Podcast Summary: How I Invest with David Weisburd — E239

Guest: Sara Crown Star, Venture Partner at FemHealth Ventures
Topic: Redefining Success Beyond the Family Business — Women's Health Investing, Legacy, and Values
Date: November 10, 2025

Episode Overview

In this episode, David Weisburd interviews Sara Crown Star, member of the prominent Crown family and Venture Partner at FemHealth Ventures, a trailblazing VC firm focused on innovation in women’s health. The conversation delves into Sara’s personal mission and investment thesis, unique opportunities in the FemHealth market, family legacy, values, and advice for the next generation.

Key Topics & Insights

1. What is FemHealth Ventures?

• Sara’s Introduction (00:28-01:19):
  • FemHealth Ventures is a VC fund using the “FemHealth Framework,” focusing on:
    • Conditions only affecting women (e.g. reproductive health)
    • Conditions mostly affecting women (e.g. migraines, autoimmune)
    • Conditions affecting women differently (e.g. heart attacks presenting differently)
  • The framework, pioneered and published by the team, has been widely adopted.
  • Investment scope: drugs, diagnostics, digital applications, medical devices.
  • Quote:

    “We were the first to define it this way, and we’re very excited about the impact that it’s already bringing forward.” — Sara [00:46]

2. Sara’s Path to Women’s Health Investing

• Early Motivation (01:25-02:27):
  • Started in law, not-for-profits, then focused on incontinence solutions for aging populations.
  • Key milestone: Backed Thinx (period and incontinence underwear), joined the board, participated through the sale to Kimberly Clark.
  • Led to joining FemHealth Ventures to "rinse and repeat" the success.
  • Quote:

    “It was so much fun and so exciting to get those products out globally that I wanted to rinse and repeat and do it again.” — Sara [02:11]

3. Portfolio Highlights & Market Opportunities

• Example Investments (02:34-07:28):
  • Gynesonics/Sonata Device
    • Novel, incision-free, RF ablation treatment for uterine fibroids.
    • Enables quick recovery, preserves fertility.
    • Acquired by Hologic for $350M (January 2025).
    • Quote:

      “Of the 10,000 women who had had this procedure done when we invested, 100 had gotten pregnant… a complete game changer for women.” — Sara [03:51]

  • Emerging Areas:
    • Menopause, fertility, cancer, pregnancy, postpartum depression (“low hanging fruit” for investors).
    • Circle: AI application in IVF clinics, giving personalized success rates for patients.
      • Funded by early backers like Sheryl Sandberg.
    • Reunion Neuroscience: Novel, psilocybin-like compound for postpartum depression treatment, working towards FDA approval.
      • Offers life-changing outcomes versus SSRIs or invasive infusions, aims to reduce maternal mortality.
      • Second indication: psychological support after cancer diagnosis.
      • Quote:

        “This is just again a game changer. This company, again Reunion Neuroscience, they’re going after a full FDA approval process.” — Sara [06:47]

4. Market Size and Latent Opportunity in Women’s Health

• Structural Undervaluation (07:28-09:14):
  • Historical exclusion of women from clinical trials until 1993 stunted innovation.
    • “When do you think women were allowed in clinical trials?”
      “1993.” — Sara [07:55]
  • Women’s health impacts half the population directly, and more when considering commonly shared or women-skewed conditions (e.g., autoimmune).
  • Weekly deal flow: meeting 5-8 new portfolio companies; vast, unexplored scope.
  • Quote:

    “Half the population and more. Because when you look at the three categories… we actually affect many, many more conditions.” — Sara [08:31]

5. Trends: The Decade Ahead for Women’s Health

• Sector Takeoff (09:14-10:24):
  • Dramatic rise in women’s health companies at major conferences like JPMorgan Healthcare.
  • Improved returns, broader participation from investors.
  • Huge unmet needs— diagnosis (e.g., late-stage ovarian cancer), access, and effective treatments remain insufficient.
  • Quote:

    “We can have, again, computers that can do anything from anywhere all over the world. Something like [late-stage ovarian cancer diagnosis] shouldn’t happen.” — Sara [09:56]

6. Family, Values, and Legacy

• The Crown Family Ethos (10:24-16:11):
  • Investment philosophy rooted in family values: “You can’t do a good deal with a bad partner,” “Your reputation is all you have,” and “Take care of the community.”
  • Tells a story of her grandfather, Henry Crown, who risked everything during the Great Depression to keep his commitments— exemplifying integrity and perseverance.
  • Civic engagement: Her father’s leadership in rebuilding Cook County Hospital after seeing critical healthcare access issues as a social justice problem.
    • “He was mortified when he saw this.” — Sara [17:02]
  • Launching the Henry Crown Fellows Program at the Aspen Institute: Guiding leaders from “success to significance.”

