Inside the Deal: Healthcare VCs to Watch with Cody Nystrom – Following the Money in Healthcare Impact Investing
Welcome to Inside the Deal: Healthcare VCs to Watch, a video series spotlighting investors who are shaping the future of healthcare. In this episode, Cody Nystrom—Managing Director at SJF Ventures—joins Carrie Nixon to discuss how policy, capital, and innovation intersect to create meaningful healthcare change.
Drawing on SJF’s 25-year history as a pioneer in impact investing, Cody breaks down how founders can build resilient business models, find the right investors, and “follow the money” to drive both returns and impact.
Timestamps
0:00 – Meet Cody Nystrom of SJF Ventures
Carrie introduces Cody and SJF’s mission to invest in companies creating lasting social, environmental, and economic value.
1:30 – From Pre-Med to Venture Capital
Cody shares how her background in science and healthcare shaped her investment approach.
4:00 – The Evolution of Impact Investing
How SJF Ventures went from sustainability-focused to sector-agnostic impact investing, including healthcare, energy, and workforce innovation.
6:00 – Following the Money: Where Capital Flows in Healthcare
Cody explains why founders must understand reimbursement, incentives, and payer priorities to scale.
9:00 – The Role of Policy and Regulation
Why policy cycles and reimbursement reform are key drivers of innovation in digital health and beyond.
12:00 – Women’s Health and Behavioral Health Momentum
Cody highlights emerging investment areas—especially where innovation meets underserved populations.
15:00 – Investor Diligence and Dissent
Inside SJF’s collaborative investment process and how healthy debate leads to stronger decisions.
18:00 – Building for Both Impact and Scale
Cody discusses how the best startups align mission with market fit.
22:00 – Advice for Founders Raising in 2025
Why discipline, clarity, and timing matter more than ever in the current funding environment.
Quotes from Cody
“Policy and the regulatory ecosystem are the engines of healthcare.”
Cody underscores why successful healthcare startups build with policy in mind.“We’re in the business of timing the market.”
Cody explains how fund strategy requires anticipating—not chasing—policy and capital trends.“Dissent is natural. It’s how we make the best investment decisions.”
A look inside SJF’s investment philosophy and how diverse perspectives strengthen outcomes.
Featured Q&A
What makes SJF’s approach to impact investing different?
SJF integrates social and environmental outcomes directly into its investment process—treating impact as a core value driver, not an afterthought.
How can healthcare founders “follow the money”?
Understand who pays and why—reimbursement, value-based care incentives, and cost-of-care dynamics all dictate scalability.
What types of healthcare startups catch your attention?
Those operating at the intersection of access, affordability, and measurable outcomes—especially in women’s health, behavioral health, and digital therapeutics.
What’s your advice for founders navigating today’s funding climate?
Stay focused on fundamentals: strong unit economics, clear payer value, and alignment between mission and margin.
Want more insights like this?
Subscribe to get early access to new episodes.