharrague, a Spotify data scientist and insights manager, to lead their data strategy across business and marketing. The Florida Panthers brought in Michael White as President of Business Operations, a former Chief Product Officer at Amazon&#8217;s autonomous vehicle division. These are early signals of what more ownership groups will begin to implement.</p><div><hr></div><h4><strong>VI. The Valuation Implication </strong></h4><p>Here&#8217;s the question we keep coming back to: if two teams generate identical revenue but one runs through intermediaries and the other through owned channels with first-party data infrastructure, are they worth the same multiple? We don&#8217;t think so. Not even close.</p><p>When a team knows every fan, it can model churn, underwrite a fan product, build sponsorships based on verified performance, and personalize experiences at scale. It carries a technology asset alongside the sports asset. The comps stop being other sports teams and start looking more like Spotify and Netflix: consumer businesses where the depth of the customer relationship is itself a source of enterprise value.</p><p>That&#8217;s the shift we&#8217;re watching for at LEAD. Not which team sells next, or at what price, but which groups are quietly building the infrastructure that turns every fan relationship and data point into a driver of valuation.</p><p>The teams that get there first won&#8217;t just be worth more; they&#8217;ll be worth it.</p>

There's no denying that sports teams have the world's most loyal customers. Despite being worth billions, they still don't know everything about their fans.

Sports Teams Are Consumer Brands That Don’t Act Like It

Sports fans are patients & patients are sports fans.

Why Does Every Health System Want a Sports Jersey on Its Wall?

Comics Is Exploding, and GlobalComix Is Building the Platform for It

Why We Invested in GlobalComix

<p>The greatest competitive advantage in sports and health isn&#8217;t capital. As generalist capital floods the space in the short term, fueled by a wave of high-profile transactions and increased investor attention, we strongly believe that specialists will outperform in the long term. What matters most is expertise. Nuance, network, and know-how.</p><p>At LEAD, this is an especially exciting time, as the earliest specialist investors are seeing the upside of these market developments. As more investors begin entering our space, competition for the strongest opportunities intensifies, making early access more important than ever.</p><p>We follow a legacy that traces back to 1949. Adi Dassler, a relentless innovator, redefined what it meant to build in sports and created one of the most iconic cultural brands in the world, adidas. That same DNA fuels us today to back the Adi Dasslers of tomorrow. What began in 2017 as a sports accelerator from the adidas family has evolved into $150M+ assets under management with 50+ portfolio companies across a multi-fund, multi-stage mandate&#8212;writing $100K to $10M checks across sports, health, and more.</p><div class="captioned-image-container"><figure><a class="image-link image2" target="_blank" href="https://substackcdn.com/image/fetch/$s_!67AT!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fb7e07744-602f-4268-9637-0ad24eda424b_1584x396.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!67AT!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fb7e07744-602f-4268-9637-0ad24eda424b_1584x396.png 424w, https://substackcdn.com/image/fetch/$s_!67AT!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fb7e07744-602f-4268-9637-0ad24eda424b_1584x396.png 848w, https://substackcdn.com/image/fetch/$s_!67AT!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fb7e07744-602f-4268-9637-0ad24eda424b_1584x396.png 1272w, https://substackcdn.com/image/fetch/$s_!67AT!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fb7e07744-602f-4268-9637-0ad24eda424b_1584x396.png 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!67AT!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fb7e07744-602f-4268-9637-0ad24eda424b_1584x396.png" width="1456" height="364" data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/b7e07744-602f-4268-9637-0ad24eda424b_1584x396.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:364,&quot;width&quot;:1456,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:76916,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:&quot;image/png&quot;,&quot;href&quot;:null,&quot;belowTheFold&quot;:false,&quot;topImage&quot;:true,&quot;internalRedirect&quot;:&quot;https://leadvc.substack.com/i/192737163?img=https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fb7e07744-602f-4268-9637-0ad24eda424b_1584x396.png&quot;,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="" srcset="https://substackcdn.com/image/fetch/$s_!67AT!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fb7e07744-602f-4268-9637-0ad24eda424b_1584x396.png 424w, https://substackcdn.com/image/fetch/$s_!67AT!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fb7e07744-602f-4268-9637-0ad24eda424b_1584x396.png 848w, https://substackcdn.com/image/fetch/$s_!67AT!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fb7e07744-602f-4268-9637-0ad24eda424b_1584x396.png 1272w, https://substackcdn.com/image/fetch/$s_!67AT!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fb7e07744-602f-4268-9637-0ad24eda424b_1584x396.png 1456w" sizes="100vw" fetchpriority="high"></picture><div></div></div></a></figure></div><p>It is exactly this combination of legacy, experience, and domain expertise that sets LEAD apart. And defines how we aspire to build in our space.</p><p>As a firm, we have two heartbeats: sports and health. Sport is the great unifier, serving as one of the only things that brings the world together. And health is a shared concern, one of the only things that all 8 billion people on earth care deeply about.<br><br>This means we invest in life-changing and industry-evolving companies like the following:</p><ul><li><p>After participating in their seed round in 2024, we invested in primary care consumer app <a href="https://techcrunch.com/2026/02/03/lotus-health-nabs-35m-for-ai-doctor-that-sees-patients-for-free/">Lotus Health</a>&#8217;s $35M Series A round led by Kleiner Perkins and CRV to further their mission of providing 24/7 access to AI-powered primary care for more than 100 million Americans.</p></li><li><p>ADvantage led fitness app <a href="https://techcrunch.com/2025/10/27/workout-app-ladder-launches-nutrition-tracking-experience/">Ladder&#8217;s $15M Series B</a> alongside Point72 Ventures and a $90M go-to-market investment from General Catalyst, accelerating Ladder&#8217;s mission to deliver personalized training to millions.</p></li><li><p>As part of our thesis on women&#8217;s sports, we invested in <a href="https://www.togethxr.com/">Togethxr</a>, a women&#8217;s sports media and commerce company founded by four of the world&#8217;s greatest athletes: Alex Morgan, Sue Bird, Simone Manuel, and Chloe Kim.</p></li><li><p>Participated in <a href="https://www.youth.inc/">Youth Inc</a> alongside Will Ventures and Ryan Sports Ventures, a sports media and commerce platform designed to revolutionize how premium, customized merchandise is delivered to schools, fans, and parents.</p></li><li><p>Due to accelerating revenue growth and strong user metrics, digital comics platform <a href="https://www.globalcomix.com/">GlobalComix</a> recently closed a $13M financing round led by Point 72 Ventures, with LEAD, Wise Ventures, and Scrum Ventures participating.</p></li><li><p>Invested in <a href="https://www.orionsleep.com/">Orion</a>, a sleep technology company that uses AI to regulate body temperature for optimal sleep, in a $17.5M seed round alongside Mucker Capital and Second Sight Ventures, to democratize access to sleep solutions.</p></li><li><p>Participated in <a href="https://somneesleep.com/">Somnee&#8217;s</a> Seed round led by Khosla Ventures, alongside the DeVos Family as part of the Orlando Magic Venture Challenge, to provide a safe, effective solution for people struggling with insomnia.</p></li></ul><div id="youtube2-u-MIVyHM8tw" class="youtube-wrap" data-attrs="{&quot;videoId&quot;:&quot;u-MIVyHM8tw&quot;,&quot;startTime&quot;:null,&quot;endTime&quot;:null}" data-component-name="Youtube2ToDOM"><div class="youtube-inner"><iframe src="https://www.youtube-nocookie.com/embed/u-MIVyHM8tw?rel=0&amp;autoplay=0&amp;showinfo=0&amp;enablejsapi=0" frameborder="0" loading="lazy" gesture="media" allow="autoplay; fullscreen" allowautoplay="true" allowfullscreen="true" width="728" height="409"></iframe></div></div><p>Beyond investing, we also leverage our unique vantage point to deliver investment, advisory, and equity services to athletes, corporates, and health systems. Beyond investing ourselves, we partner with corporations to do the same work. Drawing on our decade of infrastructure, access, learnings, and network, our partners skip the resource-intensive process of building this themselves. Start in year ten, not day one. It is the ultimate shortcut.</p><p>While the firm has evolved greatly since its inception in 2017 to the specialist investor it is today, LEAD has always had the same &#8216;North Star&#8217; in mind. What was true then and what&#8217;s true today is that our investment funds and investment products are built with one goal in mind &#8212; to help the entrepreneur win.</p><div id="youtube2-nE__gW2K3bM" class="youtube-wrap" data-attrs="{&quot;videoId&quot;:&quot;nE__gW2K3bM&quot;,&quot;startTime&quot;:null,&quot;endTime&quot;:null}" data-component-name="Youtube2ToDOM"><div class="youtube-inner"><iframe src="https://www.youtube-nocookie.com/embed/nE__gW2K3bM?rel=0&amp;autoplay=0&amp;showinfo=0&amp;enablejsapi=0" frameborder="0" loading="lazy" gesture="media" allow="autoplay; fullscreen" allowautoplay="true" allowfullscreen="true" width="728" height="409"></iframe></div></div><div id="youtube2-ZSiN52X1qYA" class="youtube-wrap" data-attrs="{&quot;videoId&quot;:&quot;ZSiN52X1qYA&quot;,&quot;startTime&quot;:null,&quot;endTime&quot;:null}" data-component-name="Youtube2ToDOM"><div class="youtube-inner"><iframe src="https://www.youtube-nocookie.com/embed/ZSiN52X1qYA?rel=0&amp;autoplay=0&amp;showinfo=0&amp;enablejsapi=0" frameborder="0" loading="lazy" gesture="media" allow="autoplay; fullscreen" allowautoplay="true" allowfullscreen="true" width="728" height="409"></iframe></div></div><p class="button-wrapper" data-attrs="{&quot;url&quot;:&quot;https://leadvc.substack.com/subscribe?&quot;,&quot;text&quot;:&quot;Subscribe now&quot;,&quot;action&quot;:null,&quot;class&quot;:null}" data-component-name="ButtonCreateButton"><a class="button primary" href="https://leadvc.substack.com/subscribe?"><span>Subscribe now</span></a></p>

Legacy From 1949. Founded in 2017. LEADing Ever Since.

