We just announced our investment in Meru Health. If you recognize Meru Health, itâs because I wrote about it in January as part of my explanation of Freestyleâs Leadership on Mental Health. I highlighted what Josh Felser and his team at Freestyle were doing, which included underwriting 100% of the cost for two programs â Meru Health and Hoffman Institute, for all of their founders.
We got to know Kristian Ranta and his team at Meru Health through Josh. Freestyle is one of our 32 partner funds (where we are LPs) and most of our new direct investing activity is in conjunction with one of our partner funds.
Forbes wrote a detailed profile of the company and the investment in Foundry Group And Slack Are Backing A Virtual Therapy Startup That Raised $8.1 Million and we are excited to be part of Meru Health.
Over the past two months, Iâve been asked almost daily if âVCs are investing during the Covid crisis.â Generic questions like this are impossible to answer, as âVCsâ are not a singular archetype (there are many types of VCs with different strategies, goals, personalities, and constraints.) So, I answer it from the frame of reference of what we are doing at Foundry Group.
In general, I think the best answers are examples.
For me, the Covid crisis started on March 11th. This was the first day I worked from home and havenât left my house since then. We were planning to have our CEO Summit in Boulder on March 12th and 13th but cancelled it on March 9th. My parents were coming to Boulder on March 12th for a long weekend and to celebrate my dadâs 82nd birthday. My brother Daniel and I decided to cancel their trip and told them the night of March 11th. Bryan Leech at iBotta hosted the first âDenver Business Leadersâ call the morning of March 11th. So, when I look back and mark this moment in history, it started for me on March 11th.
Since then, Foundry Group has closed three new investments.
We generally make about 10 new investments a year. While itâs not spaced out monthly (we donât try to manage timing that granularly), if you look back to when we started Foundry Group in 2007 weâve done a maximum of 14 new investments in a year and a minimum of 8 new investments.
When asked if we are investing, I answer âyes â on the same pace as we always have.â We have a deeply held belief that time diversity in investing matters, and the key is to keep the same pace of new investments no matter what is going on in the macro.