Why We Invested in Paladin

By Tasha Seitz, Partner

The volume of global electronic waste (e-waste) has surged by 60% over the last decade, yet the United States recycles only ~15% of its discarded tech. E-waste contains a toxic cocktail of lead, mercury, and arsenic that poses significant risks when it reaches landfills. Beyond the toxicity, the environmental cost of replacing these materials through virgin mining is significant. For example, recycling gold generates 16 times fewer CO2 emissions than mining it. Enterprises need infrastructure that can manage electronic waste at scale, securely, and sustainably. With this demand, the U.S. e-waste market is projected to grow from $27 billion to $39 billion by 2030.

Solution

Paladin EnviroTech is a platform that pairs IT Asset Disposition (ITAD), which provides secure data destruction and equipment refurbishment for enterprise clients, with large-scale commodity e-waste recycling in a “one-stop-shop” model. The company operates a growing network that already services most of the US and has recently expanded its reach into Europe via the acquisition of specialist recyclers in the Netherlands and Ireland. This international scale allows Paladin to serve global hyperscalers and OEM customers who require compliant, in-region solutions for their retired hardware.

Why We Invested

Our investment in Paladin is a bet on consolidation and growth in the e-waste industry, led by a management team with deep industry experience in e-waste recycling and ITAD. Their deep roots in the industry are complemented by an exclusive partnership with Daeheung M&T, South Korea's leading middle-market e-waste recycling company and strategic investor, which will provide Paladin with technical expertise and global supply chain connections built through 30+ years in the industry. We believe Paladin will offer superior tracking and sustainability reporting that many legacy incumbents struggle to provide.

Impact

Paladin’s impact is intrinsic to its business model, focusing on the circular economy and the mitigation of toxic waste. The company prevents hazardous materials from leaching into soil and groundwater and also creates a reliable stream of secondary raw materials, reducing the energy-intensive demand for virgin resources. By standardizing its facilities under rigorous R2v3 certifications, Paladin ensures that environmental health, safety, and data security are maintained at the highest industry standards across its entire platform.

Why We Invested in Midi Health

By Tasha Seitz, Partner

There are 57 million women aged 40-64 in the United States, representing the fastest-growing segment of the population. Despite this demographic shift, the healthcare system is failing to adequately treat this population during a critical life stage: 84% of these women experience menopause symptoms that diminish their quality of life, and 59% have missed work due to these symptoms.

The gap in care is driven by a lack of training and a shortage of providers. Only 20% of OB/GYNs receive specific  training for treating women over 40, and 49% of U.S. counties have no OB/GYNs at all. This lack of effective treatment means women are more likely to require acute care responses, such as ER visits, and are more likely to leave the workforce entirely.

Solution

Midi Health is the leader in women’s virtual healthcare providing comprehensive, personalized treatment for perimenopause, menopause, hormonal health, and chronic conditions. Positioning itself as the "digital front door" to healthcare for women in midlife, Midi combines clinical rigor with a scalable, AI-enabled care delivery model.

The company utilizes a virtual, nurse-practitioner-led model to bypass geographic constraints, providing access in healthcare deserts where specialized support is otherwise nonexistent. Midi’s offerings include virtual consults, custom compounded prescriptions (such as HRT and GLP1s), and supplements. Midi has secured broad insurance coverage across all 50 states, covering 80% of PPO plans and over 45 million women.

Midi operates as an AI-enabled clinic, utilizing a proprietary platform to create leverage by offering real-time clinical decision support that enables nurse practitioners to deliver high-quality, standardized care at scale. The platform also automates administrative tasks such as documentation and claims processing, thereby significantly reducing provider burden. By shifting non-clinical tasks to AI, Midi allows providers to focus on the patient, driving attractive gross margins while maintaining high satisfaction rates.

Why We Invested

Midi Health addresses a massive, underserved market supported by cultural tailwinds that are increasingly destigmatizing menopause and encouraging women to seek care. The company has demonstrated an impressive growth trajectory and is widely recognized as a category leader.

The company has created a significant strategic moat through its insurance relationships and enterprise partnerships with major employers. Midi achieves impressive unit economics by leveraging a proprietary AI platform to reduce administrative burdens by 30-50%, driving clinical efficiency and margin expansion without sacrificing care quality.

We are also backing a proven, mission-driven leadership team. CEO Joanna Strober is a repeat entrepreneur surrounded by a multidisciplinary executive team with direct experience scaling consumer health unicorns, including former executives from Hims & Hers and Tia.

Impact

Midi Health is closing a critical access gap in women's health. By securing commercial insurance contracts that cover 80% of all PPO plans, the company ensures that high-quality menopause care is accessible and affordable. This is particularly vital given that nearly half of U.S. counties lack OB/GYN specialists.

The clinical impact on this population is significant: 91% of Midi patients report symptom improvement. This level of care translates to high engagement, with a 95% patient satisfaction rate. Beyond individual health, Midi supports economic equity by helping women manage symptoms that might otherwise force them to miss work or retire early.