Our Legacy as Specialist Investors

<div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!uFqc!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F394631f9-862a-4e5f-b5de-36439971b9f0_1920x1080.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!uFqc!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F394631f9-862a-4e5f-b5de-36439971b9f0_1920x1080.png 424w, https://substackcdn.com/image/fetch/$s_!uFqc!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F394631f9-862a-4e5f-b5de-36439971b9f0_1920x1080.png 848w, https://substackcdn.com/image/fetch/$s_!uFqc!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F394631f9-862a-4e5f-b5de-36439971b9f0_1920x1080.png 1272w, https://substackcdn.com/image/fetch/$s_!uFqc!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F394631f9-862a-4e5f-b5de-36439971b9f0_1920x1080.png 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!uFqc!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F394631f9-862a-4e5f-b5de-36439971b9f0_1920x1080.png" width="1456" height="819" data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/394631f9-862a-4e5f-b5de-36439971b9f0_1920x1080.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:819,&quot;width&quot;:1456,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:128407,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:&quot;image/png&quot;,&quot;href&quot;:null,&quot;belowTheFold&quot;:false,&quot;topImage&quot;:true,&quot;internalRedirect&quot;:&quot;https://leadvc.substack.com/i/186464050?img=https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F394631f9-862a-4e5f-b5de-36439971b9f0_1920x1080.png&quot;,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="" srcset="https://substackcdn.com/image/fetch/$s_!uFqc!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F394631f9-862a-4e5f-b5de-36439971b9f0_1920x1080.png 424w, https://substackcdn.com/image/fetch/$s_!uFqc!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F394631f9-862a-4e5f-b5de-36439971b9f0_1920x1080.png 848w, https://substackcdn.com/image/fetch/$s_!uFqc!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F394631f9-862a-4e5f-b5de-36439971b9f0_1920x1080.png 1272w, https://substackcdn.com/image/fetch/$s_!uFqc!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F394631f9-862a-4e5f-b5de-36439971b9f0_1920x1080.png 1456w" sizes="100vw" fetchpriority="high"></picture><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container restack-image"><svg role="img" style="height:20px;width:20px" width="20" height="20" viewBox="0 0 20 20" fill="none" stroke-width="1.5" stroke="var(--color-fg-primary)" stroke-linecap="round" stroke-linejoin="round" xmlns="http://www.w3.org/2000/svg"><g><title></title><path d="M2.53001 7.81595C3.49179 4.73911 6.43281 2.5 9.91173 2.5C13.1684 2.5 15.9537 4.46214 17.0852 7.23684L17.6179 8.67647M17.6179 8.67647L18.5002 4.26471M17.6179 8.67647L13.6473 6.91176M17.4995 12.1841C16.5378 15.2609 13.5967 17.5 10.1178 17.5C6.86118 17.5 4.07589 15.5379 2.94432 12.7632L2.41165 11.3235M2.41165 11.3235L1.5293 15.7353M2.41165 11.3235L6.38224 13.0882"></path></g></svg></button><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container view-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-maximize2 lucide-maximize-2"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></button></div></div></div></a></figure></div><p>LEAD is proud to share that we&#8217;ve doubled down on our investment in <a href="https://lotus.ai/">Lotus Health AI</a>, doubling down in the company&#8217;s <a href="https://techcrunch.com/2026/02/03/lotus-health-nabs-35m-for-ai-doctor-that-sees-patients-for-free/">$35M Series A fundraise</a> alongside Kleiner Perkins and CRV, following our initial investment in its Seed round in 2024. We couldn&#8217;t be more excited to see all the progress that Lotus has made in building the AI doctor powered by real doctors.</p><p>In 2024, when we first met Lotus&#8217;s founder, <a href="https://www.linkedin.com/in/kjdhaliwal/">KJ Dhaliwal</a>, he posed a compelling question: What if siloed health records, wearable data, insurance information, millions of peer-reviewed studies, and clinical guidelines were unified in one app?</p><p>As the business continued to mature over the next two years, that insight evolved into a bolder vision: making world-class primary care accessible to every American, 24/7. After years of development, Lotus is making this vision real. Partnering with clinicians from Harvard, UCSF, Stanford, Johns Hopkins, and other leading institutions, Lotus delivers personalized primary care powered by real doctors, unifying fragmented health data with insurance information and evidence-based medicine, available to patients <em>for free</em>.</p><blockquote><p>&#8220;Industry-changing companies are rarely built by insiders&#8212;they know too much to question the system. KJ brings an outsider imagination with his technical experience of scaling and exiting one of South Asia&#8217;s most successful consumer apps. He&#8217;s assembled an exceptional team to ensure this product reaches the people who need it most.&#8221; - <em>Justin Driscoll, Principal at LEAD</em></p></blockquote><h4><strong>Healthcare is Broken. Primary Care Is Worse.</strong></h4><p>When people discuss the state of U.S. healthcare, many point out that we spend <a href="https://www.healthsystemtracker.org/chart-collection/u-s-life-expectancy-compare-countries/#Life%20expectancy%20and%20per%20capita%20healthcare%20spending%20(PPP%20adjusted),%202023">twice as much</a> per capita as other large, wealthy countries yet still deliver<a href="https://www.healthsystemtracker.org/chart-collection/u-s-life-expectancy-compare-countries/#Life%20expectancy%20and%20per%20capita%20healthcare%20spending%20(PPP%20adjusted),%202023"> worse</a> health outcomes. However, as problematic as our overall health system is, the primary care system is even worse.</p><p><em><strong>Acute Physician Shortage:</strong></em><strong> </strong>In 2022, <a href="https://physiciansfoundation.org/new-report-u-s-primary-care-system-crumbling-amid-historic-disinvestment-and-surge-in-chronic-diseases/">30%</a><strong> </strong>of U.S. adults lacked a consistent source of care, the highest level in a decade, even with historically high rates of insurance coverage. Despite primary care&#8217;s vital role in providing <a href="https://www.graham-center.org/content/dam/rgc/documents/publications-reports/reports/PrimaryCareChartbook2021.pdf">first contact, coordination, continuity, and comprehensiveness of care</a>, primary care physicians account for only about <a href="https://www.graham-center.org/content/dam/rgc/documents/publications-reports/reports/PrimaryCareChartbook2021.pdf">one-third</a><strong> </strong>of the physician workforce, well below the Council of Graduate Medical Education&#8217;s recommended 40%. Factors such as retirements and fewer medical graduates choosing family medicine for more lucrative fields are only widening the gap.</p><p><em><strong>Fragmentation and Care Gaps:</strong></em><strong> </strong>At the same time, driven by similar forces, the U.S. healthcare system has become increasingly fragmented and specialized in its care delivery, even as the patient population has shifted toward chronic disease management that requires coordinated, continuous care. Today, <a href="https://www.cdc.gov/pcd/issues/2025/24_0539.htm">76.4%</a> of U.S. adults live with at least one chronic condition, and <a href="https://www.cdc.gov/pcd/issues/2025/24_0539.htm">51.4%</a> suffer from multiple conditions. These patients bear the brunt of care fragmentation, as managing chronic diseases requires sustained care coordination over long periods.</p><h4><strong>How We Broke Primary Care (And Why It Matters)</strong></h4><p>The problem of U.S. primary care is multifaceted.</p><p><em><strong>Misaligned Payment Incentives: </strong></em>The still-dominant fee-for-service model disincentivizes primary care under the American Medical Association&#8217;s Relative Value Scale, and the Relative Value Units assigned to primary care services are <a href="https://health.ucdavis.edu/media-resources/family-medicine/documents/pdf/Rev-PC-Recommendations-and-Proceedings-2025.pdf">much lower</a> than those for subspecialties, contributing to lower salaries for family physicians, general internists, and pediatricians.</p><p><em><strong>Declining Payor Investments: </strong></em>Additionally, insurers&#8217; investments in primary care as a share of total healthcare spending fell from <a href="https://www.milbank.org/publications/the-health-of-us-primary-care-2024-scorecard-report-no-one-can-see-you-now/">5.4%</a> in 2012 to <a href="https://www.milbank.org/publications/the-health-of-us-primary-care-2024-scorecard-report-no-one-can-see-you-now/">4.7%</a> in 2021, despite primary care accounting for<a href="https://www.nationalacademies.org/read/25983/chapter/3"> 35%</a> of healthcare visits.</p><p><em><strong>The Net Impact Of It All: </strong></em>These forces have resulted in a sharp rise in the number of Americans who lack a consistent source of healthcare, with medically underserved individuals most affected. Even for those with access to primary care, many physicians are <em>overburdened </em>and<em> under-resourced</em>, resulting in limited patient access, short visits, and many patients <a href="https://health.ucdavis.edu/media-resources/family-medicine/documents/pdf/Rev-PC-Recommendations-and-Proceedings-2025.pdf">dissatisfied</a> with timeliness and quality of care.</p><h4><strong>A Category Ripe for Disruption</strong></h4><p>As a health specialist investor, LEAD has had our eyes on the health data space ever since the publication of The Trusted Exchange Framework and Common Agreement (TEFCA) in early 2022, which created the framework for a nationwide &#8220;network-of-networks&#8221; to enable secure, standardized health data sharing for healthcare stakeholders. However, finding the right opportunity took some time.</p><blockquote><p><em>&#8220;Before investing in Lotus, we met with hundreds of startups in the space and struggled to find a consumer platform that offered both unified health insights and intervention capabilities within the healthcare system.&#8221;</em></p><p><em>Kaiwen Liu, Associate at LEAD</em></p></blockquote><p>Since our Seed investment in May 2024, we&#8217;ve grown increasingly excited as the team transforms vision into product - though until now, we&#8217;ve kept that excitement to ourselves while the company built in stealth.</p><p>The landscape has shifted dramatically even in the months since our initial investment in 2024. Major technology companies entering healthcare signal that the market recognizes what we saw early: AI-powered care delivery is not theoretical but inevitable. This influx of attention and capital is expanding the category and accelerating user adoption. More than 5% of all ChatGPT messages globally are about health care, and more than <a href="https://www.axios.com/2026/01/05/chatgpt-openai-health-insurance-aca">40 million</a> people globally turn to ChatGPT daily for health information.</p><p>For purpose-built healthcare companies with clinical rigor and consumer trust, this rising tide creates opportunity rather than competition.</p><h4><strong>Closing Thoughts</strong></h4><p>We invested in Lotus and the team because millions of Americans urgently need better primary care solutions. We believe Lotus has the potential to help fill the gap and deliver high-quality, continuous, whole-person care for people suffering from chronic conditions, while supporting under-resourced primary care physicians.</p><p>This can truly transform health outcomes for millions, if not billions of people. We couldn&#8217;t be more excited to support Lotus in its next chapter.</p><div id="youtube2-v12NCH9DAuQ" class="youtube-wrap" data-attrs="{&quot;videoId&quot;:&quot;v12NCH9DAuQ&quot;,&quot;startTime&quot;:null,&quot;endTime&quot;:null}" data-component-name="Youtube2ToDOM"><div class="youtube-inner"><iframe src="https://www.youtube-nocookie.com/embed/v12NCH9DAuQ?rel=0&amp;autoplay=0&amp;showinfo=0&amp;enablejsapi=0" frameborder="0" loading="lazy" gesture="media" allow="autoplay; fullscreen" allowautoplay="true" allowfullscreen="true" width="728" height="409"></iframe></div></div>

Giving Every American World-Class Primary Care, for Free.

