Bio Founder GPS Podcast: Biotech Fundraising, BD & Strategy

Angel vs VC Funding for Biotech Startups: What Founders Need to Know | Jonah Probell, Lexi Ventures

Is your biotech startup actually VC-backable, and how do investors make that decision? In this episode of Bio Founder GPS, I sit down with Jonah Probell, founder and managing partner of Lexi Ventures, a seed-stage fund investing in the genetic engineering revolution. We talk about how early-stage investors evaluate biotech startups, why some strong companies may still not fit the VC model, and how founders should think about matching their round to the right type of capital. Jonah shares his perspective on: * Why genetic engineering could become one of the most value-creating venture categories of the next decade * How a solo GP evaluates early-stage deals * What founders need to understand about angel investors vs. VC funds * Why VC-backed companies need to show potential for outsized returns * How angel groups like Sand Hill Angels evaluate opportunities * The role of market size, execution risk, team risk, IP, and exit potential in investor decision-making * How AI tools are changing pitch deck review and early-stage diligence If you’re a biotech, therapeutics, diagnostics, synthetic biology, or life sciences founder thinking about raising capital, this conversation will help you better understand how investors think - and how to position your company for the right funding path. 📬 Subscribe to Bio Founder GPS for more insights & resources on fundraising, BD, strategy, and company-building for science-driven founders: https://www.biofounder.io/ [https://www.biofounder.io/] 💼 Apply to work with Vadim - https://tally.so/r/dW6XJy [https://tally.so/r/dW6XJy] Where to find Jonah: * Lexi Ventures: https://www.lexi.vc/ [https://www.lexi.vc/] * LinkedIn:   https://www.linkedin.com/in/probell/ [https://www.linkedin.com/in/probell/] * Substack: https://probell.substack.com/ [https://probell.substack.com/] Where to find Vadim: * LinkedIn: https://www.linkedin.com/in/vadim-shepel/ [https://www.linkedin.com/in/vadim-shepel/] * Instagram: https://www.instagram.com/vadim.bio/ [https://www.instagram.com/vadim.bio/] * X: https://x.com/biofoundergps [https://x.com/biofoundergps] Timestamps: 0:00 [https://www.youtube.com/watch?v=CwbQet67IW8] - Introduction & Jonah Probell Overview 1:22 [https://www.youtube.com/watch?v=CwbQet67IW8&t=82s] - Jonah's Background: From Computer Chips to Biotech 2:04 [https://www.youtube.com/watch?v=CwbQet67IW8&t=124s] - Why Genetic Engineering? The Thesis Behind Lexi Ventures 3:50 [https://www.youtube.com/watch?v=CwbQet67IW8&t=230s] - The Digital DNA Analogy: Why Biology = Programmable Chemistry 6:13 [https://www.youtube.com/watch?v=CwbQet67IW8&t=373s] - Bottlenecks to the Genetic Medicine Future (Delivery & Manufacturability) 11:16 [https://www.youtube.com/watch?v=CwbQet67IW8&t=676s] - Is Drug Delivery Underappreciated in Biotech Investing? 13:12 [https://www.youtube.com/watch?v=CwbQet67IW8&t=792s] - Lexi Ventures' Thesis Beyond Human Health 15:58 [https://www.youtube.com/watch?v=CwbQet67IW8&t=958s] - Agriculture, Industrial Biotech & Engineered Microbes 16:37 [https://www.youtube.com/watch?v=CwbQet67IW8&t=997s] - Shoutout to SOSV & Biology Beyond Therapeutics 18:35 [https://www.youtube.com/watch?v=CwbQet67IW8&t=1115s] - How Lexi Ventures Sources & Evaluates Deals (Fund Overview) 17:44 [https://www.youtube.com/watch?v=CwbQet67IW8&t=1064s] - Check Size, Stage & Portfolio (12 Companies) 20:47 [https://www.youtube.com/watch?v=CwbQet67IW8&t=1247s] - How Jonah Evaluates Pitch Decks (Using AI / Claude) 21:11 [https://www.youtube.com/watch?v=CwbQet67IW8&t=1271s] - AI-ified Fundraising: Are Claude-Made Decks a Problem? 22:37 [https://www.youtube.com/watch?v=CwbQet67IW8&t=1357s] - Will AI Make Venture Markets More Efficient? 24:59 [https://www.youtube.com/watch?v=CwbQet67IW8&t=1499s] - Jockey or Horse? Founder vs. Market in Biotech 27:40 [https://www.youtube.com/watch?v=CwbQet67IW8&t=1660s] - Scientist-to-CEO: Common Mistakes & What Jonah Looks For 33:13 [https://www.youtube.com/watch?v=CwbQet67IW8&t=1993s] - The NPV Framework: How Jonah Calculates Deal Value 37:17 [https://www.youtube.com/watch?v=CwbQet67IW8&t=2237s] - Why Lexi Ventures Co-Invests (Fund Size & Risk Strategy) 41:21 [https://www.youtube.com/watch?v=CwbQet67IW8&t=2481s] - Small Funds vs. Large Funds: How Behavior Differs 44:15 [https://www.youtube.com/watch?v=CwbQet67IW8&t=2655s] - Angel Investing 101: AngelList vs. Sandhill Angels 46:28 [https://www.youtube.com/watch?v=CwbQet67IW8&t=2788s] - How to Pitch Angels & Angel Groups 48:11 [https://www.youtube.com/watch?v=CwbQet67IW8&t=2891s] - Words of Wisdom for Founders in 2026

