The Investment You Haven’t Considered: How Veterinarians Are Shaping the Future of Animal Health

[00:00] Host:
Veterinarians are trained to spot patterns, assess risk, and make high-stakes decisions every day. But many have never considered that those same skills could make them powerful investors in the future of animal health.

Welcome back to the Veterinary Business Podcast. I am your host. To help us explore an investment veterinarians may not have considered yet, we are joined by Dr. Natalie Marks.

Dr. Marks is a practicing veterinarian and the CEO of VANE, an angel investment network focused on giving veterinarians a meaningful seat at the table in animal health innovation. She brings a unique perspective because she understands both sides of the equation: the clinical realities inside the exam room and the business opportunities shaping the future of veterinary medicine.

Today, we are discussing how veterinarians can think differently about wealth, influence, innovation, and the role they can play beyond traditional practice. We will talk about what makes a strong animal health startup, why clinical insight matters in investing, and how veterinarians can begin exploring opportunities beyond the exam room.

This episode is sponsored by Ekwa Marketing, platinum sponsor of the Veterinary Business Institute, helping veterinary practices strengthen their visibility, attract the right clients, and build for long-term growth.

Now, let’s get to the conversation.

[01:39] Host:
Dr. Marks, welcome to the Veterinary Business Podcast.

Dr. Natalie Marks:
Thank you so much. Thanks for having me.

Host:
Absolutely. I’m really excited for this conversation. You and I initially met through the startup I work on, and you are a very generous investor in Voice Technologies. So from a personal level, thank you so much for your investment. I’m glad we’re able to talk about different startups and different investment opportunities that veterinarians may not have considered.

[02:12] Dr. Natalie Marks:
Absolutely. One of the twists and turns my career has shown me is something a lot of veterinarians feel at some point. Sometimes we feel stuck. We wonder, if I don’t practice clinically full-time, what am I going to do? Am I going to work for industry? Go into shelter medicine? Go back to school? Or maybe become a chef or do something completely outside the profession?

One of the beautiful things about a veterinary degree is that it allows you to create a completely new trajectory for your life, your career, and your passion.

I was a practice owner for a long time in Chicago, and I realized that I love clinical medicine—but I also really love business and startups. Two things can be true. I was lucky enough to be introduced to VANE very early in its conception, and I’ve had the privilege of leading this group for over a year. It has been a wonderful ride, with so much blue ocean ahead of us.

[03:31] Host:
What made you realize that veterinarians specifically needed a seat at the investing table?

[03:44] Dr. Natalie Marks:
Every group I talk to now—whether it’s a venture capitalist group, a family office, a strategic group, a private equity group, or even a standalone investor—gives us the same feedback: this group is needed for animal health innovation.

As an industry, and specifically within healthcare, we typically fall about 10 years behind human health. Much of what comes over to our side is reactionary to what works in human health. Someone may have a drug in human health and say, “Maybe it will work with animals,” and then they bring it over. We are rarely the first thought.

The other piece is that, especially since COVID, animal health business models—predominantly in companion animal medicine—have been pretty broken. Everyone listening has probably been following petflation, the rising cost of care, challenges with accessibility, staffing shortages, broken hospital models, spectrum of care, and all the other pressures facing the profession.

There is no better time than now for veterinarians to realize that we can help shape what innovation comes forward. We can help shape innovation plans early. We can help guide creative founders who may have dreamed up amazing ideas but get stuck because they are in the wrong species, do not understand hospital workflow, or have created something interesting that would cost $120,000 to implement.

Those early challenges can completely change whether innovation moves forward, stalls, or dies in what we call the valley of death in the investment life cycle.

At VANE, our pillars are direction, connection, and funding. We’ll talk more about funding because a lot of people hear that word and think, “I’m out.” I hope to dispel that myth because there is so much veterinarians can do to shape animal health innovation beyond capital investment.

[06:21] Host:
That’s a really interesting point. When I first became familiar with VANE, I thought, “This has to involve huge numbers and a lot of work.” I’m sure many veterinarians feel like they do not have the financial background to be angel investors. What do you say to that? What does it actually take to get started with VANE?

[06:47] Dr. Natalie Marks:
I want to lower that bar of hesitation as quickly as I can.