7. The ‘Sixth Gear’: Purpose and Impact in Investing

• Deep Purpose Drives Returns (21:05-23:31):
  • Discussion on how a deep sense of mission enables exceptional performance (“sixth gear”)— typically invisible in financial spreadsheets but crucial for venture investing.
  • Examples: Elon Musk, Jeff Bezos, mission-driven founders.
  • Quote:

    “The best entrepreneurs out there… they’re doing something because… it was because of something that was sorely needed. And you know, they’re going to make it happen. …As an investor, you know, when you can find an entrepreneur that has got that much grit and that much passion, you know, you’re betting on the team… I could not agree with you more.” — Sara [22:41]

8. Wealth, Power, and Success: Navigating Legacy

• Downsides & Complexities (23:31-26:30):
  • The expectation: “To whom much is given, much is expected.”
  • Power and control issues in multi-generational wealth; the trade-off between taxes and succession.
    • Trust structures: tradeoff between asset protection and beneficiary autonomy.
    • Variations in legacy planning (Warren Buffett giving it all away vs. others who downstream wealth).
  • Quote:

    “If you put it in trust and you put it what we call over the wall so there won’t be estate tax when you die, whoever you give it to, the beneficiary can have the money, but it’s in trust and it’s controlled by a trustee. It’s not controlled by the future family member. And so that can create issues.” — Sara [25:08]

9. Advice to the Next Generation

• Sara’s Guidance (26:44-29:27):
  • “Raise your kids like it can all blow away tomorrow.”
  • Instill independence, self-esteem, genuine friendships, financial literacy, and humility.
  • Every person adds value; lasting relationships are crucial for enduring life’s challenges.
  • Cautions about the cycle of generational wealth (“from rice paddies… back to rice paddies”), referencing Family Wealth by James Hughes.
  • Quote:

    “How you treat other people says everything.” — Sara [27:03]
    “If you hide money from kids, they can’t learn how to read an income statement or a balance sheet or, frankly, they may not think about how to earn more.” — Sara [28:21]

Notable Quotes & Memorable Moments

• “We were the first to define it this way, and we’re very excited about the impact that it’s already bringing forward.” — Sara [00:46]
• “Of the 10,000 women who had had this procedure done when we invested, 100 had gotten pregnant… a complete game changer for women.” — Sara [03:51]
• “When do you think women were allowed in clinical trials?... 1993.” — Sara [07:55]
• “You can’t do a good deal with a bad partner.” — Sara on Crown family values [10:52]
• “He gave his word to all these people that were relying on him and he came through.” — Sara on her grandfather [13:55]
• “The best entrepreneurs out there…they’re doing something because… it was because of something that was sorely needed. And you know, they’re going to make it happen.” — Sara [22:41]
• “Raise your kids like it can all blow away tomorrow.” — Sara [26:45]
• “How you treat other people says everything.” — Sara [27:03]

Important Timestamps

• FemHealth Ventures & Framework: 00:28–01:19
• Sara’s Motivation & Thinx Story: 01:25–02:27
• Gynesonics/Sonata Device: 02:34–04:19
• Market Opportunities & Circle/Reunion Neuroscience: 04:28–07:28
• Women in Clinical Trials Historical Context: 07:47–09:14
• Sector Trends & Ovarian Cancer Example: 09:23–10:24
• Crown Family Values & Story: 10:37–16:11
• Cook County Hospital & Henry Crown Fellows: 16:11–21:05
• Purpose and Mission’s “Sixth Gear” in Entrepreneurs: 21:05–23:31
• Wealth, Power, and Family Complexity: 23:31–26:30
• Advice for the Next Generation: 26:44–29:27

Conclusion

Sara Crown Star’s journey from family legacy to leading innovation in women’s health provides a powerful case study of values-driven investing. Through FemHealth Ventures, she demonstrates that purpose and profit aren’t mutually exclusive—addressing overlooked health issues can generate both impact and returns. Her advice is timeless: success must be rooted in integrity, genuine relationships, and a commitment to community.