Finance Healthcare technology

Series C readiness and investor narrative

Novacore's first Series C attempt stalled after 22 investor meetings. A six-week readiness sprint rebuilt the numbers and the story, and the relaunched round closed at $85M, 2.4× oversubscribed.

Client: Novacore Health Duration: 4 months Year: 2024
The challenge

A strong product, a weak story.

Novacore Health's remote-monitoring platform was used by 140 clinics and growing 70% a year. Yet investors kept asking the same questions about unit economics — and the answers changed from meeting to meeting.

  • 22investor meetings without a term sheet
  • 14moof cash runway left
  • 3competing versions of the revenue forecast

Finance, sales and the founders each kept their own model. The data room was half-built, payer contracts were scattered across inboxes and the deck led with technology rather than clinical results.

With runway shrinking, Novacore needed to relaunch the round within two months — and could not afford a second failed process.

Our solution

A six-week sprint, one story.

We joined the leadership team for a six-week sprint, then stayed on through the roadshow to support the founders in every diligence call.

  1. 01

    Rebuild the numbers

    One driver-based model replaced three spreadsheets, with unit economics by clinic cohort that investors could test themselves.

  2. 02

    Sharpen the narrative

    A 14-slide deck now opens with patient outcomes and payer contracts, and answers the ten toughest questions before anyone asks them.

  3. 03

    Run the process

    We built the data room, ran two mock diligence sessions and helped the founders work through a target list of 38 investors in five weeks.

The results

From stalled to oversubscribed.

Outcomes of the relaunched round, compared with the first process that Novacore paused in early 2024.

$85 M Series C raised

Led by a healthcare growth fund and closed in 11 weeks.

2.4 × Oversubscribed

Nine term sheets against the target round size.

6 wks Readiness sprint

From a paused process to a relaunched round.

+40 % Pre-money valuation

Compared with the first, abandoned round.

“From the first workshop to closing our round, Corwell felt like an extension of our leadership team. They made our numbers simple enough to defend in any room. Sharp, honest and genuinely invested.”
Elena Marchetti Founder, Novacore Health