Podcast Summary: Jessica Carr of Coyote Ventures on The Investor With Joel Palathinkal
Podcast Information:
- Title: The Investor With Joel Palathinkal
- Host: Dr. Joel Palathinkal
- Guest: Jessica Carr, Co-Founder of Coyote Ventures
- Episode: Jessica Carr: Coyote Ventures
- Release Date: August 12, 2025
I. Introduction
In this insightful episode of The Investor With Joel Palathinkal, host Dr. Joel Palathinkal engages in a deep conversation with Jessica Carr, the co-founder of Coyote Ventures. The discussion delves into Jessica's unique journey from a pre-med student to a venture capitalist, her investment thesis evolution from food tech to femtech, and her strategies for sourcing deals and building an engaged investment community.
II. Jessica Carr's Journey to Venture Capital
a. Early Life and Education
Jessica Carr hails from Amarillo, Texas, and embarked on her academic journey as a pre-med student influenced by her parents—her father a dentist and her mother an OB GYN nurse. She pursued a double major in biochemistry and philosophy at UC Berkeley, where her passion for research blossomed.
"I really enjoyed understanding how bio worked because to me, biology couldn't really be memorized everything."
[00:00-00:26]
b. Transition to Startups and Impossible Foods
Jessica's career took a pivotal turn when she joined Impossible Foods as the 12th employee. Her role focused on research and development, contributing to the company's early prototypes and intellectual property.
"Impossible spent about the first five years of the company's life in research and development."
[05:00-05:09]
Despite her contributions, Jessica yearned for a more impactful role, leading her to pursue an MBA and transition into consulting and venture capital.
c. Pivoting to Venture Capital and Founding Coyote Ventures
Combining her scientific expertise and financial acumen, Jessica co-founded Coyote Ventures with Brittany, whom she met through a LinkedIn cold email. Their shared vision and complementary skills laid the foundation for their investment firm, focusing initially on femtech and later expanding into other impactful sectors.
"We applied to the VC labs at the Founder Institute and the application was due like that night and we got in."
[07:30-07:45]
III. Investment Thesis Evolution: From Food Tech to Femtech
a. Early Focus on Food Tech
Jessica's initial focus was on food tech, recognizing the potential of companies like Impossible Foods before the sector gained mainstream traction. Her early investments capitalized on the innovative blend of technology and sustainability.
"I'd say it was before sort of it became mainstream. It's kind of down in the early adoptive adopter phase that was Impossible 10 years ago."
[10:25-10:35]
b. Expanding to Women's Health and Femtech
Building on her success in food tech, Jessica expanded her investment thesis to femtech—women's health technologies. She identified femtech as the next frontier where innovation could address significant health disparities and unmet needs.
"Women's health is now. So I think that was sort of relevant learning that I can take to a new industry."
[10:49-11:00]
IV. Trends and Insights in Food Tech
a. Plant-Based and Lab-Grown Innovations
Jessica discusses the current landscape of food tech, emphasizing the growth of plant-based alternatives and lab-grown meats. She points out the challenges and opportunities within these sub-sectors, including scaling production and achieving regulatory approval.
"There's plant based and then there's lab grown and then there's a hybrid now where there's companies that are obviously doing both."
[13:00-13:15]
b. Vertical Farming and Supply Chain Solutions
Vertical farming emerges as a promising trend, offering solutions to urban food supply chains and reducing reliance on pesticides. Jessica highlights the engineering challenges and the ongoing innovation aimed at expanding crop diversity.
"I love the vertical farming space. They have like engineering sort of problems to deal with."
[13:38-13:45]
c. Regulatory Challenges and Scaling
The regulatory environment for lab-grown meat remains a significant hurdle. Jessica notes the cautious approach required to ensure safety and public acceptance before mainstream adoption can occur.
"I would want to make sure that it's really well evaluated for safety and making sure there's not any kind of harmful chemicals."
[14:00-14:10]
V. Deep Dive into Femtech
a. Defining Femtech and Women's Health
Femtech encompasses a broad range of innovations targeting women's health and wellness. Jessica clarifies that while technology plays a role, not all femtech solutions are tech-driven, emphasizing the sector's diversity.
"It's more just like where is the innovation happening? So I usually just say women's health and wellness."
[17:25-17:35]
b. Key Areas and Innovations
Jessica breaks down femtech into various categories, including maternal health, sexual wellness, menopause, and heart health. She underscores the need for tailored solutions addressing conditions uniquely or disproportionately affecting women.
"One of our investments is in endometriosis, which actually 1 in 10 women suffer from. There's not a good diagnostic right now."
[12:35-12:45]
c. Community and Investment Strategy
Coyote Ventures fosters a vibrant community of innovators, founders, and investors focused on women's health. Jessica emphasizes the importance of tackling taboo subjects and building a supportive ecosystem for groundbreaking ventures.
"We're really interested in mental health and I would say we're really interested in everything that's really taboo and makes people uncomfortable to talk about."
[19:27-19:46]
VI. Building and Managing Deal Flow
a. Sourcing Deals
Jessica leverages extensive databases and industry insights to identify promising investments. Her hands-on approach ensures a steady pipeline of high-quality deals, often gaining access to opportunities beyond what other investors might see.
"We know how to pick, like, who's going to be the winner. We have databases of how many companies there are in each sector."
[20:45-21:00]
b. Evaluating Exits and Partnerships
Understanding exit strategies is crucial for Coyote Ventures. Jessica shares that they maintain comprehensive records of exits, which informs their investment decisions and enhances their ability to foresee successful outcomes.
"There's actually over 100 average exit value being around 400 million. And so we put some of that info straight into our memos."
[20:50-21:35]
c. Tools and Databases
To manage deal flow efficiently, Jessica utilizes tools like Airtable for organizing LPs and Monday.com for deal management. These platforms facilitate collaboration and streamline the investment process.
