Strategic guidance for technical founders in biotech
Hey {{first_name|default:there}}, it’s Vadim 👋
Welcome to Week 3 of the 6 Week Investor Sourcing Intensive!
Quick recap:
This week, we're going after the most opaque (but potentially the most powerful) capital source in biotech: family offices.
Here's why they matter:
Family offices write $250K-$2M+ checks at early stages, which is the sweet spot for most early-stage biotech founders
They have more flexible time horizons than VCs, since they don't have a mandate to return capital within a fixed period (often, they're the ones investing into VC funds in the first place)
They're often mission-driven - meaning that they may not need your company to produce “venture-style” returns to be viewed as successful investment
And when they move, they move fast
The challenge? They're invisible by design. Not because they don't want to speak to you, but because they're constantly on the receiving end of funding requests - from startups, VCs, PE funds, private wealth managers… you name it.
And even when they do commit to investing in biotech, they typically don't have the bandwidth or the scientific bench to evaluate and diligence a large volume of deals.
But they're not impossible to find. And they're not impossible to get investment from.
Doing so, however, is less about the tactics of fundraising (the lists, the outreach) and more about mindset - and a reframe.
Let me explain.
THE REFRAME
Patient capital finds patient founders
Allow us to go on a thought experiment together.
Imagine your net worth, whatever it may be right now, suddenly increased by $1M.
What would be the first three things you'd do?
Maybe ensure the college fund for your kids is taken care of? Pay down your home, or buy one for your parents? Take the family on a nice, long vacation and not look at the bill for a change?
Now, what if your net worth increased to $10M? How would your priorities shift? What would matter most to you then?
And what if your net worth was $100M? How would this change again? Which desires would be different - and which would stay the same? Where would your ambitions lie, now that all possible material considerations were taken care of?
I offer this reframe not as an exercise in wishful thinking, but to highlight the #1 thing I see missing from 99% of outreach to HNWIs (High Net Worth Individuals).
And that one thing, ironically, is dialogue.
A dialogue rooted in empathy and curiosity.
For the youngest member of the family - someone looking to leave their own mark - what matters most? And how can you support it?
For the patriarch or matriarch who built the family legacy from the ground up - what matters most as they approach their golden years? Is it legacy? Is it seeing their children succeed in their own right? Is it preservation of what they built?
And for the family - what would move them to invest in your company directly, instead of investing as a Limited Partner into a biotech VC fund? What tangible and intangible benefits does your story offer them?
I bring this up because the most common (and unfortunate) scenario I witness with founders meeting HNWIs or their offices is this: treating them as an interchangeable, one-dimensional check. Leading with a one-sided pitch. Never asking questions that could build a relationship that can outlast your company - whether or not they invest.
So, as we dive into the tactics such as investor lists and sourcing strategies, I want to emphasize something that's important in all fundraising, but especially important with family offices and HNWIs:
Do your research. Don't blast the same blurb to everyone on a list. Don’t be transactional. Be patient. Build relationships that could last decades. Think of ways that you could help them.
As with all of fundraising, it’s about building real, human relationships - not whale hunting.
With that, let's dive in.
FRAMEWORK
The Family Office Playbook: How to find (and win over) the most elusive capital in biotech
Why Family Offices are Different
Before we get into sourcing strategies, let's understand what makes family offices unique, and why that matters for your approach.
They're not raising capital, so they have no incentive to be visible: VCs market themselves because they need to attract LPs and build a brand for deal flow. Family offices? They're already managing their own capital. Visibility just means more inbound noise.
They have longer time horizons: VCs need to return capital to LPs (hopefully with a nice multiple) within 7-10 years. Family offices often think in decades or generations. This makes them ideal for biotech.
They can move fast: Without investment committees and LP reporting requirements, a family office can go from first meeting to term sheet in weeks. I've seen it happen.
They're often mission-driven: Many family offices have personal connections to specific diseases or therapeutic areas. When your science aligns with their mission, you quickly go from being a deal, to being a cause - and that can be transformational.
The data backs this up: According to Life Science Nation, which tracks 700+ healthcare-focused family offices, 95% invest at Seed through Series B stages with check sizes ranging from $250K to $50M. And per Campden Wealth research, 62% of North American family offices invested in biotech last year.
The opportunity is real. You just need to know where to look.
The 3 Types of Family Offices
Not all family offices are created equal. Understanding the three types will help you target your efforts.
1. Single-Family Offices (SFOs)
These manage wealth for one ultra-wealthy family. They range from $100M to $10B+ under management.
Check size: $250K–$2M+ for early stage
Examples: Bellco Capital (Belldegrun family, oncology focus), Emerson Collective (Laurene Powell Jobs, spun out $200M+ Yosemite fund for oncology), Pritzker Group
Access: Hardest to find, but often the most valuable relationships
2. Multi-Family Offices (MFOs)
These serve multiple wealthy families (typically 10-50+) through pooled investment structures.