Why We Invested in 2024 (and Doubling Down) in Lotus Health AI

<div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!1UZm!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Faa199c63-a976-409b-8391-71c0279d27cb_2875x1912.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!1UZm!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Faa199c63-a976-409b-8391-71c0279d27cb_2875x1912.png 424w, https://substackcdn.com/image/fetch/$s_!1UZm!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Faa199c63-a976-409b-8391-71c0279d27cb_2875x1912.png 848w, https://substackcdn.com/image/fetch/$s_!1UZm!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Faa199c63-a976-409b-8391-71c0279d27cb_2875x1912.png 1272w, https://substackcdn.com/image/fetch/$s_!1UZm!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Faa199c63-a976-409b-8391-71c0279d27cb_2875x1912.png 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!1UZm!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Faa199c63-a976-409b-8391-71c0279d27cb_2875x1912.png" width="1456" height="968" data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/aa199c63-a976-409b-8391-71c0279d27cb_2875x1912.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:968,&quot;width&quot;:1456,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:8356808,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:&quot;image/png&quot;,&quot;href&quot;:null,&quot;belowTheFold&quot;:false,&quot;topImage&quot;:true,&quot;internalRedirect&quot;:&quot;https://leadvc.substack.com/i/172791015?img=https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Faa199c63-a976-409b-8391-71c0279d27cb_2875x1912.png&quot;,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="" srcset="https://substackcdn.com/image/fetch/$s_!1UZm!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Faa199c63-a976-409b-8391-71c0279d27cb_2875x1912.png 424w, https://substackcdn.com/image/fetch/$s_!1UZm!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Faa199c63-a976-409b-8391-71c0279d27cb_2875x1912.png 848w, https://substackcdn.com/image/fetch/$s_!1UZm!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Faa199c63-a976-409b-8391-71c0279d27cb_2875x1912.png 1272w, https://substackcdn.com/image/fetch/$s_!1UZm!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Faa199c63-a976-409b-8391-71c0279d27cb_2875x1912.png 1456w" sizes="100vw" fetchpriority="high"></picture><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><div class="pencraft pc-reset icon-container restack-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-refresh-cw"><path d="M3 12a9 9 0 0 1 9-9 9.75 9.75 0 0 1 6.74 2.74L21 8"></path><path d="M21 3v5h-5"></path><path d="M21 12a9 9 0 0 1-9 9 9.75 9.75 0 0 1-6.74-2.74L3 16"></path><path d="M8 16H3v5"></path></svg></div><div class="pencraft pc-reset icon-container view-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-maximize2 lucide-maximize-2"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></div></div></div></div></a></figure></div><p><strong>Now that the <a href="https://www.usopen.org/index.html">2025 US Open</a> is freshly in the books, it reminded us of a truth about sport:</strong> progress isn&#8217;t confined to the bright lights of Arthur Ashe Stadium. Yes, the Open dazzled with AI-powered broadcast graphics, real-time Hawk-Eye line calls, and a new 15-day format that welcomed 70,000 extra fans. But the next era of racket sports isn&#8217;t just shaped under the spotlight&#8212;it&#8217;s being built quietly on community courts around the world.</p><p>That&#8217;s where <strong><a href="https://www.wingfield.io/en">Wingfield</a></strong> comes in.</p><div class="subscription-widget-wrap-editor" data-attrs="{&quot;url&quot;:&quot;https://leadvc.substack.com/subscribe?&quot;,&quot;text&quot;:&quot;Subscribe&quot;,&quot;language&quot;:&quot;en&quot;}" data-component-name="SubscribeWidgetToDOM"><div class="subscription-widget show-subscribe"><div class="preamble"><p class="cta-caption">Subscribe now to receive the latest LEAD posts.</p></div><form class="subscription-widget-subscribe"><input type="email" class="email-input" name="email" placeholder="Type your email&#8230;" tabindex="-1"><input type="submit" class="button primary" value="Subscribe"><div class="fake-input-wrapper"><div class="fake-input"></div><div class="fake-button"></div></div></form></div></div><p>The German sports tech startup&#8212;one of LEAD&#8217;s earliest investments&#8212;is redefining what &#8220;AI Courts&#8221; mean for tennis, pickleball, and padel. Their net-post device delivers pro-level video, analytics, and gamified training to schools, clubs, and rec centers&#8212;making insights once reserved for elite pros available to everyone.</p><h3>The Orlando Conversation</h3><p>Back in March at the LEAD Summit in Orlando, I approached <strong><a href="https://www.linkedin.com/in/jaan-brunken-a892a09a/">Jaan Brunken</a>, COO &amp; Co-Founder of Wingfield</strong>, to grab a quick soundbite for our highlight reel. Just a handshake, a line to camera, then back to production.</p><p>What I got instead was a conversation I&#8217;m still thinking about.</p><p>Jaan began by praising the Summit&#8212;how it felt founder-first in a way most events don&#8217;t. But minutes in, he shifted. We started talking about what happens when new technology meets everyday barriers in sport.</p><p>As someone who&#8217;s worked in tennis during the height of the pickleball boom, I was hooked. Jaan described how, on the pro tour, performance data and video analysis were everywhere. But for amateurs? Recreational players? Pickleball enthusiasts at the local park?</p><blockquote><p><em>&#8220;It was all locked behind the gate,&#8221;</em> he said.<em>&#8220;We knew that if we could bring that level of insight to everyday racket sports players, it would completely change how they trained&#8212;and how they saw themselves.&#8221;</em></p></blockquote><p>That wasn&#8217;t a product pitch. It was a purpose.</p><h3>Wingfield&#8217;s New AI Milestone in Pickleball</h3><p>That conversation feels even more relevant now. <a href="https://www.wingfield.io/blog/partnership-dupr">Wingfield just announced</a> a landmark partnership with <strong><a href="https://thepicklr.com/">The Picklr</a>, <a href="https://www.dupr.com/">DUPR</a>, and <a href="https://www.duprcoach.com/">DUPR Coach</a></strong>&#8212;launching the sport&#8217;s first <strong>end-to-end, AI-powered pathway for player development</strong> in pickleball.</p><p>Players begin with a <strong>standardized, AI-analyzed assessment</strong> that measures core skills like serve, return, volley, and dink. Coaches then layer human insight on top of the data, creating a <strong>transparent skill profile</strong> that removes the guesswork.</p><p>For the first time, those assessments roll directly into <strong>official DUPR ratings</strong>&#8212;not just for initial placement, but for competitive play. Every verified match on a Wingfield-enabled court now automatically updates a player&#8217;s DUPR.</p><p>The impact? Walk into a Picklr club, complete your first AI assessment, and immediately start building a verified rating that reflects both training and competition.</p><p>This isn&#8217;t just technology&#8212;it&#8217;s infrastructure. By making <strong>AI Courts</strong> the standard for pickleball development, Wingfield is setting the benchmark for how emerging sports can grow with fairness, precision, and excitement.</p><h3>AI Courts for Every Racket Sport</h3><p>Wingfield&#8217;s Tech-enabled courts transform any court into a training ground with:</p><ul><li><p><strong>Tennis</strong> &#8594; Match footage, serve speeds, rally analytics, verified tournament validation</p></li><li><p><strong>Pickleball</strong> &#8594; Gamified drills, highlight creation, performance tracking, and now DUPR integration</p></li><li><p><strong>Padel &amp; beyond</strong> &#8594; The same infrastructure applies, because Wingfield isn&#8217;t tied to one game, but to the <em>entire racket ecosystem</em></p></li></ul><p>Already installed on <strong>1,000+ courts across 500+ locations</strong>, Wingfield is serving more than <strong>80,000 players worldwide</strong>. And with its U.S. expansion through <strong>Har-Tru</strong>, the country&#8217;s leading court builder, the next wave of AI Courts could be just down the street&#8212;from high schools and college programs to rec centers and neighborhood clubs.</p><h3>The US Open Connection</h3><p>The Open has always been more than matches&#8212;it&#8217;s where tradition meets transformation. From the tiebreak in 1970, to equal prize money in 1973, Hawk-Eye in 2006, and the roof over Arthur Ashe in 2016&#8212;the tournament has consistently set new standards.</p><p>Each change reshaped the sport. And just as the Open raised the bar at the professional level, Wingfield is doing the same for players everywhere else.</p><h3>From Hamburg to Flushing Meadows</h3><p>When I think back to my conversation with Jaan, what struck me most wasn&#8217;t the technology&#8212;it was the philosophy.</p><blockquote><p><em>&#8220;We&#8217;re not just digitizing courts,&#8221; Jaan told me in Orlando. &#8220;We&#8217;re reimagining what&#8217;s possible when every player&#8212;tennis, pickleball, or padel&#8212;has access to the tools the pros take for granted.&#8221;</em></p></blockquote><p>That belief connects Wingfield&#8217;s journey from Hamburg to Har-Tru, from European federations to U.S. schools, from everyday players to the spectacle of Flushing Meadows.</p><h3>Charting the Future of Racket Sports</h3><p>The US Open showcased progress at the highest level. Wingfield is democratizing it at the local level. Together, they tell the story of where racket sports are headed. Tech-enabled courts are here to stay.</p><p>They&#8217;re not just tracking serves and shots.<br>They&#8217;re charting the future of racket sports&#8212;<strong>one court at a time.</strong></p><p><strong>Let&#8217;s Talk</strong><br>Building something that bridges access, ambition, and analytics? We&#8217;re listening. Pitch us at <strong>dealflow@lead.vc</strong> or tag us <strong><a href="https://www.linkedin.com/company/lead-vc">@LEAD_vc</a></strong> on any of your favorite social media platforms. </p><div class="captioned-button-wrap" data-attrs="{&quot;url&quot;:&quot;https://leadvc.substack.com/p/wingfield-and-the-future-of-ai-courts?utm_source=substack&utm_medium=email&utm_content=share&action=share&quot;,&quot;text&quot;:&quot;Share&quot;}" data-component-name="CaptionedButtonToDOM"><div class="preamble"><p class="cta-caption">Feel free to share this with anyone who might find it insightful. And leave a comment to let us know your thoughts on the inclusions of AI in sports. </p></div><p class="button-wrapper" data-attrs="{&quot;url&quot;:&quot;https://leadvc.substack.com/p/wingfield-and-the-future-of-ai-courts?utm_source=substack&utm_medium=email&utm_content=share&action=share&quot;,&quot;text&quot;:&quot;Share&quot;}" data-component-name="ButtonCreateButton"><a class="button primary" href="https://leadvc.substack.com/p/wingfield-and-the-future-of-ai-courts?utm_source=substack&utm_medium=email&utm_content=share&action=share"><span>Share</span></a></p></div>

Fresh off the US Open, Wingfield is proving that the next wave of racket sport innovation isn’t on center court—it’s on AI Courts everywhere.