We have put a tremendous amount of effort into making the first experience with VANE positive and supported. The group was started by four of my dearest friends, who are veterinarians. They had exited their businesses around the same time and said, like me, “What are we going to do now?” They liked investing and looking at innovation, so they decided to get together casually, over a virtual drink, and see what they could do.

Since then, we’ve developed VANE into a fairly well-oiled machine, though it is always a work in progress. We are now over 90 members, and 50% of our members have not made a single investment. They have not put a penny into funding companies.

Myth number one is that you have to be a veterinarian to be in VANE. You do not. About 70% of our members are veterinarians, across many species, specialties, general practice, shelter medicine, zoo medicine, exotics, and more. The remaining members come from animal health, including executives, global business development, distribution, commercial roles, R&D, regulatory, finance, real estate, and other backgrounds.

If you are involved in animal health in some way, you do not have to be a veterinarian.

Number two, we want every VANE member to feel comfortable investing when it is comfortable for them. We provide a tremendous amount of education and diligence support. Most importantly, funding is only one of our pillars. Direction and connection are the other two.

Over the last six months, we’ve had tremendous success with what we call our Find an Advisor tool. These are members who have areas of expertise a founder needs. If you are a practice owner, have a niche specialty or species focus, have done regulatory work, business development, or anything else relevant, you can list that. Founders from all over the world come to our website to find advisors, often in exchange for equity that vests over time.

Some members put money into their portfolio. Others invest time and expertise and receive equity in return. There are many ways to impact companies and become involved.

[10:05] Dr. Natalie Marks:
The biggest thing about VANE is that we consider ourselves smart capital. When companies come to us, it is often not because we are leading a round or providing the largest investment. We often close a round, meaning we may put in a smaller amount near the end.

The reason they come to us is not because we have endless capital pools. It is because our advice, connections, and ability to help shape go-to-market strategy, launch plans, clinical trials, or other key areas cannot be found elsewhere.

Collectively, I would find it hard to identify another group in veterinary medicine that is as well-rounded and deep in expertise and network connections within animal health. We are not just B2B or only internal to veterinary medicine. We also have expertise in direct-to-consumer, consumer packaged goods, pet retail, marketing, go-to-market strategy, e-commerce, and more.

I’m humbled every day when we have diligence meetings, monthly pitch nights, or our annual conference. We have incredibly stimulating discussions about what innovation is needed, what is only a Band-Aid, and what may be a problem for a founder but not actually a problem for the animal health industry.

If you are a Shark Tank fan, that is close to what happens with us—without Mr. Wonderful, of course. It also shines a beautiful light on lifelong learning. I was the last person to know anything about poultry farm robots, but that is a very cool company. We get to learn collectively and help shape founder strategy, which is incredibly rewarding.

[13:00] Host:
That’s amazing. VANE has evaluated more than 475 companies and made more than 37 investments. What separates animal health startups that succeed from the ones that do not? And how does a veterinarian’s clinical eye give them an edge in spotting that difference?

[13:20] Dr. Natalie Marks:
I’m happy to report we are now at 508 companies evaluated since we last talked. We’ve had a massive month, which has been super exciting. We just added our 38th portfolio company, and we are in diligence with number 39.

Since the London Kisaco event, we’ve had a huge influx of global interest. Companies from almost every continent have applied, which is very interesting to see.

We diligence a lot. We have an Investment Process Committee, which has almost 10 members now, and they do several rounds of diligence on companies.

We use a three-step process. First, we screen all the companies that come in each month. We use a diligence rubric from the Angel Capital Association, which is the umbrella organization for angel groups. The top two scoring companies, based on objective scoring, move forward.

That rubric looks at leadership, advisors, intellectual property, go-to-market strategy, whether the company is solving a real industry problem or a personal problem, whether it is mission-driven, previous funding, founder history, whether they are a solo founder, whether they have previous exits, whether they have identified their gaps and built an advisory board around them, exit strategy, and whether their go-to-market plan is realistic.

The top two companies pitch live to us the next month. They give a 10-minute pitch followed by 20 minutes of Q&A. If we want to go further, we move into deeper diligence. Before pitch night, we create an eight- to 12-page diligence document on each company for every member.

