Next Ventures

Decisions sit with the General Partners: Lance Armstrong and Melanie Strong. Both are founders and sign-off on every commitment. Partner Jordan Pascasio and Principal Felix Kim originate and lead deals within the firm's health-tech mandate, but final approval remains with the GP layer.

The firm runs a proprietary sourcing engine built on Armstrong's media platform, WEDU. The podcasts THEMOVE and The Forward reach over 10 million annual listeners, surfacing founder relationships and consumer health signals. The partnership also draws on Strong's Nike network and Kim's healthcare-operating background at Transcarent and Truepill.

The firm defines it as integrating upstream wellness interventions — fitness, nutrition, sleep, mental health — with downstream clinical care. The thesis argues that care decisions made in isolation drive poor outcomes and inflated costs. Portfolio companies often sit at the boundary between consumer wellness and regulated healthcare.

The firm leads seed and Series A rounds and reserves capital for follow-on investments in select portfolio companies. Mel Strong's interim CMO role at Oura during the Gen 3 ring launch illustrates the hands-on operational support that accompanies follow-on capital deployment.

WEDU operates as a distinct media entity under Armstrong's control, not as a subsidiary of the management company. The podcasts can promote portfolio companies, but the investment team maintains a standard LP-GP fiduciary structure. The media asset functions as a value-creation tool and deal-flow generator, not a commingled investment vehicle.

The partnership operates from Austin and San Francisco, and portfolio companies are primarily headquartered in North America. The fund has not disclosed a formal geographic mandate beyond the US, though its digital health investments serve global customer bases through remote and hardware-enabled care models.

The firm was founded in 2019 and has been actively deploying seed and Series A capital since then. No subsequent fund closes or targeted fund sizes have been publicly disclosed. The current vehicle's vintage and committed capital remain undisclosed.