Wingfield and the Future of AI Courts: US Open 2025 + Beyond

<div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!JAp9!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F48281447-a3ae-4326-ac35-a576a5234903_920x612.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!JAp9!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F48281447-a3ae-4326-ac35-a576a5234903_920x612.png 424w, https://substackcdn.com/image/fetch/$s_!JAp9!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F48281447-a3ae-4326-ac35-a576a5234903_920x612.png 848w, https://substackcdn.com/image/fetch/$s_!JAp9!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F48281447-a3ae-4326-ac35-a576a5234903_920x612.png 1272w, https://substackcdn.com/image/fetch/$s_!JAp9!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F48281447-a3ae-4326-ac35-a576a5234903_920x612.png 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!JAp9!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F48281447-a3ae-4326-ac35-a576a5234903_920x612.png" width="920" height="612" data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/48281447-a3ae-4326-ac35-a576a5234903_920x612.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:612,&quot;width&quot;:920,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:930699,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:&quot;image/png&quot;,&quot;href&quot;:null,&quot;belowTheFold&quot;:false,&quot;topImage&quot;:true,&quot;internalRedirect&quot;:&quot;https://leadvc.substack.com/i/171012564?img=https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F48281447-a3ae-4326-ac35-a576a5234903_920x612.png&quot;,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="" srcset="https://substackcdn.com/image/fetch/$s_!JAp9!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F48281447-a3ae-4326-ac35-a576a5234903_920x612.png 424w, https://substackcdn.com/image/fetch/$s_!JAp9!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F48281447-a3ae-4326-ac35-a576a5234903_920x612.png 848w, https://substackcdn.com/image/fetch/$s_!JAp9!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F48281447-a3ae-4326-ac35-a576a5234903_920x612.png 1272w, https://substackcdn.com/image/fetch/$s_!JAp9!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F48281447-a3ae-4326-ac35-a576a5234903_920x612.png 1456w" sizes="100vw" fetchpriority="high"></picture><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><div class="pencraft pc-reset icon-container restack-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-refresh-cw"><path d="M3 12a9 9 0 0 1 9-9 9.75 9.75 0 0 1 6.74 2.74L21 8"></path><path d="M21 3v5h-5"></path><path d="M21 12a9 9 0 0 1-9 9 9.75 9.75 0 0 1-6.74-2.74L3 16"></path><path d="M8 16H3v5"></path></svg></div><div class="pencraft pc-reset icon-container view-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-maximize2 lucide-maximize-2"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></div></div></div></div></a></figure></div><h4><strong>Poor Sleep: An Under-Recognized and Neglected <a href="https://pmc.ncbi.nlm.nih.gov/articles/PMC6473877/">Epidemic</a> </strong></h4><p>Good sleep is essential for human health and a good quality of life. Yet, in modern society, insufficient and poor sleep is a pervasive problem that often goes unnoticed and unaddressed.</p><p>Reduced sleep duration has been <a href="https://pmc.ncbi.nlm.nih.gov/articles/PMC6473877/">linked</a> to <strong>7 of the 15</strong> leading causes of death in the United States, including <strong>cardiovascular disease, malignant neoplasm, cerebrovascular disease, accidents, diabetes, septicemia, and hypertension.</strong></p><p>Quality of sleep also matters. Sleep disruptions - whether caused by lifestyle or environmental factors - impact the continuity of sleep and have substantial short-term and long-term <a href="https://www.dovepress.com/article/download/32942">consequences</a>, even in otherwise healthy adults. Short-term consequences include <strong>increased stress responsivity, somatic pain, emotional distress, mood disorders, and performance deficits.</strong> The long-term consequences include, but are not limited to, <strong>colorectal cancer, metabolic syndrome, type 2 diabetes mellitus, and increased all-cause mortality in men.</strong></p><p>Beyond personal health, the societal toll is also staggering. <a href="https://pmc.ncbi.nlm.nih.gov/articles/PMC5627640/">One</a> study estimates that insufficient sleep alone costs the US economy up to <strong>$411 billion</strong> <strong>per year </strong>due to increased risk of sickness and dying, reduced work performance, and suboptimal school performance in children. </p><div class="subscription-widget-wrap-editor" data-attrs="{&quot;url&quot;:&quot;https://leadvc.substack.com/subscribe?&quot;,&quot;text&quot;:&quot;Subscribe&quot;,&quot;language&quot;:&quot;en&quot;}" data-component-name="SubscribeWidgetToDOM"><div class="subscription-widget show-subscribe"><div class="preamble"><p class="cta-caption">Subscribe to receive the latest LEAD posts.</p></div><form class="subscription-widget-subscribe"><input type="email" class="email-input" name="email" placeholder="Type your email&#8230;" tabindex="-1"><input type="submit" class="button primary" value="Subscribe"><div class="fake-input-wrapper"><div class="fake-input"></div><div class="fake-button"></div></div></form></div></div><h4>A Market with Huge Demand and Unmet Needs</h4><p>People struggling with sleep go to enormous lengths to get a good night&#8217;s rest. In 2024, the global market for sleep aids was valued at <a href="https://www.globenewswire.com/news-release/2024/10/24/2968424/28124/en/Sleep-Aids-Market-Forecast-to-Cross-89-Billion-by-2030-Trends-and-Projections-by-Product-Sleep-Disorder-and-Distribution-Channel-at-a-Global-Regional-and-Country-Level.html">$64B</a> and is expected to grow to $89B by 2030.</p><p>Consumers are actively seeking solutions for better sleep, making the category the <strong><a href="https://www.mckinsey.com/industries/consumer-packaged-goods/our-insights/still-feeling-good-the-us-wellness-market-continues-to-boom">second-highest wellness priority</a></strong> after general health - taking precedence over nutrition, fitness, mindfulness, and appearance. In the pursuit of better rest, consumers are trying products such as earplugs, eye masks, weighted blankets, mouth tapes, nasal dilators, nasal strips, magnesium foot sprays, smart alarm clocks, and smart mattress systems, among others.</p><p>Yet, despite years of innovation and strong demand, many consumers still find current products and services insufficient to meet their sleep needs, making the sleep category one with the <strong><a href="https://www.mckinsey.com/industries/consumer-packaged-goods/our-insights/still-feeling-good-the-us-wellness-market-continues-to-boom">greatest unmet consumer need</a></strong>.</p><p>The caveat is that better sleep can often be achieved through consistent habits rather than more products. <a href="https://pmc.ncbi.nlm.nih.gov/articles/PMC8511346/">Diet</a>, <a href="https://pubmed.ncbi.nlm.nih.gov/25596964/">exercise</a>, <a href="https://pmc.ncbi.nlm.nih.gov/articles/PMC6751071/">exposure to natural daylight</a>, <a href="https://www.sciencedirect.com/science/article/abs/pii/S0048969722064026?via%3Dihub">bedroom darkness at night</a>, <a href="https://pmc.ncbi.nlm.nih.gov/articles/PMC6751071/">reduced screentime at night</a>, and <a href="https://www.sciencedirect.com/science/article/abs/pii/S0033062023000117?via%3Dihub">avoiding caffeine and alcohol later in the day</a> can all help improve sleep. </p><p>With that said, life circumstances - such as caring for a newborn, working night shifts, and frequent travel - can all disrupt good <a href="https://www.sciencedirect.com/science/article/abs/pii/S0033062023000117?via%3Dihub">sleep hygiene</a> and increase the demand for innovation to achieve better sleep.</p><h4><strong>Introducing Somnee - A Clinically Validated, Drug-Free Solution</strong></h4><p><a href="https://somneesleep.com/">Somnee</a> is a sleep headband that creates a proprietary brain mapping diagnosis with EEG sensors and provides non-invasive, gentle, and personalized electrical stimulation (tES). The product reduces sleep onset latency and increases both sleep duration and sleep efficiency.</p><p>Co-founded by <a href="https://www.sleepdiplomat.com/">Dr. Matt Walker</a>, <a href="https://scholar.google.com/citations?user=P3p-g5kAAAAJ&amp;hl=en">Dr. Ram Gurumoorthy</a>, <a href="https://scholar.google.com/citations?hl=en&amp;user=WYv36DIAAAAJ">Dr. Robert Knight</a>, <a href="https://scholar.google.com/citations?user=nicnuy4AAAAJ&amp;hl=en">Dr. Richard Ivry</a>, and led by <a href="https://www.linkedin.com/in/timrosa/">Tim Rosa</a>, Somnee is a clinically validated product shown to be more effective than melatonin in improving sleep efficiency and duration.</p><h4><strong>Joining Forces to Tackle the Epidemic </strong></h4><p>We invested in Somnee because it addresses a profoundly underserved market with serious health implications and is led by a world-class team delivering a clinically validated solution.</p><p>Addressing the epidemic of poor sleep requires innovation and collaboration. We are proud to partner with Somnee alongside Khosla Ventures, Marc Benioff&#8217;s TIME Ventures, the DeVos Family, Seaside Ventures, Nelstone Ventures, Metalab, and others, to advance effective sleep solutions and improve public health worldwide.</p><div class="captioned-button-wrap" data-attrs="{&quot;url&quot;:&quot;https://leadvc.substack.com/p/why-we-invested-in-somnee?utm_source=substack&utm_medium=email&utm_content=share&action=share&quot;,&quot;text&quot;:&quot;Share&quot;}" data-component-name="CaptionedButtonToDOM"><div class="preamble"><p class="cta-caption">Thanks for reading! Feel free to share this with anyone who might find it insightful.</p></div><p class="button-wrapper" data-attrs="{&quot;url&quot;:&quot;https://leadvc.substack.com/p/why-we-invested-in-somnee?utm_source=substack&utm_medium=email&utm_content=share&action=share&quot;,&quot;text&quot;:&quot;Share&quot;}" data-component-name="ButtonCreateButton"><a class="button primary" href="https://leadvc.substack.com/p/why-we-invested-in-somnee?utm_source=substack&utm_medium=email&utm_content=share&action=share"><span>Share</span></a></p></div><p></p>

Addressing the silent epidemic of poor sleep.

