Seae Ventures Acquires Unseen Capital, Expanding Healthcare Investment Portfolio
San Francisco, Wednesday, 10 July 2024.
Seae Ventures has acquired Unseen Capital following its founder’s death, boosting its assets to $200 million. The merger aims to enhance investments in healthcare startups founded by underrepresented entrepreneurs, combining Seae’s later-stage focus with Unseen’s early-stage expertise.
Expanding Impact on Healthcare Innovation
The acquisition of Unseen Capital by Seae Ventures is a significant move in the venture capital landscape, particularly within the healthcare sector. This consolidation is set to drive innovation and resource allocation towards minority-founded healthcare startups. Unseen Capital, founded by Kayode Owens in 2020, has been pivotal in supporting early-stage companies led by underrepresented founders. The firm’s mission aligns seamlessly with Seae Ventures’ own goals of fostering diversity and inclusion in the healthcare industry.
Leadership Transition and Strategic Goals
Following the tragic death of Kayode Owens in 2021, Unseen Capital faced an uncertain future. Eli Lilly, a key limited partner in Unseen, recognized that the firm’s sustainability was in jeopardy without Owens’ leadership. This led to the strategic acquisition by Seae Ventures, which aims to continue Owens’ legacy. Jason Robart and Tuoyo Louis, co-founders of Seae Ventures, will now serve as general partners for Unseen, ensuring a smooth transition and continuity of vision. Erica Murdock has been appointed to lead Unseen’s strategy, further solidifying the combined firm’s commitment to its mission.
Complementary Investment Strategies
Seae Ventures and Unseen Capital have complementary investment approaches that will benefit from this merger. Seae Ventures traditionally invests in startups at the Series A or large seed round stages, while Unseen focuses on pre-seed and early-seed companies. This strategic alignment allows the combined firm to support healthcare companies throughout their growth journey. Portfolio companies such as Tia and Needed, which cater to women’s healthcare needs, exemplify the type of impactful investments both firms aim to champion.
Future Plans and Market Position
With the acquisition, Seae Ventures’ total assets under management have reached $200 million. The firm is also in the process of raising a second $150 million fund, according to an SEC filing. This expansion not only boosts Seae’s financial capacity but also enhances its ability to back a broader range of healthcare startups. The acquisition underscores Seae’s commitment to supporting minority-founded companies and addressing healthcare disparities. July, being National Minority Mental Health Awareness Month, highlights the importance of such initiatives in promoting mental health care in minority communities.