"Airtables for LPs and Monday.com is for the deals."
[50:56-51:00]
VII. Community Building and LP Engagement
a. Networking Strategies
Building a robust network is essential for fostering relationships with Limited Partners (LPs) and other stakeholders. Jessica highlights the effectiveness of one-on-one meetings and curated events in establishing trust and rapport.
"My preference is to just do one-on-one meetings in person rather than like dinner with 50 people."
[42:38-42:45]
b. Events and One-on-One Meetings
Coyote Ventures organizes intimate dinners and personalized meetings to connect with potential LPs. These settings allow for meaningful conversations without the distractions of large gatherings.
"Some people might not want to go to a dinner, but they'll go to like Zoom webinar or maybe they'll read your newsletter."
[42:10-42:20]
c. Tools for Relationship Management
Jessica uses tools like Superhuman for email management, ensuring efficient communication. Additionally, platforms like The Bridge facilitate quality introductions and feedback mechanisms to streamline networking efforts.
"I also use Evernote. That's not a standard one either. But just like every time I'm getting on a meeting, I have a new note and it's very searchable."
[51:14-51:30]
VIII. Fund Formation and Management
a. Starting a Fund: Steps and Tools
Jessica details the process of launching Coyote Ventures, from participating in VC labs to utilizing fund formation platforms like Carta. Her experience underscores the importance of affordability and efficiency in setting up a new fund.
"I used Carta fund formation, it was very affordable. Great team."
[38:50-39:00]
b. Working with LPs and Fundraising Strategies
Coyote Ventures focuses on attracting LPs interested in niche sectors like femtech. Jessica emphasizes the need for early soft commitments and leveraging existing networks to achieve successful fundraises.
"We put some of that info straight into our memos as well of like thinking about what kind of exit strategies some of the companies could have."
[20:50-21:00]
IX. Personal Insights and Lessons
a. Intuition in Decision Making
Jessica advocates for trusting one's intuition in making investment decisions, supported by mentorship and thoughtful reflection.
"It has to do with tuning into intuition, sort of knowing, how I feel about things and how I can use that as my guide."
[52:54-53:00]
b. The Importance of Mentorship
Having mentors who challenge and validate her decisions has been instrumental in Jessica's professional growth and investment strategies.
"I have mentors who have helped guide with how to do that. And I think, yeah, it's great. I get advice, I have mentors."
[52:54-53:00]
c. Aligning Career with Mission
Jessica finds fulfillment in aligning her career with her passion for health and wellness, ensuring that her work contributes to meaningful societal impact.
"I feel like I'm doing something that is more aligned to my mission."
[31:28-31:35]
X. Tools of the Trade
a. Email Management: Superhuman
Superhuman helps Jessica maintain inbox zero by scheduling specific times for email processing, enhancing her productivity.
"I can get to Inbox zero by just setting like this one. Come back. I got to do this one at this time."
[49:19-49:33]
b. Task and Deal Management: Monday.com, Airtable
Monday.com is utilized for managing deals, while Airtable organizes LP relationships, allowing for streamlined operations and data analysis.
"Airtables for LPs and Monday.com is for the deals."
[50:56]
c. Note-Taking: Evernote
Evernote enables Jessica to take searchable, synchronized notes during meetings, ensuring she captures critical information effortlessly.
"Evernote is good. I haven't used Evernote in a while because I started using the, just like the Apple notepad."
[51:45-52:01]
XI. Conclusion
Jessica Carr's journey from a pre-med student to a venture capitalist underscores the value of interdisciplinary skills, intuition, and a mission-driven approach in making impactful investments. Her insights into femtech and food tech, coupled with effective community-building strategies, provide a roadmap for aspiring investors looking to navigate niche sectors with passion and precision.
"It's a big one. I think it just made my whole career make more sense to me... Like, I feel like I'm doing something that is more aligned to my mission."
[30:26-31:00]
This episode offers a comprehensive look into the mind of a modern venture capitalist dedicated to fostering innovation in women's health and beyond.
Notable Quotes:
-
"I have done a lot of free work. So you're not above it, probably."
— Jessica Carr [24:59] -
"A community of people where you're doing this together, like you can kind of get intel on who's an awesome LP and who's not."
— Joel Palo Thinkle [46:45] -
"There's not a good way. There's not a platform that I know of where it's just like all manual, like sending decks in an email."
— Jessica Carr [44:13] -
"Sometimes, you just kinda just people have been early so we're not paying. So sort of have that in mind of like what offer and what you would like to learn in exchange."
— Jessica Carr [25:00]
Timestamp Breakdown:
- 00:00-01:21: Introduction and initial conversation about backgrounds.
- 01:21-02:43: Jessica's early life, education, and career beginnings.
- 02:43-08:47: Transition to venture capital and founding Coyote Ventures.
- 08:47-10:49: Advice for those with science/tech backgrounds entering VC.
- 10:49-15:55: Evolution of investment thesis from food tech to femtech; trends in food tech.
- 15:55-19:27: Regulatory challenges and deeper insights into femtech.
- 19:27-24:35: Breaking down femtech; community and investment strategy.
- 24:35-29:05: Deal sourcing, evaluating exits, community building tools.
- 29:05-35:08: Personal insights, fund formation, and operational experiences.
- 35:08-43:25: Discussing crossover funds, retail investing, and community engagement.
- 43:25-50:45: Tools for relationship management and deal flow.
- 50:45-55:36: Final thoughts, personal lessons, and closing remarks.
This comprehensive summary captures the essence of Jessica Carr's conversation on The Investor With Joel Palathinkal, providing valuable insights into her approach to venture capital, investment strategies, and the evolving landscape of femtech and food tech.