Why We Invested in Somnee

<div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!c8dD!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F3bfc9efa-4d13-4997-93f7-8cc5c3072bd0_2875x1912.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!c8dD!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F3bfc9efa-4d13-4997-93f7-8cc5c3072bd0_2875x1912.png 424w, https://substackcdn.com/image/fetch/$s_!c8dD!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F3bfc9efa-4d13-4997-93f7-8cc5c3072bd0_2875x1912.png 848w, https://substackcdn.com/image/fetch/$s_!c8dD!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F3bfc9efa-4d13-4997-93f7-8cc5c3072bd0_2875x1912.png 1272w, https://substackcdn.com/image/fetch/$s_!c8dD!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F3bfc9efa-4d13-4997-93f7-8cc5c3072bd0_2875x1912.png 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!c8dD!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F3bfc9efa-4d13-4997-93f7-8cc5c3072bd0_2875x1912.png" width="1456" height="968" data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/3bfc9efa-4d13-4997-93f7-8cc5c3072bd0_2875x1912.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:968,&quot;width&quot;:1456,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:7250075,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:&quot;image/png&quot;,&quot;href&quot;:null,&quot;belowTheFold&quot;:false,&quot;topImage&quot;:true,&quot;internalRedirect&quot;:&quot;https://leadvc.substack.com/i/169752009?img=https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F3bfc9efa-4d13-4997-93f7-8cc5c3072bd0_2875x1912.png&quot;,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="" srcset="https://substackcdn.com/image/fetch/$s_!c8dD!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F3bfc9efa-4d13-4997-93f7-8cc5c3072bd0_2875x1912.png 424w, https://substackcdn.com/image/fetch/$s_!c8dD!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F3bfc9efa-4d13-4997-93f7-8cc5c3072bd0_2875x1912.png 848w, https://substackcdn.com/image/fetch/$s_!c8dD!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F3bfc9efa-4d13-4997-93f7-8cc5c3072bd0_2875x1912.png 1272w, https://substackcdn.com/image/fetch/$s_!c8dD!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F3bfc9efa-4d13-4997-93f7-8cc5c3072bd0_2875x1912.png 1456w" sizes="100vw" fetchpriority="high"></picture><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><div class="pencraft pc-reset icon-container restack-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-refresh-cw"><path d="M3 12a9 9 0 0 1 9-9 9.75 9.75 0 0 1 6.74 2.74L21 8"></path><path d="M21 3v5h-5"></path><path d="M21 12a9 9 0 0 1-9 9 9.75 9.75 0 0 1-6.74-2.74L3 16"></path><path d="M8 16H3v5"></path></svg></div><div class="pencraft pc-reset icon-container view-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-maximize2 lucide-maximize-2"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></div></div></div></div></a></figure></div><p>Over the past 40 years, media innovation has largely focused on what we see. What we <em>hear</em>&#8212;and how we experience it&#8212;has barely evolved. Despite being an $82B market, audio has lagged far behind visual technology in innovation. For every dollar invested in visual tech, audio has received only a fraction, and patents in audio have grown at less than half the rate of those in imaging.</p><p><a href="https://www.edgesoundresearch.com/">EDGE Sound Research</a> is rewriting that script.</p><blockquote><p>&#8221;Our rationale for this investment centers on the market's recognition that the way humans &#8216;hear&#8217; (audio) has lacked innovation over the past forty years, especially when compared to advancements in the way humans &#8216;see&#8217; (media). Our enthusiasm for this investment stems from the solution's potential to address specific pain points across multiple industries, including sports, entertainment, automotive, and robotics.&#8221; - Justin Driscoll, Principal @ LEAD</p></blockquote><p><strong>Why Sound is the Next Frontier</strong></p><p>Audio limitations already constrain emerging tech&#8212;think VR headsets that deliver stunning visuals but rely on flat, two-dimensional soundscapes that break immersion. With over 20 million VR/AR headsets sold globally in 2024, the <a href="https://www.instagram.com/p/C8dWKCZA-Uw/">lack of spatially intelligent audio is a glaring gap</a> - overcoming it is key to fully realizing these experiences.</p><ul><li><p><strong>Immersive Tech Gap:</strong> VR/AR adoption is skyrocketing, yet spatial audio lags behind.</p></li><li><p><strong>Market Growth:</strong> The audio market is projected to triple to $275B by 2032.</p></li></ul><p>EDGE&#8217;s platform&#8212;spanning capture, processing, rendering, and reproduction&#8212;is creating a new category: <strong>intelligent audio.</strong></p><p>This isn&#8217;t just about louder or clearer sound. It&#8217;s about enabling computers to <em>understand</em> and <em>reproduce</em> sound in ways that feel human in immersive live sports, personalized broadcasts, and eventually, machines that hear and react like we do.</p><div class="subscription-widget-wrap-editor" data-attrs="{&quot;url&quot;:&quot;https://leadvc.substack.com/subscribe?&quot;,&quot;text&quot;:&quot;Subscribe&quot;,&quot;language&quot;:&quot;en&quot;}" data-component-name="SubscribeWidgetToDOM"><div class="subscription-widget show-subscribe"><div class="preamble"><p class="cta-caption">Subscribe to receive the latest LEAD posts.</p></div><form class="subscription-widget-subscribe"><input type="email" class="email-input" name="email" placeholder="Type your email&#8230;" tabindex="-1"><input type="submit" class="button primary" value="Subscribe"><div class="fake-input-wrapper"><div class="fake-input"></div><div class="fake-button"></div></div></form></div></div><p><strong>The Founders Who Hear Differently</strong></p><p>EDGE was born from two deeply personal journeys:</p><ul><li><p><strong><a href="https://www.linkedin.com/in/valsalomaki/">Valtteri Salomaki</a> (CEO):</strong> A serial entrepreneur with a knack for B2B sales in sports and entertainment</p></li><li><p><strong><a href="https://www.linkedin.com/in/ethancastro/">Ethan Castro</a> (CTO):</strong> Born hard of hearing, Ethan became a professional musician by training himself to <em>feel</em> sound.</p></li></ul><p>Together, they bridge technical brilliance and commercial execution&#8212;turning what was once academic research into real-world deployments.</p><p><strong>Why We Backed EDGE</strong></p><p>Fan feedback from early <a href="https://www.instagram.com/p/DMBo5kto0jo/">NBA arena deployments</a> showed a double-digit increase in reported engagement and immersion compared to traditional seating, underscoring the demand for this technology. Revenue tied to these installations has also grown steadily, reinforcing the commercial opportunity.</p><p>Our conviction rests on three pillars:</p><ol><li><p><strong>Category Creation:</strong> A first-of-its-kind intelligent audio stack with applications across live events, broadcast, automotive, and robotics.</p></li><li><p><strong>Real-World Traction:</strong> Deployments with the Cleveland Cavaliers, Fox Sports, and MLS validate demand.</p></li><li><p><strong>Platform Potential:</strong> From immersive fan experiences to teaching robots to hear, EDGE is building infrastructure for the next decade of sound.</p></li></ol><p><strong>What&#8217;s Next</strong></p><p>By this time next year, EDGE expects to double its number of venue installations and broadcast integrations, aligning with the broader convergence of AI in broadcast and robotics adoption.</p><p>With a $2.5M seed extension anchored by strategic partners like Sweetwater, EDGE is scaling Embodied Sound installations, commercializing its Virtual Sound Engine for broadcast, and exploring robotics integrations.</p><p>The <a href="https://www.instagram.com/p/C1tDruvLnsv/">future of audio</a> won&#8217;t just be heard&#8212;it will be <em>felt,</em> <em>personalized,</em> and ultimately <em>understood.</em> We&#8217;re thrilled to back EDGE as they make intelligent sound infrastructure a reality.</p><p>Edge Sound Research has <a href="https://www.sportsbusinessjournal.com/Articles/2025/06/27/usta-ventures-invests-in-edge-sound-research/">raised $2.75M in new funding</a>, bringing the audio innovation startup&#8217;s total backing to $5.5M. The latest round was led by Elevate Ventures and included participation from USTA Ventures, the DeVos family, LEAD VC, Cartan Capital, and Potential Capital, among other angel investors in the audio and entertainment space.</p><p><em>Disclosure: EDGE Sound Research participated in the inaugural <a href="https://www.sportsbusinessjournal.com/Articles/2025/04/18/magic-select-five-companies-in-inaugural-magic-venture-challenge/">Orlando Magic Venture Challenge</a>.</em></p><div class="captioned-button-wrap" data-attrs="{&quot;url&quot;:&quot;https://leadvc.substack.com/p/why-we-invested-in-edge-sound-research?utm_source=substack&utm_medium=email&utm_content=share&action=share&quot;,&quot;text&quot;:&quot;Share&quot;}" data-component-name="CaptionedButtonToDOM"><div class="preamble"><p class="cta-caption">Thanks for reading! Feel feel free to share it with someone who it resonates with.</p></div><p class="button-wrapper" data-attrs="{&quot;url&quot;:&quot;https://leadvc.substack.com/p/why-we-invested-in-edge-sound-research?utm_source=substack&utm_medium=email&utm_content=share&action=share&quot;,&quot;text&quot;:&quot;Share&quot;}" data-component-name="ButtonCreateButton"><a class="button primary" href="https://leadvc.substack.com/p/why-we-invested-in-edge-sound-research?utm_source=substack&utm_medium=email&utm_content=share&action=share"><span>Share</span></a></p></div>

Reinventing audio for an immersive, AI-driven future.