Check size: $100K–$1M
Examples: Rivas Capital (Cambridge, healthcare/biotech focus), Cooper Family Office (brain health, oncology)
Access: More approachable than SFOs, but still selective. Often have dedicated healthcare investment teams.
3. Family Office Networks & Platforms
These are organized communities where family offices share deal flow and co-invest together.
Check size: Varies widely
Examples: Tiger 21 (1,700+ members, 25% plan healthcare investments), Family Office Exchange (FOX), Global Family Office BioForum
Access: Requires network access, referrals, or attending their events.
Which type should you target?
Look for families with:
Healthcare or pharma wealth origins (they understand your world)
Personal health challenges driving their mission (alignment)
Foundations funding academic research in your therapeutic area (signal of interest)
Portfolio companies in adjacent spaces (proof they invest in biotech)
6 Strategies to Find Family Offices
Here's where it gets tactical. These are the six methods I've seen work consistently.
Strategy 1: The Mission Match Method
This is your highest-signal approach. Many family offices play down their role as investors but welcome attention to their role as philanthropists.
Search "[your therapeutic area] + foundation" (e.g., "Alzheimer's foundation," "rare disease foundation")
Check foundation websites for research grants and venture arms
Look for "investment," "ventures," or "impact" divisions
If a family cares enough to fund research, there's a good chance they also invest in companies addressing that disease
The foundation is your window into their investment interests.
Strategy 2: Portfolio Company Reverse Engineering
Find 5-10 biotech companies similar to yours on Crunchbase
Look at their seed/Series A investors
Identify individual or family names (not institutional fund names)
Google "[Name] family office" or "[Name] investments" to verify (in case the investments were covered in a press release)
This works because family offices that invested in companies like yours are likely interested in your space.
Strategy 3: Wealth List → Healthcare Filter
Start with Forbes 400 or regional wealth lists
Filter for healthcare, pharma, or biotech wealth origins
Research their foundations and investment vehicles
Examples: Belldegrun (oncology), Pritzker (healthcare), Lauder (biotech interests)
Strategy 4: Multi-Family Office Research
Strategy 5: Co-Investor Mining
Take any family office you've already identified
Look at what else they've invested in
Check the co-investors in those deals
Follow the network - family offices often invest alongside each other
One family office can unlock five more.
Strategy 6: Conferences & Events
RESI Conference Series: 50-75 family offices attend major events; Global Family Office BioForum luncheon is specifically for FO deal-sharing (with a panel open to all RESI attendees)
Campden MedTech Investing Europe Forum: One of the few Campden events open to founders - venture-stage companies pitch directly to family offices, VCs, and corporate partners
JPM Healthcare Week: Family offices attend but don't present; network at side events, dinners, and receptions
Note: Most FOX and Campden Wealth events are restricted to family office members and UHNWs. Don't waste time trying to get in but keep a lookout for FO representative posting about attending. Otherwise, focus on arranging meetings adjacent to major conferences like JPM.
Applying SIFT to Family Offices
Remember the SIFT System from Week 1? Here's how to apply it to family offices. You just completed the SOURCE step with the 6 strategies above. Here's how to apply ISOLATE and FILTER to family offices - then you'll tier your best prospects in the action plan.
ISOLATE - Does this family office fit?
Do they have healthcare/life sciences interest or expertise?
Does their check size match your round ($250K+)?
Is there evidence of actual venture investments (not just foundation grants)?
Are they geographically relevant?
Are they stage-appropriate (seed/Series A)?
FILTER - Are they real and active?
When did they last invest in biotech?
Can you verify actual investments?
Do they invest directly or through a fund structure?
Can you find portfolio founders to reference-check?
Red Flags:
Unwilling to share any portfolio examples
Unclear decision-making process or timeline
Wants extensive diligence but won't commit to next steps
No clear point of contact (you're bounced between advisors)
Green Flags:
Clear investment thesis in life sciences
Portfolio of similar-stage biotech investments
Responsive and direct communication
Can introduce you to portfolio founders for reference
Your Week 3 Goal
By the end of this week, you should have:
30-40 family offices added to your tracker
ISOLATE criteria applied to at least 50%
5-10 Tier 1 family offices identified with warm intro paths
Next, I'll give you the day-by-day action plan to make this happen.
YOUR 7-DAY ACTION PLAN
This week, you're building your family office pipeline. The goal: 30-40 family offices in your tracker, with 5-10 Tier 1 prospects and warm intro paths identified.
