Podcast Summary: The Investor with Joel Palathinkal

Guest: Tracy Chadwell, Founding Partner of 1843 Ventures

Episode Date: August 24, 2025

Overview

In this episode, Dr. Joel Palathinkal sits down with Tracy Chadwell, the founding partner of 1843 Ventures, to discuss her journey from law to venture capital, the origins of her firm, and her insight into investing in aging and longevity technology ("SilverTech"). Tracy shares her views on cross-border investing, portfolio construction, thematic investing around aging, the challenges and opportunities in raising a first-time fund as a woman, and practical wisdom for emerging managers and founders. The discussion is open, highly practical, and candid, peppered with advice, war stories, and enthusiasm for making a real social and economic impact.

Key Discussion Points & Insights

Tracy’s Background and the 1843 Ventures Origin Story

Timestamp: 02:13 – 04:33

• Legal & Business Beginnings: Tracy grew up in Rockford, Illinois, encouraged by her lawyer father to enter law. She later wished she’d done a JD/MBA given her affinity for finance.
• Transition to Finance: Started in merchant banking, gravitated toward the business side, took a business course at the University of Chicago, and found her passion for deal-making and modeling.
• Why ‘1843’?
  • The year Ada Lovelace wrote the first computer program; symbolizing a blend of analytical and creative thinking.
  • Practical: "It's impossible to trademark a name. So we really worked hard to find...something that we could trademark...1843 was the year that Ada Lovelace wrote the first computer program." (03:13 – Tracy Chadwell)
  • Numbers also sort high in databases, benefiting deal flow and SEO.

Transition From Law/PE into Venture

Timestamp: 05:00 – 08:25

• Legal Superpowers: Deep understanding of deal terms and documentation provides an edge: "A lot of newer funds don't focus as much on the documents and don't realize until it's too late what they do or don't have..." (06:24 – Tracy Chadwell)
• Dealing with Blessings and Curses: Knowledge can be both empowering and frustrating; sometimes ignorance is bliss when you know you’re missing certain rights but can't negotiate them as a small investor.

Developing Investment Perspective Through Global & Cross-Border Experience

Timestamp: 08:25 – 12:06

• Fund Work: Including cross-border US/China PE and legal work in Japan.
• Cultural Differences:
  • "They think on a hundred year basis." (11:00 – Tracy Chadwell, on Asian portfolio construction)
  • Asian investors tend to be more long-term and risk-averse compared to US investors.
• 1843 primarily focuses on US-based companies due to risk and complexity.

From Angel Investor to Fund Manager

Timestamp: 12:15 – 13:43

• Took a career break to raise children, entered angel investing as a way to stay engaged without sacrificing family time.
• Achieved a unicorn exit as an angel, which built her track record for launching her own fund.

Team Structure and the Venture Partner Model

Timestamp: 13:53 – 14:48

• Started 1843 as a solo GP, then added venture partners for reach and industry knowledge.
• Value of networks and collaboration versus "sharp elbows" in the VC community.

Building a Thematic Edge: Aging & SilverTech

Timestamp: 14:48 – 16:28

• Specializing in aging allowed Tracy’s firm to offer unique value and direct access to founders: "Now that I've actually been able to slide in with a small check ahead of other people, because they want my industry knowledge, which is great." (15:37 – Tracy Chadwell)

Deep Dive: The Aging & Elder Care Ecosystem

Timestamp: 16:28 – 21:38

• Caregiving and Education Gaps: Tracy lays out the intimidating complexity families face with elder care options, insurance, and long-term planning.
• Notable Portfolio Company: Carry Loop – provides care-coaching as an employee benefit, allowing workers to offload the logistical, financial, and emotional burden of caregiving.
  • “There’s 3 million women that just quit jobs because of caregiving responsibilities. I mean, it’s an absolute epidemic out there.” (19:50 – Tracy Chadwell)
• Social Impact + Returns: The sector is full of both impact and financial opportunities.
  • “This is not a sexy space like drones ... there’s a lot of opportunity for me and I’ve been able to take advantage.” (20:18 – Tracy Chadwell)

Opportunities in Mobility

Timestamp: 21:30 – 26:16

• Two Key Investments:
  • HopSkipDrive – Ride-sharing for children and elders, with a driver base that is 90% women. Shifted to an enterprise model, working with schools to transport at-risk and foster children.
  • May Mobility – Autonomous shuttles, including wheelchair-accessible options, with city contracts and real revenue, providing serial, safe, low-speed circuits in city centers.
  • “I hopped on board when they flipped to an enterprise model… customer acquisition costs are crazy…” (24:52 – Tracy Chadwell)

Longevity Finance & Fintech for an Aging Population

Timestamp: 26:17 – 29:07

• FinAI – NLP and voice-based banking for seniors, addressing the fact that those over 50 control 83% of US wealth but are underserved by digital-first banks.
• Challenges: Retirement planning is “spinach”—people know it's good but procrastinate due to friction.
• Loneliness & Monetizing Assets: Example of Silvernest, a roommate-matching platform for seniors (and tie-in with reverse mortgage companies).

