The company brings expert care, covered by insurance, to women nationwide. Prior to Midi, Joanna founded Kurbo, the first digital therapeutic for childhood obesity, which was scaled to help tens of thousands children worldwide and the company was successfully sold to Weight Watchers in 2018. Prior to diving into digital health, Joanna spent more than 20 years in direct private equity and venture capital investing in health and consumer companies including a number of notable consumer internet companies, including BlueNile, eToys, Babycenter, HotJobs and Flycast.
For Joanna Strober fundraising is a marathon of perseverance. “A no is actually never a no. It’s just a not now,” she shared, emphasizing that rejection is often just a temporary setback. Most of her investors initially declined to back her, but she kept them updated and demonstrated progress. “Pretty much everyone who invested in me said no at one point,” she admitted. Her advice? Treat every rejection as a chance to strengthen relationships and refine your pitch.
Strober’s fundraising philosophy centers on trust and relationship building. “Everything you do is a stepping stone to more relationship building,” she explained. Cold outreach is rarely effective; instead, she recommends starting with warm introductions and leveraging your network. “People invest in people,” Strober emphasized, urging founders to focus on building genuine connections with potential investors over time.
Timing is critical when seeking funding. “Raise funds when your numbers are looking really good,” Strober advised. She highlighted the importance of capitalizing on moments of strength, such as when key metrics are trending positively. At the same time, she encouraged founders to pitch future potential when a significant milestone is near but not yet proven. For instance, raising funds ahead of launching a new product line or entering a new market can allow investors to buy into the promise of what’s next rather than waiting to see full results. “Pitch the potential of what’s next rather than proving results after the fact,” she suggested, as this approach often garners more enthusiasm and confidence from investors.
Strober underscored the need to align your business vision with venture capital expectations. “Venture capitalists are only looking to invest in multi-billion-dollar companies,” she noted. Founders should carefully assess whether their idea has the potential to scale to that level before pursuing VC funding. “If you own 80% of a company and sell it for $20 million, that’s pretty awesome,” she added, encouraging entrepreneurs to consider alternative paths like bootstrapping or smaller-scale funding.
Investor feedback, even in the form of rejection, is invaluable. Strober approached fundraising as an iterative process, using criticism to improve her pitch and refine MIDI Health’s business model. “Iteration is the most important part,” she said. “Constantly, constantly, constantly iterate.” By treating feedback as a tool for growth, she turned setbacks into opportunities to strengthen her company.
While personal stories can be compelling, Strober advised using them judiciously. “I use my personal story as an example, but it’s not the reason we do the company,” she clarified. For instance, she shared her own struggles with menopause care to illustrate the need for MIDI Health but always tied it back to broader market needs. “Use your story carefully to develop the big picture,” she recommended.
Resilience is at the core of Strober’s fundraising success. “When you’re tired, rest. Don’t quit,” she shared, acknowledging the emotional toll of entrepreneurship. Strober likened successful founders to Energizer Bunnies, emphasizing the importance of persistence in the face of challenges. “If you have a good idea and confidence in it, just keep building,” she encouraged.
Reflecting on her journey, Strober offered practical wisdom for aspiring entrepreneurs. Fundraising, she explained, is as much about building trust as it is about presenting ideas. Start small, think big, and approach every interaction as an opportunity to grow. With her relentless focus on relationships and resilience, Strober’s story proves that the path to success is paved with determination and adaptability.