How to Raise a Pre-Seed Round as a Scientist-Founder | Julie Wolf, 2048 Ventures

Julie Wolf is a Partner at 2048 Ventures, an NYC and Boston-based VC that recently closed an oversubscribed $82M Fund III, leading pre-seed and seed rounds in Vertical AI, Deep Tech, Healthcare, and Biotech. A microbiologist by training, Julie co-founded her own biotech before helping launch IndieBio New York as Chief Science Officer, and has invested in 50+ companies across her career. In this episode, we discuss: 1. Behind the scenes of 2048's oversubscribed $82M Fund III and the Pre-Seed Fast Track 2. How 2048 Ventures evaluates companies and the two questions every pitch deck needs to answer 3. What founder-market fit actually looks like at pre-seed 4. How to run an effective fundraising process 5. The commercial signals investors look for at pre-seed 📬 Bio Founder GPS Newsletter & Community - Join 1,000+ Science-Driven Founders [https://www.biofounder.io/] 💼 Apply to work with Vadim [https://tally.so/r/dW6XJy]  Where to find Julie: - LinkedIn [https://www.linkedin.com/in/juliemariewolf] - X [https://twitter.com/juliemariewolf] - 2048 Ventures [https://www.2048.vc] Where to find Vadim: - LinkedIn [https://www.linkedin.com/in/vadim-shepel/] - Instagram [https://www.instagram.com/vadim.bio/] - X [https://x.com/biofoundergps] Resources: - 2048 Ventures Pre-Seed Fast Track [https://www.2048.vc/blog/pre-seed-fast-track] - 2048 Ventures Theses [https://www.2048.vc/blog-category/thoughts] - DeepTech Fundraising (Biotech): How to Write Your Pitch Deck [https://www.deepchecks.vc/guides/biotech-how-to-structure-a-pitch-deck] Timestamps: 0:00 – Introduction & Guest Overview 1:00 – How Julie Got Into Venture 3:47 – From Founder to Investor: Does the Experience Help? 4:39 – Common Gaps for Scientist Founders 7:38 – Behind the $82M Oversubscribed Fund III 8:28 – What Is 2048 Ventures? Strategy & Focus Areas 15:10 – Chronic Disease & Health Tech Trends 16:06 – Avoiding Pilot Purgatory: Scaling Health Tech Products 27:32 – 2048's Pre-Seed Fast Track Program 34:16 – Co-Founder Selection: What Works & What Doesn't 35:39 – The 10-Day Diligence Process Explained 48:34 – What Makes a Great Pitch Deck? (The 2-Question Test) 54:32 – How to Run a Structured Fundraising Process 56:42 – What Founders Don't Know About VCs

Introducing Bio Founder GPS: A Podcast for Science-Driven Founders

Hey, I'm Vadim 👋 I created this podcast to demystify and democratize the business side of building biotech and life sciences companies from 0 to 1 - from fundraising and storytelling to customer discovery, strategic partnerships, licensing, and staying sane through it all :) On the show, you’ll hear from investors, strategics, subject matter experts, and founders who are building in biotech, life sciences, health tech, and beyond. The goal is simple: practical, founder-focused conversations that help science-driven founders build the company their science deserves. Subscribe for upcoming conversations, tutorials, and frameworks. Join 1,000+ science-driven founders for free frameworks, resources and community at biofounder.io [https://biofounder.io] Where to find Vadim: LinkedIn [https://www.linkedin.com/in/vadim-shepel/] Instagram [https://www.instagram.com/vadim.bio/] X [https://x.com/biofoundergps]  Connect and reach out with guest/topic suggestions, feedback, or anything else, I'd love to hear from you!