Fund Strategy, Exit Planning, and Secondaries

Timestamp: 30:32 – 34:13

• Generalist Fund, Thematic Edge: Remain open to opportunity but led by actionable theses, adjust strategies based on exit market data.
• Stage Focus: Series A/B for lower risk and earlier exits; watch market values and acquirer appetite.
• Secondaries: Gaining traction as both an exit and entry strategy; Tracy is pursuing them proactively.

Building Edge as an Emerging Manager

Timestamp: 34:20 – 36:29

• Differentiation: Emphasizes narrative and relationship-building, especially with under-covered sectors (like aging).
• Practical Networking: Content creation, direct outreach, and simply showing founders you care.

Sourcing, Screening, and Networking Tips

Timestamp: 37:16 – 39:06

• Deep-dive independently into white-space areas, call executives in leading companies, and don’t just “take calls”—proactively seek out opportunities.

Advice for Fundraising—Especially for First-Time and Female Managers

Timestamp: 41:03 – 44:09

• Seed Stage Fundraising is Like Seed Stage Startups: “You’re saying, ‘Trust me.’”
• Start with warm networks: “There’s gold in your LinkedIn account.”
• Understand that fund investors often have non-financial motivations; they want to be involved in innovation, not just maximize returns.

LP Relationship Building

• No Formula, Numbers Game: “You don’t want to offer a steak to a vegan” (45:23 – Joel Palathinkal)
• Many potential LPs simply won’t be a fit for venture, and that’s OK.
• Personal Connections & Mission: “...it’s really about finding the person that is really interested, has an emotional connection to what you’re doing too.” (45:23 – Tracy Chadwell)

Institutional Path and Fund Structure

Timestamp: 51:53 – 52:54

• Closed Fund, Institutional Ready: Annual audits, closed-end structure – necessary for building credibility for future institutional LPs.
• Rolling funds are less common/preferable if aiming for institutional quality.

Angel Groups, Fund Economics, and LP Education

Timestamp: 50:34 – 51:18

• Angel groups are generally less likely to invest in funds—they want the thrill of direct investing. Management fees, carried interest may be a turnoff.

Community Q&A Highlights

• On SilverTech: Tracy coined the term to underline vitality and opportunity, preferring it over “Agetech” or “ElderTech.” (53:49 – 54:18)
• Fundraising Advice for Women: Perseverance, focus on personal relationships, and play the long game with LPs—sometimes they come in after saying no initially.

Advice & Memorable Quotes

• Timeless Quote:
  “Winston Churchill always said, ‘When you’re going through hell, keep going.’ That, honestly, has gotten me through so much, both personally and professionally.” (55:15 – 55:42, Tracy Chadwell)
• Practical Wisdom for Fund Managers:
  “Anybody can make an investment—that’s pretty darn easy...But it’s really getting out. Getting out is true art.” (31:10 – Tracy Chadwell)
• On Building Edge:
  “I chose the aging space because there weren’t a lot of people and I could have a voice in this space.” (34:53 – Tracy Chadwell)
• On Networking:
  “There’s gold in your LinkedIn account.” (42:28 – Tracy Chadwell)

Noteworthy Moments & Timestamps

• Why the Name ‘1843’ Matters: 03:13–03:40
• Legal Superpower in VC: 06:24
• Cultural Insights on Asian Investing: 11:00–11:32
• Impact of Women Leaving Workforce for Caregiving: 19:50
• HopSkipDrive’s Pivot to Enterprise Model: 24:52
• LP Sourcing via LinkedIn: 42:28
• Signature Advice – Churchill’s Quote: 55:15

Tone & Style

• Warm, Open, Candid, and Supportive: Tracy balances practical advice with levity and empathy, particularly as a woman in venture and as a champion for “unsexy” but critical sectors.
• Encouraging to Emerging Managers: Both Joel and Tracy maintain a collaborative, non-gatekeeping tone, offering concrete advice for listeners aspiring to enter or scale in the VC space.

Summary for New Listeners

This episode offers an insider’s roadmap to building a venture career with both heart and rigor. Tracy Chadwell demystifies everything from legal fine print to aging tech opportunities, LP fundraising, and cultivating an edge as an emerging manager. The conversation showcases her deep experience, creative brand-building, and her commitment to sectors that blend financial returns with real social value. If you’re a fund manager, an aspiring VC, or anyone interested in SilverTech/aging investing, you’ll find both tactical and inspirational takeaways here.