Back to Blog June 26, 2014 in

IncWell Closes Second Fund, Gains Reputation for Speed and Flexibility

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With eye on future, IncWell hires MVCA Venture Fellow to expand medical market sector

Throwing the traditional model of VC on its head, IncWell is quickly establishing itself for being the go-to funding source for companies that want to move fast. IncWell’s process begins with an online application that’s followed – within seven days – by a phone interview. If successful, the company will be asked to a live pitch in front of Limited Partners, similar to Shark Tank.  Within two days of the company pitch, the company will be notified whether IncWell is interested or not.  A term sheet will follow that outlines the specific terms.

That strategy is helping IncWell quickly achieve success. Since its formation a little over a year ago, the firm, which boasts an impressive stable of limited partners that includes Roger Penske, founder of Penske Corporation, and automotive veteran Tom LaSorda, closed its first fund and invested in 11 portfolio companies.  The second IncWell Fund has just closed.

“We are really pleased by the investments we’ve been able to make, and focused on keeping the positive momentum going,” said Evonna Karchon, director of operations of IncWell. “There are so many great investment opportunities, and our approach is to move quickly and to be flexible in terms of our investment. We’ve led, we’ve followed, we’ve had equity and convertible note deals – the only consistent factors for IncWell is that all of our portfolio companies have breakthrough ideas and are led by great teams who know their markets and their numbers.”

Considering IncWell’s focus on a company’s leadership, it’s no surprise they chose to locate in Michigan. “There’s an incredible tradition of innovation here,” Karchon explained. “Michigan offers a deep pool of talent, and is a great place to be centralized from VC point of view. The people who are here have survived; there’s a resilience and go-getter spirit in Michigan.”

The go-getter spirit is on full display with IncWell’s newest venture fellow, Reda Jaber, who’s helping the firm expand its portfolio in to the medical and biotech sectors. Jaber graduated from University of Michigan with a dual degree: M.D. and M.B.A. To say he had career options is an understatement.

“I chose to pursue a career in healthcare venture capital because I felt that I could make a more significant impact on patient lives, on a larger scale, in this role,” Jaber explained of his decision to join IncWell as a venture fellow. Jaber’s position is supported by the Michigan Venture Capital Association’s Venture Fellows Program. “Changes to healthcare, from both a political and technological standpoint, are inevitable, and with change comes tremendous opportunities to disrupt the entire industry.”


“As the director of business development and the medical sector lead at IncWell, I am in a position where I can work with exciting early-stage healthcare startups and help grow those that have the highest potential to make a systemic impact on patient care,” he added.

Making an impact through world-changing innovation is what has the IncWell team excited about the future. “We are all really looking forward to continuing to grow as a firm,” Karchon said. “What’s exciting now – especially with early investments – is watching them grow. IncWell will continue to grow, as will our portfolio companies.”

And, Karchon added, there’s no better place to achieve that growth than here in Michigan. “There’s definitely a buzz and spirit here,” she added. “Innovation is embedded in Michigan. For everyone who asks ‘Why Michigan,’ I ask, ‘Why NOT Michigan?”