Why We Invested in Edge Sound Research

<div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!WIG0!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F3d436f7b-63a4-43f4-9937-d0ad1cb4d8cc_2875x1913.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!WIG0!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F3d436f7b-63a4-43f4-9937-d0ad1cb4d8cc_2875x1913.png 424w, https://substackcdn.com/image/fetch/$s_!WIG0!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F3d436f7b-63a4-43f4-9937-d0ad1cb4d8cc_2875x1913.png 848w, https://substackcdn.com/image/fetch/$s_!WIG0!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F3d436f7b-63a4-43f4-9937-d0ad1cb4d8cc_2875x1913.png 1272w, https://substackcdn.com/image/fetch/$s_!WIG0!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F3d436f7b-63a4-43f4-9937-d0ad1cb4d8cc_2875x1913.png 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!WIG0!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F3d436f7b-63a4-43f4-9937-d0ad1cb4d8cc_2875x1913.png" width="1456" height="969" data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/3d436f7b-63a4-43f4-9937-d0ad1cb4d8cc_2875x1913.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:969,&quot;width&quot;:1456,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:4793682,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:&quot;image/png&quot;,&quot;href&quot;:null,&quot;belowTheFold&quot;:false,&quot;topImage&quot;:true,&quot;internalRedirect&quot;:&quot;https://leadvc.substack.com/i/169671774?img=https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F3d436f7b-63a4-43f4-9937-d0ad1cb4d8cc_2875x1913.png&quot;,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="" srcset="https://substackcdn.com/image/fetch/$s_!WIG0!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F3d436f7b-63a4-43f4-9937-d0ad1cb4d8cc_2875x1913.png 424w, https://substackcdn.com/image/fetch/$s_!WIG0!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F3d436f7b-63a4-43f4-9937-d0ad1cb4d8cc_2875x1913.png 848w, https://substackcdn.com/image/fetch/$s_!WIG0!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F3d436f7b-63a4-43f4-9937-d0ad1cb4d8cc_2875x1913.png 1272w, https://substackcdn.com/image/fetch/$s_!WIG0!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F3d436f7b-63a4-43f4-9937-d0ad1cb4d8cc_2875x1913.png 1456w" sizes="100vw" fetchpriority="high"></picture><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><div class="pencraft pc-reset icon-container restack-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-refresh-cw"><path d="M3 12a9 9 0 0 1 9-9 9.75 9.75 0 0 1 6.74 2.74L21 8"></path><path d="M21 3v5h-5"></path><path d="M21 12a9 9 0 0 1-9 9 9.75 9.75 0 0 1-6.74-2.74L3 16"></path><path d="M8 16H3v5"></path></svg></div><div class="pencraft pc-reset icon-container view-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-maximize2 lucide-maximize-2"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></div></div></div></div></a></figure></div><h2>I. Introduction</h2><p>College athletics, long celebrated as the last and purest form of amateur sport, is undergoing a dramatic transformation&#8212;a fast-track toward professionalization.</p><p>What was once a university-operated, donor-supported, community-backed ecosystem governed by tradition is now increasingly influenced by macroeconomic market forces, including labor rights, media rights, and potentially private capital.</p><p>This is no longer just about who wins the Rose Bowl or the Final Four. It&#8217;s about who controls the infrastructure, monetization, and influence of a multi-billion-dollar industry.</p><p>I see this not just as a cultural shift&#8212;but as an infrastructure vacuum. When the old models collapse, someone will build the new ones. The only question is: who?</p><h2>II. NIL as the Trojan Horse</h2><p>The emergence of Name, Image, and Likeness (NIL) in 2021 was a highly debated topic. Traditionalists branded it as a violation of what it means to be a student-athlete, while progressives called it a long-overdue move to give athletes the right to monetize their efforts. Whether people agreed or disagreed, the legalization of this athlete-empowered movement sparked a snowball effect that could not be stopped, even if an attempt was made.</p><blockquote><p><a href="https://miamihurricanes.com/news/2023/11/17/canes-connection-named-official-nil-collective-of-university-of-miami-athletics/">Case Study</a>: At the University of Miami, a booster-backed collective signed a $400K NIL deal with a top men&#8217;s basketball recruit. That public deal set a new standard&#8212;effectively pricing out less-resourced programs. The result? A Final Four run in 2023 and a clear statement: NIL was no longer about individual endorsements. It had become an institutional weapon.</p></blockquote><p>NIL was never just about athletes making money off Instagram. From the start, collectives were used as the primary recruiting tool for coaches to attract top talent to their schools. An anonymous SEC Athletic Director said, &#8220;Boosters used to give to build facilities. Now they&#8217;re paying for talent directly. That changes the whole power structure.&#8221; It&#8217;s now a full-fledged compensation system disguised as marketing. Honestly, that took some time to develop. In 2021, NIL mainly involved ad-hoc sponsorships and brand deals. And now, in 2025, it has grown into structured contracts, retention incentives, and tiered recruiting payouts. Many would describe this short-lived period as the Wild West.</p><p>However, as many had predicted, this structure alone could not hold up. It quickly turned into an arms race to the bottom, with the winner being the one with the most donor dollars.</p><p>The aftermath that we predict is a lose-lose where every party involved is fatigued at the end.</p><p>Market forces are now knocking on the front doorstep of college athletics to clean house.</p><div class="subscription-widget-wrap-editor" data-attrs="{&quot;url&quot;:&quot;https://leadvc.substack.com/subscribe?&quot;,&quot;text&quot;:&quot;Subscribe&quot;,&quot;language&quot;:&quot;en&quot;}" data-component-name="SubscribeWidgetToDOM"><div class="subscription-widget show-subscribe"><div class="preamble"><p class="cta-caption">Subscribe to receive all of LEAD&#8217;s latest posts.</p></div><form class="subscription-widget-subscribe"><input type="email" class="email-input" name="email" placeholder="Type your email&#8230;" tabindex="-1"><input type="submit" class="button primary" value="Subscribe"><div class="fake-input-wrapper"><div class="fake-input"></div><div class="fake-button"></div></div></form></div></div><p></p><h2>III. The Broken Model &amp; Its Unintended Consequences</h2><p>The traditional economic model of college athletics was based on three pillars (but not for much longer):</p><ol><li><p><em>Volunteer amateur labor:</em> When the <a href="https://www.si.com/college/2016/02/24/northwestern-union-case-book-indentured">Northwestern football team tried to unionize in 2014</a>, it marked the beginning of a labor rights awakening. With recent settlements, the NCAA has finally lost its grip on defining athletes as &#8220;students first.&#8221; Using this argument, universities profited off athletes&#8217; names and likenesses without paying them. The era of unpaid labor is essentially over.</p></li><li><p><em>Ever-increasing broadcast revenue:</em> While media revenue has surged, so have expectations. Linear TV is funding the present, but it&#8217;s not shaping the future. Media revenue was once the main driver of growth. Now it&#8217;s the wedge that&#8217;s divided the sport. Mega-deals with Fox and ESPN have created &#8220;haves&#8221; and &#8220;have-nots,&#8221; with Power5 schools earning three to five times more than mid-majors. That imbalance is now apparent.</p></li><li><p><em>Alumni-driven efforts:</em> Donors are funding talent pipelines in the dark, often with no say or stake. This shift from philanthropy to transaction is forcing many to rethink their role in the ecosystem. When their emotional ties unravel, dollars will slowly disappear. A Stanford donor said in a Sportico article, &#8220;If we become just another minor league, don&#8217;t expect me to keep giving like this as an alma mater.&#8221;</p></li></ol><p>That model is now broken. Why now? This is a $20B market awakening to its own inefficiencies. College athletics is no longer just a stepping stone&#8212;it has become its own market. With ongoing legal reforms, revenue increasing from media rights, and private equity interest intensifying, it is an inevitable truth waiting to be revealed.&nbsp;</p><p><em>Legal Reforms:</em> <a href="https://www.espn.com/college-sports/story/_/id/45467505/judge-grants-final-approval-house-v-ncaa-settlement">The House v. NCAA settlement</a> marks a turning point. Approximately $20.5 million per school in new revenue allocation has temporarily leveled the NIL landscape &#8212;no more pay-to-play arms race, but most schools still lack the tools to spend wisely. The new structure means that every athletic department now operates under a quasi-professional model. Schools must now budget like businesses, with actual labor costs. Without a unified labor framework, the result is chaos: different state laws, inconsistent enforcement, and vast compliance gaps. More to come here.</p><p><em>Revenue Surges:</em> In 2025, the Big Ten and SEC are projected to generate over $1.5 billion in media rights, surpassing the revenue of some professional leagues. However, this &#8220;super conference&#8221; model results in concentrated value&#8212;40 schools thrive while 300 others struggle. This consolidation reflects Silicon Valley: dominant platforms overshadow everyone else.</p><p><em>PE Interest:</em> Firms are targeting college sports to control the infrastructure. Similar to fintech or logistics, owning the infrastructure offers long-term leverage. Revenues have increased, but cost structures remain inflated. Some groups are quietly exploring ways to bundle athletic department revenue streams for securitization. It&#8217;s financial engineering combined with fandom.</p><p>All these rapidly changing dynamics raise a significant concern: the unintended result of facing inequities in college athletics for non-revenue sports. This is a question I haven&#8217;t seen many people in the industry address or have a clear strategy for. I am hopeful that this will change.&nbsp;</p><h2>IV. Global Models: A Mirror or a Warning?</h2><p>Across Europe and around the world, professional sports primarily grow through club academies and federated systems, rather than universities. Some UEFA development coach probably says, &#8220;In Europe, we don&#8217;t pretend our 18-year-old striker is here to major in biology.&#8221; Separating academics and athletics has its downsides, but also provides clarity. US college sports might be closer to that reality than we first think. As schools move away from the student-athlete label and start offering direct pay, they&#8217;ll need new models for scale, governance, and ownership.</p><h2>V. What I&#8217;m Looking for as a VC?</h2><blockquote><p>&#8220;Schools need infrastructure fast. If the NCAA won&#8217;t build it, startups will.&#8221; &#8212; Blake Lawrence, CEO, OpenDorse</p></blockquote><p><em>&#129504; Thematic Signals I&#8217;m Tracking:</em></p><p>I want to find builders developing new systems for an old industry. This cosmic shift in the industry is that increasing revenue is the top priority. Revenue can be perceived directly on a P&amp;L, but also indirectly through a team&#8217;s winning percentage. But do not ignore or lose sight of what matters most to athletic departments moving forward.</p><ol><li><p>&#8220;Boring&#8221; back-office tools for athletic departments to operate like a traditional business.</p></li><li><p>&#8220;High ROI&#8221; front-office &amp; on-field tools designed to impact winning games sustainably.</p></li><li><p>Infrastructure for fan monetization beyond tickets. Fan identification is required first.</p></li></ol><h2>VII. Final Words</h2><p>This isn&#8217;t the &#8220;hype wave&#8221; we all experienced with NIL. It&#8217;s a structural re-architecture.</p><ul><li><p><em>For founders:</em> the need is real, and the buyers are scared. Get busy!</p></li><li><p><em>For athletic departments:</em> the clock is ticking. Go out and innovate. If you want to retain control, start running a sports enterprise, not a scholarship office with a stadium.</p></li><li><p><em>For VCs:</em> The market size is substantial, and market dynamics are currently in place.</p></li><li><p><em>For PEs:</em> While it has some perks to the vanity asset (like professional sports), you&#8217;ve got quite the operational task ahead of you. That said, there is serious upside if executed the right way.</p></li></ul><div class="captioned-button-wrap" data-attrs="{&quot;url&quot;:&quot;https://leadvc.substack.com/p/the-great-unbundling-of-college-athletics?utm_source=substack&utm_medium=email&utm_content=share&action=share&quot;,&quot;text&quot;:&quot;Share&quot;}" data-component-name="CaptionedButtonToDOM"><div class="preamble"><p class="cta-caption">Thanks for reading! Feel free to share this post with someone it resonates with.</p></div><p class="button-wrapper" data-attrs="{&quot;url&quot;:&quot;https://leadvc.substack.com/p/the-great-unbundling-of-college-athletics?utm_source=substack&utm_medium=email&utm_content=share&action=share&quot;,&quot;text&quot;:&quot;Share&quot;}" data-component-name="ButtonCreateButton"><a class="button primary" href="https://leadvc.substack.com/p/the-great-unbundling-of-college-athletics?utm_source=substack&utm_medium=email&utm_content=share&action=share"><span>Share</span></a></p></div><p></p>

Why that matters for industry stakeholders, founders, and investors?

