Ethermed had been to market once already, with one paying customer and a clear message back from investors: come back when you have sold it more than once. The team raised more angel money and went back to selling. By the time the second and third customers were in sight, the list itself was the problem. It was built for US venture. John Cococcia, Ethermed’s CFO, wanted family offices and strategic investors at the table too, and those were networks the team had talked about and had no way into.
One customer was not enough.
Investors liked the product and the progress. They wanted proof it could be sold more than once.
The list was all one kind of investor.
Ethermed knew US venture. It wanted a broader base, for the opinions around the table and for the rounds after this one.
Time kills all deals.
Customers were going live and the team was small. A raise that ran long would have left Ethermed without the people to deliver.
“One of the things we had already discussed internally was how do we get to some of these other networks.”
John Cococcia, CFO, Ethermed
Pairs came in at the end of November 2024 and the holidays slowed the first week. That lag is gone. Onboarding on the Pairs platform now takes a few minutes and loses none of the depth. First introductions are booked within 24 to 48 hours of completing it.
1
Open the rooms Ethermed never reached.
Family offices, high-net-worth individuals and funds that did not overlap with the existing network. Ethermed met more than 25 of them. Net new, in John’s words, and a few it had never been able to crack.
2
Brief every meeting before it happens.
Who is on the call, their background, what they already know about the problem. John adjusted his approach to whoever was on the other end.
3
Keep it moving, every week.
A standing weekly call and tracking activity: who was contacted, who was next, who needed follow-up. Ethermed gave direct feedback on every name. When a new name came in, both sides moved their calendars.
“We got introductions to a number of really good family offices that didn’t overlap with our existing network. They were net new for us.”
John Cococcia, CFO, Ethermed
One of those introductions was a family office run by entrepreneurs who had built and sold two healthcare businesses. They took a first meeting, put $500K into the angel round, and opened their own network as their way of doing diligence. Ethermed worked those introductions the way it worked the round: sales team on the accounts, leadership on the calls.
One of the family office’s introductions became a paying customer. Ethermed had a new account to serve. The family office had a buyer in its own network it could call and hear, first-hand, that the product solved the problem. Five months after the first check, the same family office led the Series A with a $3.5M check and brought other investors into the syndicate. The money landed when it was needed: customers were going live, the team was small, and Ethermed hired to meet their timelines.
RELATIONSHIP IN NUMBERS
Client since
November 2024
Investors met
25+ across family offices, high-net-worth individuals and funds
Time to first introduction
24 to 48 hours after onboarding, on the current platform
First check
$500K, angel round
Lead check
$3.5M, Series A
First check to lead check
5 months
Customers closed through the network
1
A first check can be the diligence.
The lead put $500K into the angel round and opened its network. Five months later it led the Series A with $3.5M.
One customer did the convincing.
The lead’s own introduction became a paying customer. They could call the buyer and hear that the product solved the problem. The larger round followed.
An investor who knows the problem skips the teaching.
The lead already understood prior authorization. Ethermed did not have to prove the problem was real, only that it had the better product and the team to pull it off.
The first screen is where it came from.
Warm introduction on one side of the inbox, cold email on the other. A cold email is a name you hope did not go to spam.
Never leave a no with nothing.
Ask what would change the answer, and who else they know. One pass turned into three introductions inside the hour.
Get in the room in person before the deal is done.
Everyone met in Chicago. Dinner the night before, most of the next day at the table. If you can get two hours, take two hours.
Frequently Asked Questions
Pairs introduced Ethermed to more than 25 investors outside its own network, across family offices, high-net-worth individuals and funds, briefed every meeting on who would be in it, and ran a standing weekly call with the team from the end of November 2024 on. One of those introductions was a family office that put $500K into the angel round and opened its network to Ethermed. One of the family office's introductions became a paying customer, and five months after the first check the same family office led the Series A with a $3.5M check. Ethermed ran the process and took every call.
Every name came warm and with context: who they were, their background, what they already knew about the problem. Most of the names were new to Ethermed, and a few were investors it had never been able to reach on its own.
No. Ethermed's CFO puts it plainly: if you expect to hand over the ball and have someone else run with it, that is not how this works. Ethermed took the calls, gave direct feedback on every name and meeting, and moved its calendar when a new introduction came in. The lead investor came out of that work.
Family offices, high-net-worth individuals and funds. Ethermed met more than 25 of them. The lead was a family office run by entrepreneurs who had built and sold two healthcare businesses. They understood prior authorization before the first call, introduced Ethermed to a buyer that became a customer, and brought other investors into the syndicate after they committed.
Ethermed came on at the end of November 2024, and the holidays slowed the first weeks. That was before the platform. Onboarding on Pairs now takes a few minutes, at the same depth, and first introductions are booked within 24 to 48 hours of completing it.
Ethermed keeps the investors it wants for the next round warm. A quarterly update goes out to them, and four or five call back each time asking for a quick call. When the next raise opens, they already know where the business stands.
