name: Refract VCstage: deep_divetemperature: warmcheck_size: TBDlast_contact: 2026-02-05next_step: Caesar & Kerry circling back in a couple of days
Refract VC
Overview
- Stage focus: Seed / early
- Check size: TBD — need to confirm
- Healthcare thesis: Getting deeper into insurance marketplace. Seeing payer C-suites scrambling for AI tools. Portfolio includes Charter Health (Blue Cross Michigan, 7-figure contract) and Cloud Gurus (integration/deployment).
- Key people: Caesar Djavaherian (partner), Kerry Kellogg (partner/associate)
Relationship History
| Date | Type | Notes |
|---|---|---|
| Pre-May 2025 | Intro (at Wharton) | Liked us, liked domain expertise. Feedback: UM "too important to outsource." Passed at the time. |
| 2026-02-05 | Update call | Strong reconnect. Impressed by progress — bootstrapping, Premera, product demo. Concerns: scalability, market size. Offered Cloud Gurus intro. |
Status
- Current stage: Re-engaged / Update → Pending internal discussion (OVERDUE)
- Next step: Follow up with Caesar. Said "couple of days" on Feb 5 — it's been 8 days.
- Temperature: Warm (upgraded from their previous pass, but silence is a flag)
What They Care About
- Founder grit and commitment (bootstrapping is "catnip")
- Scalability — redeployable tech vs. pure consulting/customization
- Market size of the payer AI opportunity
- Insurance companies as viable buyers (validated through their own portfolio)
- Self-service / back-end optimization as the scalable path
Concerns to Address
- Scalability — Caesar's main question. Need to articulate what's redeployable today, what the platform becomes, how custom work decreases per client over time.
- Market size — "We just have to wrap our heads around market size and opportunity." Need TAM framing.
- Contract specifics — They asked and we were vague. Next time, have Premera structure clearer.
Materials Sent
- Deck (not sent yet — they have it from before, may need updated version)
- Two-pager
- Product brief
Notes
- They came to us previously at Wharton, passed, now re-engaging. This is a warm re-open, not a cold intro.
- Caesar shared real market intelligence (JP Morgan conference, Charter Health). He's invested in the thesis, not just evaluating us.
- Kerry is the quieter, more diligence-oriented partner. Will likely drive the detail questions if they advance.
- Cloud Gurus intro could be valuable regardless of investment outcome.
- Three exits last year — fund is performing, they have capital to deploy.