FDA-cleared women's health tech secures $20M, QSBS reform may sweeten exits, and why highly technical founders break the pitch deck rule

Happy Thursday.

Here are your angel deals of the week, some bookmarks I think you’ll enjoy, and the best nugget from my conversation with Matt Gore, Founder & Managing Partner of Optio.

🔥 Angel Deals of the Week

🤝 Recent funding rounds from angel networks. I have not personally vetted these deals and am sharing for informational purposes only. Have one to announce? Reply to this email.

🤖 Deal summaries generated using dealmemo.ai.

🧾 Check out every deal we’ve tracked here.

Materna Medical | Women's pelvic health solutions

Participating Group: Citrine Angels

Materna Medical develops women's pelvic health solutions with two products: FDA-cleared Milli device for vaginismus treatment and investigational Ellora device to reduce pelvic floor injuries during delivery. Ellora is being studied in a randomized trial across 20 US hospitals. The company raised $20M Series B2 led by InnovaHealth Partners with participation from existing and new investors, including Citrine Angels.

Tracy MacNeal | $20M Series B2 | Mountain View, CA | June 2025 | Source

Raya Power | Accessible solar solutions

Participating Group: SWAN Impact Network

Raya Power develops residential solar and battery storage solutions positioned as affordable, user-friendly appliances rather than traditional construction projects. The company targets everyday homeowners who previously found solar installations inaccessible due to complexity and cost barriers. SWAN Impact recently announced an investment in the company to support expansion of affordable energy access.

Meghan Wood and Nicole Gonzalez | Undisclosed round details | San Francisco, CA & San Juan, Puerto Rico | March 2025 | Source

Growmentum | Agricultural software for growers

Participating Group: Country Roads Angel Network (CRAN)

Growmentum develops software tools for the horticultural sector and recently received the 2024 Technology of the Year award. The company is partnering with Spring Creek Growers, a Texas-based agricultural operation, to expand their data-driven platform. Country Roads Angel Network anounced an investment in Growmentum following a recent pitch event.

Drew Lytton & Cody Childers | Undisclosed round details | Morgantown, WV | April 2025 | Source

🔖 Bookmarks

1. 💸 That's a Lot of Tax Savings: QSBS reform is in process with 50% exclusion at 3 years and cap jumping from $10M to $15M.

2. 📚 Startup Syllabus: 10 essential essays from Paul Graham.

3. 🌎 Risk and Insurance Run the World: Industry Deep Dive covering everything from 100+ years of U.S. insurance history to AI's role in the space.

In partnership with PitchFact

In episode 13 of The Diligent Observer Podcast, Sebastian Garzon of the Alamo Angels nailed exactly what I believe angel network leaders should focus on: "curating good quality companies and getting the right investors in the room - that's really where it's at." PitchFact handles the operational noise so you can spend time on Sebastian's “20%” - the highest-value work that only you can do.

Focus on what matters most with PitchFact

🥇 The Nugget: My Top Takeaway from a Conversation with Matt Gore

Technical founders break the pitch deck rule 🔬

Pitch decks are “90% accurate proxies for a founder's ability to recruit and sell” - both critical founder skills. But there's one major exception: deeply technical founders (PhDs, engineers, etc). These men and women may hold world-changing technology in their hands, but they simply can't communicate the economic value. Many angels miss these opportunities because of an inability to see past a terrible presentation.

Takeaway: When evaluating technical founders with bad formal pitches, pause to ask them these direct questions:

• Can you explain this to your grandmother?

• How will you actually make money?

• What specific technical breakthrough makes this possible now?

The inability to pitch is a yellow flag to pay attention to, but for technical founders, it’s worth double-clicking.

Want more? Check out my full conversation with Matt 👇

Listen now on Apple Podcasts, Spotify, YouTube, and more.

🧰 Toolkit

💻 Angel OS: Check out this notion template for managing angel investments.

🤖 Angel Group Game-Changer: AI tool transforms pitch decks into deal memos in minutes, saving analysts and diligence teams hours of work. Join the waitlist.*

🎙️ Live from Dallas: We're recording episodes for The Diligent Observer podcast live at DFW Startup Week's Future of Venture Forum on August 7. Register for free and come say hi!

*A message from our sponsor.

Until Next Week 👋

Thanks for reading - have a great week.

-Andrew

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