The Great Unbundling of College Athletics

<div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!7koX!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F4224403d-405f-4a8d-a738-9065401105e5_2875x1912.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!7koX!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F4224403d-405f-4a8d-a738-9065401105e5_2875x1912.png 424w, https://substackcdn.com/image/fetch/$s_!7koX!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F4224403d-405f-4a8d-a738-9065401105e5_2875x1912.png 848w, https://substackcdn.com/image/fetch/$s_!7koX!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F4224403d-405f-4a8d-a738-9065401105e5_2875x1912.png 1272w, https://substackcdn.com/image/fetch/$s_!7koX!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F4224403d-405f-4a8d-a738-9065401105e5_2875x1912.png 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!7koX!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F4224403d-405f-4a8d-a738-9065401105e5_2875x1912.png" width="1456" height="968" data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/4224403d-405f-4a8d-a738-9065401105e5_2875x1912.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:968,&quot;width&quot;:1456,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:6605001,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:&quot;image/png&quot;,&quot;href&quot;:null,&quot;belowTheFold&quot;:false,&quot;topImage&quot;:true,&quot;internalRedirect&quot;:&quot;https://leadvc.substack.com/i/168960959?img=https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F4224403d-405f-4a8d-a738-9065401105e5_2875x1912.png&quot;,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="" srcset="https://substackcdn.com/image/fetch/$s_!7koX!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F4224403d-405f-4a8d-a738-9065401105e5_2875x1912.png 424w, https://substackcdn.com/image/fetch/$s_!7koX!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F4224403d-405f-4a8d-a738-9065401105e5_2875x1912.png 848w, https://substackcdn.com/image/fetch/$s_!7koX!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F4224403d-405f-4a8d-a738-9065401105e5_2875x1912.png 1272w, https://substackcdn.com/image/fetch/$s_!7koX!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F4224403d-405f-4a8d-a738-9065401105e5_2875x1912.png 1456w" sizes="100vw" fetchpriority="high"></picture><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container restack-image"><svg role="img" style="height:20px;width:20px" width="20" height="20" viewBox="0 0 20 20" fill="none" stroke-width="1.5" stroke="var(--color-fg-primary)" stroke-linecap="round" stroke-linejoin="round" xmlns="http://www.w3.org/2000/svg"><g><title></title><path d="M2.53001 7.81595C3.49179 4.73911 6.43281 2.5 9.91173 2.5C13.1684 2.5 15.9537 4.46214 17.0852 7.23684L17.6179 8.67647M17.6179 8.67647L18.5002 4.26471M17.6179 8.67647L13.6473 6.91176M17.4995 12.1841C16.5378 15.2609 13.5967 17.5 10.1178 17.5C6.86118 17.5 4.07589 15.5379 2.94432 12.7632L2.41165 11.3235M2.41165 11.3235L1.5293 15.7353M2.41165 11.3235L6.38224 13.0882"></path></g></svg></button><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container view-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-maximize2 lucide-maximize-2"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></button></div></div></div></a></figure></div><p>When the topic of chronic diseases is discussed in the United States, an increasing amount of attention has been directed, and rightfully so, toward clean ingredients in our food supply and getting adequate exercise. However, not many people consider or monitor the quality of the physical spaces that hold our presence - environments where we live, work, and sleep.</p><p>As my mentor would say, &#8220;You cannot heal in the same environment where you got sick.&#8221;</p><p>Just like food, your home is medicine too.</p><div class="subscription-widget-wrap-editor" data-attrs="{&quot;url&quot;:&quot;https://leadvc.substack.com/subscribe?&quot;,&quot;text&quot;:&quot;Subscribe&quot;,&quot;language&quot;:&quot;en&quot;}" data-component-name="SubscribeWidgetToDOM"><div class="subscription-widget show-subscribe"><div class="preamble"><p class="cta-caption">Thanks for reading! Subscribe now to receive LEAD&#8217;s latest posts.</p></div><form class="subscription-widget-subscribe"><input type="email" class="email-input" name="email" placeholder="Type your email&#8230;" tabindex="-1"><input type="submit" class="button primary" value="Subscribe"><div class="fake-input-wrapper"><div class="fake-input"></div><div class="fake-button"></div></div></form></div></div><p><strong>The Overlooked Factor: Where We Spend 90% of Our Lives</strong></p><p>We spend <a href="https://www.epa.gov/indoor-air-quality-iaq/improving-your-indoor-environment">90%</a> of our time indoors, and the current medical literature recognizes that <a href="https://pmc.ncbi.nlm.nih.gov/articles/PMC4841276/">70% to 90%</a> of disease risks may be <a href="https://www.sciencedirect.com/science/article/pii/S2666979X24001757">due</a> to environmental differences.</p><p>A health-conscious individual could get 100+ blood tests every 6 months and keep adding to the supplement stack, but if the underlying environmental factors contributing to the symptoms, such as chronic mold or PFAS exposure, are not addressed, at what point is the current wellness industry (a <a href="https://www.mckinsey.com/industries/consumer-packaged-goods/our-insights/the-trends-defining-the-1-point-8-trillion-dollar-global-wellness-market-in-2024">$1.8T market</a>) simply putting band-aids over problems without ever addressing the underlying causes, all the while draining people&#8217;s wallets?</p><p><strong>The Unseen Disease-Causing Substances in Our Homes</strong></p><p>It is estimated that approximately <a href="https://pmc.ncbi.nlm.nih.gov/articles/PMC10190119/">47%</a> of residential buildings show signs of mold, and that chronic indoor damp/mold-contaminated air exposure can <a href="https://pubmed.ncbi.nlm.nih.gov/32078193/">contribute</a> to low-grade pro-inflammatory responses and damage human airways. Evidence suggests that building dampness and mold are associated with a <a href="https://onlinelibrary.wiley.com/doi/10.1111/j.1600-0668.2007.00475.x">30-50%</a> increase in a variety of respiratory and asthma-related health outcomes.</p><p>And chronic mold exposure is just the tip of the iceberg.</p><p><strong>Flame Retardants</strong></p><p>Applied to prevent or slow the growth of fire, these chemicals are found in couches, mattresses, carpets, and building materials.</p><p>Flame retardants are <a href="https://pubmed.ncbi.nlm.nih.gov/21268442/">associated with adverse health effects</a> such as endocrine and thyroid disruption, immunotoxicity, reproductive toxicity, and cancer. </p><p><em>Imagine sleeping on these chemicals for approximately 1/3 of our lives.</em></p><p><strong>Phthalates</strong></p><p>Widely found in personal care products, scented products, and plastic coatings, phthalates are known <a href="https://pmc.ncbi.nlm.nih.gov/articles/PMC8157593/">endocrine disruptors</a> and can have detrimental impacts on the human reproductive, neurological, and developmental systems.</p><p><strong>Volatile Organic Compounds</strong></p><p>VOCs are found in a wide range of everyday products and materials such as paints, adhesives, carpets, beauty products, and cleaning products. These chemicals cause oxidative stress, inflammation, and <a href="https://pubmed.ncbi.nlm.nih.gov/38320440/">elevated lung cancer risk</a>. </p><p>The level of VOCs can also be <a href="https://pubmed.ncbi.nlm.nih.gov/27163962/">higher</a> indoors than outdoors, with some compounds reaching levels <a href="https://www.epa.gov/indoor-air-quality-iaq/volatile-organic-compounds-impact-indoor-air-quality">two to five times</a> higher inside homes.</p><p><strong>PFAS (&#8221;Forever Chemicals&#8221;)</strong></p><p>Per- and polyfluroalkyl substances are <a href="https://ncpure.collaboratory.unc.edu/science/where-are-pfas-found/">everywhere</a>, from personal care products and food packagings, to non-stick cookwares and water-repellent chemicals used on upholstery. The USGS estimates that at least <a href="https://www.usgs.gov/news/national-news-release/tap-water-study-detects-pfas-forever-chemicals-across-us">45%</a> of tap water in the U.S. has one or more types of PFAS.</p><p>Studies have revealed associations between specific PFAS exposure with <a href="https://pmc.ncbi.nlm.nih.gov/articles/PMC7906952/">negative health effects</a> such as altered immune and thyroid function, liver disease, insulin dysregulation, kidney disease, adverse reproductive outcomes, and cancer. What&#8217;s more concerning is that these substances <a href="https://pmc.ncbi.nlm.nih.gov/articles/PMC7906952/">bind to proteins</a> and accumulate in the body.</p><p>PFAS can also <a href="https://www.sciencedirect.com/science/article/pii/S0160412024003581">permeate the skin barrier</a> and reach the body&#8217;s bloodstream, making dermal exposure another route of adding to the accumulated burden of PFAS.</p><p><strong>Man-made Electromagnetic Radiation (EMR)</strong></p><p>Man-made EMR, in contrast to natural EMR, are <a href="https://www.nature.com/articles/srep14914">polarized</a>, and the <a href="https://www.nature.com/articles/srep14914">health effects include</a> DNA and protein damage, which may result in cell death, reproductive declines, and cancer.</p><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!CpuG!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fe8fd321f-bbb4-4f9c-b786-183578e913dd_1280x720.jpeg" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!CpuG!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fe8fd321f-bbb4-4f9c-b786-183578e913dd_1280x720.jpeg 424w, https://substackcdn.com/image/fetch/$s_!CpuG!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fe8fd321f-bbb4-4f9c-b786-183578e913dd_1280x720.jpeg 848w, https://substackcdn.com/image/fetch/$s_!CpuG!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fe8fd321f-bbb4-4f9c-b786-183578e913dd_1280x720.jpeg 1272w, https://substackcdn.com/image/fetch/$s_!CpuG!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fe8fd321f-bbb4-4f9c-b786-183578e913dd_1280x720.jpeg 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!CpuG!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fe8fd321f-bbb4-4f9c-b786-183578e913dd_1280x720.jpeg" width="1280" height="720" 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srcset="https://substackcdn.com/image/fetch/$s_!CpuG!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fe8fd321f-bbb4-4f9c-b786-183578e913dd_1280x720.jpeg 424w, https://substackcdn.com/image/fetch/$s_!CpuG!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fe8fd321f-bbb4-4f9c-b786-183578e913dd_1280x720.jpeg 848w, https://substackcdn.com/image/fetch/$s_!CpuG!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fe8fd321f-bbb4-4f9c-b786-183578e913dd_1280x720.jpeg 1272w, https://substackcdn.com/image/fetch/$s_!CpuG!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fe8fd321f-bbb4-4f9c-b786-183578e913dd_1280x720.jpeg 1456w" sizes="100vw" loading="lazy"></picture><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container restack-image"><svg role="img" style="height:20px;width:20px" width="20" height="20" viewBox="0 0 20 20" fill="none" stroke-width="1.5" stroke="var(--color-fg-primary)" stroke-linecap="round" stroke-linejoin="round" xmlns="http://www.w3.org/2000/svg"><g><title></title><path d="M2.53001 7.81595C3.49179 4.73911 6.43281 2.5 9.91173 2.5C13.1684 2.5 15.9537 4.46214 17.0852 7.23684L17.6179 8.67647M17.6179 8.67647L18.5002 4.26471M17.6179 8.67647L13.6473 6.91176M17.4995 12.1841C16.5378 15.2609 13.5967 17.5 10.1178 17.5C6.86118 17.5 4.07589 15.5379 2.94432 12.7632L2.41165 11.3235M2.41165 11.3235L1.5293 15.7353M2.41165 11.3235L6.38224 13.0882"></path></g></svg></button><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container view-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-maximize2 lucide-maximize-2"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></button></div></div></div></a></figure></div><p><strong>The Opportunity:</strong></p><p>From 2017-2023, more than <a href="https://www.census.gov/library/stories/2025/01/return-home-migration.html">40 million people</a> moved in the United States, and the average person in the U.S. can expect to relocate <a href="https://www.census.gov/topics/population/migration/guidance/calculating-migration-expectancy.html#:~:text=Using%202007%20ACS%20data%2C%20it%20is%20estimated,expected%20number%20of%20moves%20is%20only%202.7.)">11.7 times</a> in their lifetime.</p><p>What if every time someone moves, they could order a test kit to make sure that the new environment is supportive of health? What if in humid environments, people could check the health of their homes every six months?</p><p>What if one platform could test for:</p><ul><li><p>Lighting</p></li><li><p>EMF</p></li><li><p>Water quality</p></li><li><p>Air quality</p></li><li><p>Mold</p></li><li><p>Chemical hazards</p></li></ul><p>&#8230;and then instantly connect consumers with home specialists and solutions to address the issues found, rather than providing only pharmaceutical treatments or supplements?</p><p>If you are an innovator, builder, or passionate about solving these challenges, reach out to me on <a href="https://www.linkedin.com/in/kaiwenliu6/">LinkedIn</a> or connect with us at <a href="mailto:dealflow@lead.vc">dealflow@lead.vc</a>.</p><div class="captioned-button-wrap" data-attrs="{&quot;url&quot;:&quot;https://leadvc.substack.com/p/home-as-medicine?utm_source=substack&utm_medium=email&utm_content=share&action=share&quot;,&quot;text&quot;:&quot;Share&quot;}" data-component-name="CaptionedButtonToDOM"><div class="preamble"><p class="cta-caption">Thanks for reading! Feel free to share it!</p></div><p class="button-wrapper" data-attrs="{&quot;url&quot;:&quot;https://leadvc.substack.com/p/home-as-medicine?utm_source=substack&utm_medium=email&utm_content=share&action=share&quot;,&quot;text&quot;:&quot;Share&quot;}" data-component-name="ButtonCreateButton"><a class="button primary" href="https://leadvc.substack.com/p/home-as-medicine?utm_source=substack&utm_medium=email&utm_content=share&action=share"><span>Share</span></a></p></div>

The overlooked aspect of health and wellness.

