SteelSky Ventures is the Blazer winner for the Firemakers category in the Atlanta Inno Fire Awards, a program highlighting the companies that showcase Atlanta's growth into a national tech hub. "Firemakers" refers to the nonprofits, venture capital firms and incubators that support local startups.
Led by Maria Velissaris, SteelSky Ventures focuses on investing in women’s healthcare startups. The fund has invested in 14 companies around the world with the first fund as of January.
Atlanta Tech Village startup Motivo, which helps pre-licensed therapists complete their supervision requirements online, is one of their investments. SteelSky's first fund was $50 million. It moved its headquarters from New York to Atlanta at the beginning of this year.
Atlanta Inno talked with Velissaris about the firm's first fund.
How has your company navigated its operations during this current economic climate when investors are pulling back and some are making layoffs?
We are actually doubling down to make sure our portfolio companies have access to us during this challenging economic climate. This means making ourselves even more available to our founders, growing our internal team and deploying resources to provide more operational and strategic support. We're encouraging our founders to join us at leader-packed events like the American Hospital Association Summit to meet about 1,200 health system leaders and engage more regularly to ensure we understand their retooled growth roadmaps and margin strategies heading into a softer market.
Based on your experience, what would be your best advice to up and coming or aspiring entrepreneurs?
My entrepreneurial mindset comes from wanting to create true impact and change. If I didn't have a passion or higher order purpose to take on an entrepreneurial challenge, it would be very hard to wake up each morning and deal with the day-to-day struggles of founder life. It's popular to say that being an entrepreneur is freeing because you get to set your own schedule and be your own boss … But the reality is, setting your own schedule usually means working tirelessly. Being your own boss means that you don't take a paycheck if payroll is tight. While being an entrepreneur can be fulfilling, it's hard, it's risky, and it can be lonely. Surrounding yourself with a personal and professional support system is paramount. This will be the tribe that goes on the many ups and downs of the roller coaster ride of building your business.
What are you doing to distinguish yourself from others in the same industry?
At SteelSky, we see ourselves as solutions providers for key stakeholders in healthcare (patients, providers, payers, health systems, corporate strategies and employers). Members of the SteelSky team, our incredible limited partners and our fund's trusted advisors, collaborate to understand the most urgent market needs and then find new technologies and services that best meet those needs. That combination of having the right people at the table discussing healthcare trends and needs, coupled with highly skilled operators, executors and investors, is the engine that fuels our strategy and drives our success.
What are the biggest challenges you faced in growing SteelSky Ventures?
When I started SteelSky, I had a lot stacked against me being a woman of color raising a first time fund in an overlooked and severely underserved market. I looked different, and my fund thesis looked very different than most traditional venture funds. Fast forward to today, and seeing our ability to attract capital from world class investors, win competitive deals and compete in a high growth sector, I can clearly see that being different and building differently is actually our greatest asset.
What’s next for your company?
SteelSky is not just a venture fund, it's a movement. We will continue to be champions for racial and gender health equity. We will continue to grow into an institutional stalwart that catalyzes economic prosperity for our investors. And, we will continue to support diverse founders bringing best in class healthcare innovations to the world.
This interview has been edited for clarity and conciseness.