For people listening who think, “I’d love to do this, but I don’t have time to diligence these companies, and I don’t even know what diligence means,” you do not have to worry. We do this for you.

This has been a work in progress and a labor of love. We have people from many backgrounds on the committee, and we have active discussions every Thursday. Someone may do the diligence, and another person may come in and say, “From my lens, I’m not sure I see this,” or “Did you think about this?” Those perspectives often change how we move forward.

If I had a dream company, we would look for a founding team that is complementary to each other and, ideally, has had a previous exit or at least a successful build. We know from data that solo founders are generally less successful, though that does not mean every solo founder will struggle.

We want a leadership team that supports the founders’ vulnerabilities. If the founders are both R&D-focused, we like to see commercialization experts. If it is a technology company, we like to see technical leadership. We like advisors who are actually in the space. If you are building something for llamas, we do not want the advisor to be a cat veterinarian who happens to be your neighbor. We want active, niche specialists who contribute.

We like to see intellectual property when that applies. We like to see that the company has spent time in animal health and understands why the problem matters. Many companies come from human health and say, “Animal medicine is easier or cheaper, so we’re going to try it.” But they have never spent time in a clinic or looked at the cost of care. That is harder to guide.

We also like to see a go-to-market strategy that is achievable. We like to see some type of previous funding, whether friends and family, crowdsourcing, or a Kickstarter, and that the funds were used responsibly and intentionally.

We like to see companies thinking bigger, but focused on one item to launch. When a company comes to us at the beginning with 16 different SKUs, that is a concern.

There is an investment trajectory. It starts with theory: what is the innovation? Then comes proof of concept. We like to see an event or evidence that shows this is not just theory and that it can work. Then comes the minimum viable product, or MVP. After that, there may be a soft launch and then a broader launch.

All of those milestones require funding, advisory support, and planning. We like to see that founders have thought through those steps. They do not have to know where all the funding will come from, but they should understand what they need for proof of concept, MVP, and the resources required along the way.

VANE typically comes in at pre-seed or seed. That is usually just beyond friends and family. We are very early investors, which means we are taking more risk, but we still need to de-risk the opportunity.

Our goal is to be the springboard for innovators to have as strong a start as possible. Sometimes that means giving direct feedback that a founder may not want to hear. We might say, “We are not going to pursue pitch night with you,” or, “We are not ready now, but in six months we might be.”

In fact, four of our portfolio companies were not funded the first time. We gave feedback, they listened, made adjustments, made significant progress, came back, and we funded them six months later.

A no is not always a no. We love founders who welcome feedback, even if they do not agree with every assessment. Feedback is always a gift. It is not always the feedback you want, but there is a reason we are offering it from the Veterinary Angel Network’s position.

We come from an animal health lens. We want to improve efficiency, support innovation, and propel animal health forward, whether for the patient or the veterinary team.

[22:25] Host:
One thing I really like about that answer is that it expands how we think about investing. For veterinarians, the investment you have not considered is not always a startup or a fund. Sometimes it is the practice you have already built.

A lot of veterinary practice owners have created something incredibly valuable, but they may not always have a clear view of how visible that value is to pet owners in their community. Are new clients finding them online? Are they showing up where they should be? Are competitors getting attention simply because they are easier to find?

That is why the Veterinary Business Institute, in partnership with Ekwa Marketing, our platinum sponsor, offers a complimentary marketing strategy meeting for veterinary practices. It is a $900-valued session where practice owners can step back, look at their online presence, local visibility, and growth opportunities, and get a clearer sense of where they may be leaving opportunity on the table.

It connects well to today’s conversation because whether you are investing in a company, advising a founder, or strengthening your own hospital, the real starting point is the same: seeing opportunity clearly enough to act on it.

For anyone interested, you can book the session at www.veterinarybusinessinstitute.com/msm.

[23:49] Host:
That brings me to something I wanted to ask you about VANE’s structure. VANE invests individually, not as a pooled fund. Why does that structure matter, and how do you create a culture where 90-plus people with strong opinions—potentially more after this conversation—can actually collaborate productively?