Day 1: Mission Match Method
Search "[your therapeutic area] + foundation" for 5 disease-related foundations
Check each foundation website for "investments," "ventures," or "impact" divisions
Identify 3-5 family names behind foundations funding research in your space
Google "[Family name] + family office" or "[Family name] + investments"
Add any confirmed family offices to your tracker
Target: 5-8 family offices
Day 2: Portfolio Company Reverse Engineering
Identify 5 biotech companies similar to yours on Crunchbase
Review their seed and Series A investor lists
Flag individual or family names (not institutional funds)
Research each name to confirm family office connection
Add verified family offices to tracker with source noted
Target: 5-8 family offices
Day 3: Wealth List Research
Review Forbes 400 or your regional wealth list
Filter for healthcare, pharma, medical device, or biotech wealth origins
Research investment vehicles for top 10 names
Cross-reference with foundation/philanthropy activity
Add confirmed investors to tracker
Target: 5-8 family offices
Day 4: Multi-Family Office & Network Research
LinkedIn search: "Managing Director" + "Family Office" + "healthcare"
Browse Axial's life sciences family office directory for active investors
Review FINTRX blog for recent biotech family office profiles (or start a free trial)
Cross-reference GuideStar/Candid to validate foundation connections from Day 1
Check Networks & Events Guide for relevant platforms (GFOB, Tiger 21, FOX)
Identify 2-3 upcoming events worth attending or monitoring
Add MFOs and network contacts to tracker
Target: 8-10 family offices and networks
Day 5: Co-Investor Mining
Take your 3 strongest family office prospects from Days 1-4
Find their other portfolio investments
Identify co-investors in those deals
Research co-investors for family office connections
Add new family offices to tracker
Target: 5-8 family offices
Day 6: Apply ISOLATE Criteria
Review your full family office list (should be 30-40 by now)
Apply ISOLATE criteria to each: healthcare focus, check size, stage, geography
Score or rank based on fit
Flag any that need more research before FILTER stage
Identify your top 10-15 prospects
Day 7: Identify Warm Intro Paths
For your top 10-15 family offices, search LinkedIn for mutual connections
Check if portfolio founders could make introductions
Review conference attendee lists for networking opportunities
Note the best intro path for each in your tracker
Identify 5-10 Tier 1 family offices with clear warm intro routes
End of Week Target:
30-40 family offices in your tracker
ISOLATE criteria applied to 50%+
5-10 Tier 1 prospects with warm intro paths identified
2-3 events or networks flagged for deeper engagement
Next week, we'll add Micro-VCs and emerging managers to your pipeline - the new breed of biotech investors writing smaller checks with founder-friendly terms.
BONUS RESOURCES
You have your Week 3 action plan. Here are four tools to help you find family offices most relevant to your company.
Bonus #1 & #2: Family Office Directory & Event Guide
Your head start on family office sourcing. Includes single-family offices, multi-family offices, and family office networks - with investment focus, typical check size, and example portfolio companies where available.
Also includes the platforms, databases, and conferences where family offices actually show up. Includes Life Science Nation, GFOB, RESI conference series, Tiger 21, FOX, and more - with notes on access and what to expect.
Bonus #3: AI Family Office Research Assistant
Paste this into Claude or ChatGPT to accelerate your family office research. If in doubt, start with a family office name from the Bonus #1 list. Note: this is a short prompt, but don’t let that fool you - I was really impressed by what it yielded for a few companies in my network.
You are a biotech fundraising research assistant helping me identify family offices that might invest in my company.
My company: [Brief description — therapeutic area, stage, location]
For each family office I give you, research and provide:
1. Confirmed healthcare/biotech investments (with sources)
2. Foundation or philanthropic activity in related disease areas
3. Key decision-makers and their backgrounds
4. Estimated check size range based on past investments
5. Any warm intro paths (portfolio founders, board members, advisors)
6. Red flags or concerns
Start with: [Family office name]
Bonus #4: LinkedIn Search Strings
Copy and paste these into LinkedIn search:
Single-Family Office Decision Makers: "Family Office" AND ("Chief Investment Officer" OR "Managing Director" OR "Principal") AND ("healthcare" OR "life sciences" OR "biotech")
Multi-Family Office Healthcare Teams: "Multi-Family Office" AND ("healthcare" OR "biotech") AND ("investments" OR "portfolio")
Family Office Network Members: ("Tiger 21" OR "Family Office Exchange" OR "FOX") AND ("healthcare" OR "life sciences")
THAT’S A WRAP!
You now have a complete playbook for sourcing and qualifying family offices.
This week, your job is focused: build your family office pipeline. Add 30-40 family offices to your tracker, apply ISOLATE criteria, and identify your 5-10 Tier 1 targets with warm intro paths.
Next Sunday, we're tackling Micro-VCs & Emerging Managers - the new breed of biotech investors.
These are small funds, often with faster decisions and founder-friendly terms. These emerging managers are writing $50K-$2M checks and often become your strongest advisors and advocates in later rounds.
I'll show you how to find them, what they're looking for, and why they might be your best first institutional partner.
I'd love to hear from you: Have you ever connected with a family office (good or bad experience)? What's your biggest question about raising from families? Hit reply and let me know!
See you next Sunday!
To your success,
- Vadim
PS: If you have someone on your team helping with fundraising or know another founder who could benefit from this intensive, forward them this email. They can sign up to join us here: [Join the Intensive]
PPS: I am trying a smaller font for our newsletters to improve readability - let me know if you have a preference or if you prefer a larger font!