Home as Medicine

<div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!hHxi!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F9a1d5050-274b-4313-99e6-9d723567b221_2875x1912.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!hHxi!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F9a1d5050-274b-4313-99e6-9d723567b221_2875x1912.png 424w, https://substackcdn.com/image/fetch/$s_!hHxi!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F9a1d5050-274b-4313-99e6-9d723567b221_2875x1912.png 848w, https://substackcdn.com/image/fetch/$s_!hHxi!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F9a1d5050-274b-4313-99e6-9d723567b221_2875x1912.png 1272w, https://substackcdn.com/image/fetch/$s_!hHxi!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F9a1d5050-274b-4313-99e6-9d723567b221_2875x1912.png 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!hHxi!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F9a1d5050-274b-4313-99e6-9d723567b221_2875x1912.png" width="1456" height="968" data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/9a1d5050-274b-4313-99e6-9d723567b221_2875x1912.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:968,&quot;width&quot;:1456,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:7505932,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:&quot;image/png&quot;,&quot;href&quot;:null,&quot;belowTheFold&quot;:false,&quot;topImage&quot;:true,&quot;internalRedirect&quot;:&quot;https://leadvc.substack.com/i/172097663?img=https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F9a1d5050-274b-4313-99e6-9d723567b221_2875x1912.png&quot;,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="" srcset="https://substackcdn.com/image/fetch/$s_!hHxi!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F9a1d5050-274b-4313-99e6-9d723567b221_2875x1912.png 424w, https://substackcdn.com/image/fetch/$s_!hHxi!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F9a1d5050-274b-4313-99e6-9d723567b221_2875x1912.png 848w, https://substackcdn.com/image/fetch/$s_!hHxi!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F9a1d5050-274b-4313-99e6-9d723567b221_2875x1912.png 1272w, https://substackcdn.com/image/fetch/$s_!hHxi!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F9a1d5050-274b-4313-99e6-9d723567b221_2875x1912.png 1456w" sizes="100vw" fetchpriority="high"></picture><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><div class="pencraft pc-reset icon-container restack-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-refresh-cw"><path d="M3 12a9 9 0 0 1 9-9 9.75 9.75 0 0 1 6.74 2.74L21 8"></path><path d="M21 3v5h-5"></path><path d="M21 12a9 9 0 0 1-9 9 9.75 9.75 0 0 1-6.74-2.74L3 16"></path><path d="M8 16H3v5"></path></svg></div><div class="pencraft pc-reset icon-container view-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-maximize2 lucide-maximize-2"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></div></div></div></div></a></figure></div><p>The inaugural broadcast of <strong><a href="https://tglgolf.com/">TGL</a></strong> on January 7, 2025, marked a significant moment in the evolution of golf, blending technology with traditional sport in a way that has not been seen before on the biggest stage. Co-founded by golf legends Tiger Woods, Rory McIlroy, and former NBC Sports executive Mike McCarley, TGL aims to redefine how competitive golf is experienced by fans and players alike.</p><p>In this blog, we bring together two unique perspectives on the groundbreaking debut of TGL. First, <strong><a href="https://www.linkedin.com/in/christoph-sonnen/">Christoph Sonnen</a></strong>, co-founder of LEAD, shares firsthand experience of the exhilarating atmosphere and innovative format that defined the event. His insights are complemented by <strong><a href="https://www.linkedin.com/in/kaiwenliu6/">Kaiwen Liu</a></strong>, an analyst at LEAD and a former professional golfer, who provides his insights from watching the event unfold on television and discusses how TGL is modernizing the sport to engage a broader audience. Together, the two examine how this innovative new league not only reimagines golf but also could set a precedent for the future of sports entertainment.</p><h2>A CEO&#8217;s Front-Row View of TGL&#8217;s Groundbreaking Debut</h2><p>As the co-founder of <strong><a href="https://lead.vc/">LEAD</a></strong>, a venture corporation that thrives on investing in transformative ideas, attending the inaugural TGL match at the SoFi Center in Palm Beach Gardens, FL was nothing short of exhilarating. The evening marked the culmination of years of planning, innovation, and bold decision-making. Sitting in the intimate setting of the SoFi Center, I could feel the electricity in the air&#8212;a perfect blend of technology and tradition that reimagined how golf can be experienced.</p><p>The venue itself deserves special mention. Its intimate design brought fans closer to the action than ever before. You could see every detail of each shot's outcome, either on the state-of-the-art screen or the green itself. This real-time visibility wasn&#8217;t just a perk&#8212;it was a game-changer. In traditional outdoor golf, the suspense often lies in waiting for the camera to pan and reveal the ball&#8217;s destination. Here, the suspense was replaced with immediacy and engagement, drawing audible reactions from the players and the crowd alike.</p><div class="subscription-widget-wrap-editor" data-attrs="{&quot;url&quot;:&quot;https://leadvc.substack.com/subscribe?&quot;,&quot;text&quot;:&quot;Subscribe&quot;,&quot;language&quot;:&quot;en&quot;}" data-component-name="SubscribeWidgetToDOM"><div class="subscription-widget show-subscribe"><div class="preamble"><p class="cta-caption">Subscribe to receive the latest LEAD posts.</p></div><form class="subscription-widget-subscribe"><input type="email" class="email-input" name="email" placeholder="Type your email&#8230;" tabindex="-1"><input type="submit" class="button primary" value="Subscribe"><div class="fake-input-wrapper"><div class="fake-input"></div><div class="fake-button"></div></div></form></div></div><p>The format was another standout feature. Match play with unique elements allowed players to showcase their talent and personality in a way that felt fresh and entertaining. You could sense that the players were liberated to experiment and have fun, and the enjoyment they displayed was shared by fans in the stadium.</p><p>As the night progressed and the Hammers were thrown, it was easy to settle into the completely different experience. After all, the golf was the same &#8211; completing the hole in as few shots as possible. When combined with live microphones capturing the players&#8217; strategic banter&#8212;&#8220;More left to right. Hit the spinner over there&#8221;&#8212;it created a level of intimacy rarely experienced in professional sports.</p><p>Another defining aspect of the evening was the production quality. There&#8217;s something about seeing your sport on ESPN. With the platform&#8217;s legacy and reach, it brought a sense of legitimacy and gravity to the event, and the <strong><a href="https://www.instagram.com/lead_vc/">buzz on social media</a></strong> was palpable.</p><p>There&#8217;s always room for improvement, of course. For example, I&#8217;d love to see a camera angle positioned in front of the hole to better capture the drama of the putts sinking. Yet, even with minor tweaks ahead, the core of TGL&#8212;a fusion of cutting-edge technology, compelling gameplay, and a modern take on fan engagement&#8212;is poised to attract attention.</p><p>As I left the SoFi Center, I couldn&#8217;t help but feel that I&#8217;d witnessed something truly special. TGL isn&#8217;t just about golf; it&#8217;s about the future of how sports could better connect with fans.</p><h2>A Former Professional Golfer&#8217;s Perspective on Modernizing Golf</h2><p>Generation Z has a fundamentally different attitude and relationship with traditional sports compared to Millennials, Gen X, and Baby Boomers, and this presents a big challenge for sports organizations. A <strong><a href="https://www.fandomanalytics.com/post/the-next-generation-fandom-survey-from-the-emory-marketing-analytics-center">report</a></strong> published in 2021 from the Emory Marketing Analytics Center found that an astonishing 27 percent of Generation Z considers themselves &#8220;anti-sports,&#8221; compared to 7 percent of Millennials, 5 percent of Gen X, and 6 percent of Baby Boomers. A subsequent <strong><a href="https://www.fandomanalytics.com/post/next-generation-fandom-survey-2024">survey</a></strong> considers everything outside of football, basketball, and baseball a niche product. However, a 2023 Deloitte <strong><a href="https://www2.deloitte.com/us/en/insights/industry/media-and-entertainment/immersive-sports-fandom.html">article</a></strong> suggests that Gen Z fans are still developing their sports fandom.</p><p>To appeal to a changing audience, TGL harnesses technology and builds a modern approach to how golf is presented to today&#8217;s sports fans. The incorporation of digital technology and mics provided the traditional sport aspects of esports, which are particularly <strong><a href="https://www.fandomanalytics.com/post/the-esports-puzzle-a-haven-for-gen-z-young-men">preferred by Gen Z males</a></strong>. While much of the media coverage to date has focused on the simulation and the technological aspects of TGL, I was intrigued by how it will address some of the more fundamental challenges that have prevented golf from appealing to a greater audience, which are the slow pace of live broadcasts and the multi-day format of traditional tournaments.</p><p>The two-hour format of TGL is significantly shorter than a typical golf tournament broadcast, and the mixed formats introduce considerably more action. Each hole is interesting and engaging in ways that are not available in a Thursday broadcast. The match last night between The Bay Golf Club and New York Golf Club was not as competitive as many would have liked, but I can see a future match offering fans excitement comparable to a final stretch of a traditional tournament with a packed leaderboard.</p><p>The team format, along with alternate shots, head-to-head Singles, and the Hammer feature, offers a sense of fun that was previously absent from watching competitive golf. As I watched the broadcast last night with a friend who does not keep up with golf, we both agreed that it was more digestible and entertaining than a traditional golf broadcast. I appreciated that with TGL, every shot, good or bad, is broadcasted, whereas traditional golf broadcasts feel more or less like a curated highlight reel - the top players in the world are still humans, after all.</p><p>Reflecting on my own journey with golf - playing and thinking about the sport every day between the ages of eight and 23 - I must admit that the idea of spending a day off on the course doesn&#8217;t particularly excite me now. However, after watching TGL, I can envision myself occasionally spending half a day over the weekend on the golf course if my friends are willing to come up with similar formats.</p><p>TGL presents an interesting solution for how golf can be enjoyed by a wider, changing audience. By addressing the challenges posed by traditional tournament formats and embracing technology-driven strategies, TGL has the potential to attract more fans across different generations. The remainder of the season could provide valuable insights for the broader sports industry by highlighting which strategies resonated with audiences and which were ineffective.</p><h2>A Vision for Golf&#8217;s Future</h2><p>The 2025 opening TGL match demonstrated that golf is not bound by its traditional format. From Christoph&#8217;s enthusiastic in-person experience to Kaiwen&#8217;s analytical perspective from watching via television, it&#8217;s clear that TGL is on a mission to reimagine the sport for a new generation of fans. By addressing core challenges&#8212;such as pacing and format&#8212;while leveraging technology to create a more immersive experience, TGL has positioned itself as a beacon of innovation in sports.</p><p>For fans of all ages, the message is clear: golf can be thrilling, accessible, and fun. As the season unfolds, TGL&#8217;s success will not only redefine golf but also provide a playbook for other sports looking to adapt to the ever-evolving preferences of modern audiences. Here&#8217;s to a future where tradition and innovation drive sports forward&#8212;together.</p><div class="captioned-button-wrap" data-attrs="{&quot;url&quot;:&quot;https://leadvc.substack.com/p/tgl-is-redefining-golf-with-technology?utm_source=substack&utm_medium=email&utm_content=share&action=share&quot;,&quot;text&quot;:&quot;Share&quot;}" data-component-name="CaptionedButtonToDOM"><div class="preamble"><p class="cta-caption">Thanks for reading! Feel free to share this with anyone who might find it insightful.</p></div><p class="button-wrapper" data-attrs="{&quot;url&quot;:&quot;https://leadvc.substack.com/p/tgl-is-redefining-golf-with-technology?utm_source=substack&utm_medium=email&utm_content=share&action=share&quot;,&quot;text&quot;:&quot;Share&quot;}" data-component-name="ButtonCreateButton"><a class="button primary" href="https://leadvc.substack.com/p/tgl-is-redefining-golf-with-technology?utm_source=substack&utm_medium=email&utm_content=share&action=share"><span>Share</span></a></p></div>

The LEAD team had a front-row view of TGLs groundbreaking debut.

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