[24:24] Dr. Natalie Marks:
Right now, we all invest individually. That allows members to make their own decisions about companies. We have pitch night companies, but we also have companies in our funnel every day. Something may be really important to one member that does not attract common consensus, and members can choose to pursue those opportunities.

At some point, as we grow, there is significant interest in having a fund. That is an ultimate goal, and we’ve made that clear to our membership and to the broader world. A fund would allow newer angels, or members who do not have extra time to read diligence or do their own investing, to put in a lump sum and have four to six companies managed for them. It is similar to how people think about mutual funds.

But we will always keep the opportunity for members to invest individually. That will continue to be true for our group.

The thing that unifies VANE members is not only that we are in animal health and some type of investor. The thing that strongly unifies us is that we are kind, altruistic, respectful humans.

We absolutely have intense discussions, but they are never heated or uncomfortable. They are always grounded in respect and collaboration, and that is extremely important to our culture.

For most members, VANE is something they are spending time on outside of work, family, and friends. If we are choosing to do that, we want the culture and environment to be supportive, collaborative, and kind. That is fundamental to our group.

If you are thinking about joining and saying, “I know nothing about investing. Angel investing is foreign to me. I do not know the lingo or the equity vehicles,” you are welcomed with open arms. You can take as much time as you need.

We have a new director of membership starting soon, whose role is focused on recruiting, nurturing, retaining, and onboarding members. We provide education throughout the year in many formats, including live lectures, digital documents, collaborative arrangements with investor conferences, complimentary registrations for new attendees, panels, educational newsletters, and our opportunities newsletter, which includes diligence information.

We provide as much as a member wants to read and explore, but we know everyone’s pace is different. There is no obligation to invest in VANE. You could be in VANE for 20 years and never put a penny of your own money into a company. There is no requirement for that.

We find it just as valuable for members to provide advisory insight, contribute to diligence discussions, or participate in other ways. We are also focusing more and more on creating a network of hospitals that want to be part of clinical trials.

There are many animal health companies whose friction point is that they cannot get a clinical trial, or it will cost an enormous amount of money. Often, they are looking for forward-thinking clinicians who are open and willing to be part of a clinical trial. That is another way to get involved.

There are so many ways veterinarians can support startups and innovation. If I think about our collective portfolio through VANE, there are companies you might have heard of, including Voice, Gallant, CoVet, Dalan Animal Health, and Inventory Ally. Many VANE advisors and members helped shape those companies through direction, connection, and funding.

We know that veterinarians are often introverted perfectionists—sensitive, skeptical humans—and we respect that. The reason we exist is because this is a wonderful group of optimistic, kind people who want to see the industry get better.

If you are feeling like everything seems negative, everything seems hard, you are burned out, client visits are down, or you are trying to figure out how to manage payment plans, wellness plans, cats, and practice operations, VANE is a group of solution seekers.

Hospital owners and leaders often find innovation and inspiration in the group. Sometimes someone simply says, “I have this issue. What are you doing for this?” It is a collaborative group that wants to see things better.

We all want to leave the industry better than we found it, in whatever way we can. If that resonates, we would love to meet you.

[32:03] Host:
For veterinarians or veterinary team members listening right now who want to start thinking about their career beyond the exam room—whether that is investing, advising, founding a company, thinking about an exit strategy, or wondering what the future holds after selling a practice—what is the very first move you would tell them to make?

[32:31] Dr. Natalie Marks:
The first move I would suggest is to research and connect with people in the areas you are interested in.

When I sold my practice, I was at a crossroads. I was not sure what I was going to do. I realized how much I loved teaching, but I did not know how to do it, where to do it, who to do it with, or what I needed.

Wherever you are in your career, the beauty of veterinarians is that we are empathetic helpers. Most of us are caregivers in some way, and that does not only translate into healthcare. It also translates into helping one another.

If someone listening says, “I would really love to be an angel investor,” reach out to me. I’m on LinkedIn all the time, and I hear from founders, advisors, and future members. I answer every one. I had wonderful mentors and colleagues before me who wrote back when I reached out to them, and I am paying that forward.

If you are exiting your current practice, wondering whether this is all there is, wanting to write, wanting to work in industry, wanting different hours, or thinking about creating your own company, reach out. If I do not know how to get you there, I can probably find someone who does.

Sahil Bloom challenges people to do one outreach a day. It does not matter who it is. It could be a cold message on LinkedIn. Reach out to someone you feel can help you. Odds are, they will write back. If they do not, reach out to someone else.

It is important to understand where you are heading instead of simply saying, “I need to do something,” and jumping in. You also do not have to do just one thing. You can create your own path. Usually, the only person telling you that you cannot is yourself.

Reach out, dig in, and learn what else is out there, especially in the areas you are passionate about.

[35:09] Host:
It is so interesting you mention that because if there is one thing veterinarians are universally good at, it is learning. We are trained to educate ourselves. We are trained to know that things will change. Read a new book, engage in a new way of learning, or explore in whatever way makes sense.

I think it is really great that you are reinforcing that. Do what you are already good at. Do your diligence. Learn more about what you are thinking about, and do not let where you are right now limit where you want to be or where you could be.

[35:57] Dr. Natalie Marks:
Absolutely. I am a firm believer that sometimes it is good not to know where you are going yet. It takes the bias out.

I wrote an article about this for Today’s Veterinary Business, and it was probably my favorite one to write because the most common statement I hear from colleagues is, “I don’t know what else I can do. I’m just a vet.”

My heart breaks when I hear that because I had that exact same feeling. If I do not practice, what am I going to do? I do not know anything else. I do not know how to do anything else.

You may not know what your personality is without practice. Most veterinarians, when introduced, lead with “I’m a veterinarian,” not “I’m a mom,” “I’m a sister,” “I’m a spouse,” or anything else. Being a veterinarian is so core to who we are.

But you are still a veterinarian, even if clinical practice is not where you end up on the last day of your career. I practiced for 24 years, and even if that is not where I end up forever, I am still a veterinarian.

We have such a unique degree. We have been trained to look for patterns, look across species, translate, integrate, and think critically. There are so many skills we take for granted every day that apply to so many other parts of life.

We are all entrepreneurs in our own right. If you are a hospital owner, you are an entrepreneur. We often say “hospital owner,” but we do not say “entrepreneur” enough. You are an entrepreneur. You are a founder. You are part of this ecosystem, and we are supporting you.

Do not lock yourself into the small box that says, “I am only a veterinarian if I practice.” There is so much more out there to do, and so much more is needed. I hope this conversation gives people an inkling to explore a little bit more.

[38:07] Host:
This has been such an inspiring conversation for me personally. I am both on the startup side and on the investing side, and I love being able to bring this kind of thoughtfulness to our listeners.

This is a new opportunity for investment that veterinarians may not have considered. If you have ever felt like your career path has deviated, or if your career path is to stay in the exam room, either way, I hope this conversation gave you a bigger framework for what your expertise can become.

Dr. Marks, as you shared, veterinarians bring something incredibly valuable to the future of animal health: real-world clinical judgment, pattern recognition, and an understanding of what actually works for pets, clients, and veterinary care teams.

Whether that means investing in a startup, advising a founder, building your own company, doing a startup, or becoming more intentional about the future of your practice, the message is clear: veterinarians deserve a seat at the table.

Mastering this kind of thinking is not just about financial opportunity. It is about influence, ownership, entrepreneurship, and helping shape the next chapter of veterinary medicine.

Dr. Marks, I so appreciate your time and your approach to veterinary investing. For listeners, if Dr. Marks’ approach has resonated, I highly recommend connecting with her on LinkedIn or exploring the VANE website, where veterinarians are learning how to evaluate opportunities, collaborate as investors, and contribute to innovation in animal health.

Dr. Marks, what is the VANE website for people who want to learn more?

[40:12] Dr. Natalie Marks:
It is www.vane.vet. The website is up now, and we have a new website coming soon that will launch around the time of the Kansas City Animal Health Corridor event. It is functional now, but version 2.0 is coming soon.

Please reach out. We would love to hear from you. Whatever question you have, we can answer it. And if we cannot, we will find the answer for you.

Host:
That’s amazing. Dr. Marks, thank you again so much for your time. I’m sure our listeners have had an opportunity to have their eyes opened, and I’m sure quite a few will be reaching out to you on LinkedIn.

For all of our listeners, thank you for listening. We could not do this without you, and we’ll see you all next time.