For Healthcare Companies

Access Capital from People Who Know Your Market

Limelight Health Capital funds are backed by healthcare practitioners, executives, and operators — investors who understand your clinical and commercial context before you walk in the room.

Express Interest Review the Terms

Participation is completely voluntary. Expressing interest does not obligate your company in any way.

About the Fund

A single, coordinated investment vehicle.

Most healthcare founders trying to raise from angels face the same problem: it takes dozens of individual conversations to assemble meaningful capital, and each investor needs their own outreach, updates, and attention. That overhead compounds fast.

Spotlight Funds solve this by aggregating curated investors — practitioners, executives, and operators — into a single fund vehicle with one term sheet and one closing. You deal with one entity instead of many.

What sets Spotlight apart from a generic angel syndicate is who the investors are. LPs are drawn from within the professional community associated with your specialty. They've seen the clinical workflows, used or evaluated products like yours, and understand the commercial dynamics of your market. They come prepared.

"The Spotlight Fund evaluates a limited number of companies from each association event — selecting those that best fit the fund's thesis and the LP community's expertise." Spotlight Fund Mandate

$50K–$500K

per company through a single convertible note

coordinated vehicle — one term sheet, one closing

Domain LPs

association-connected investors who understand your specialty

Why Spotlight

Built for healthcare companies. Designed to move fast.

Six reasons founders choose a Spotlight Fund over piecemeal angel financing.

Investors Who Know Your Space

Capital from practitioners and executives in your specialty — not generalist angels reading a one-pager for the first time. They've worked in the workflows your product addresses.

Straightforward Process

One vehicle, one closing, one relationship to manage. No herding dozens of individual angels. Spotlight is designed to get from interest to funding with minimal friction on your end.

Standard Terms

A founder-friendly convertible note with no exotic provisions. The structure is designed to be readable, understood by both sides, and inexpensive to execute — with no valuation cap friction.

Network Access

Investors who are active in your specialty's professional community. Beyond capital, that can mean introductions to clinical partners, distribution channels, and leads for future institutional rounds.

Fully Voluntary

Expressing interest commits you to nothing. There is no obligation at any step until you sign a term sheet. You retain complete control over whether to proceed at every stage of the process.

Sustained Visibility

Portfolio companies benefit from continued presence within the association ecosystem — events, communities, and networks that keep your company in front of the practitioners who matter most in your specialty.

Investment Terms

Simple terms. Standard structure. No surprises.

Spotlight Funds use a single, standardized convertible note for all portfolio companies. Here is exactly what that looks like.

Instrument	Convertible Note
Investment Range	$50,000–$500,000 per company
Discount Rate	20% on conversion
Interest Rate	7% per annum
Maturity	18 months
Conversion Trigger	Next institutional (priced) round
Additional Investment	Fund retains the option to add capital at conversion
Eligibility	Companies presenting at a partner association event who express interest in consideration

Why these terms?

No valuation cap removes one of the most common sources of friction in early-stage term negotiations — both sides can move faster when they're not anchoring on a number.
Standardized terms reduce legal cost and review time. The note is the same for every portfolio company, which means your counsel has seen the document and can turn it quickly.
The MFN clause ensures the fund's LPs receive the best terms offered to any subsequent note holder — which directly aligns their incentives with yours and keeps the relationship clean.

How It Works

Four steps from interest to close.

The process is designed to be fast and low-friction for companies already preparing for their association event.

Step One

Express Interest

Complete a brief, non-binding expression of interest. Takes minutes. No pitch deck required at this stage — just basic company information. There is no commitment.

Step Two

Fund Evaluation

Spotlight Fund investors attend the partner association event, assess companies during presentations and one-on-ones, and review materials already shared with the association. No separate due diligence process.

Step Three

Selection & Outreach

A limited number of companies are selected from each event. Selected companies are contacted directly by fund management. Every expression of interest is reviewed; not all proceed.

Step Four

Term Sheet & Closing

Selected companies receive a convertible note on the standard terms described above — one vehicle, one closing. The process is designed to close quickly and with minimal legal overhead.

FAQ

Common questions from founders.

Does expressing interest commit my company to anything?

No. Expressing interest is completely non-binding. There is no obligation to your company at any step until a term sheet is signed. You can withdraw at any point before that without consequence.

Is my expression of interest confidential?

Yes. Expressions of interest are handled confidentially. They are not shared publicly, not disclosed to your competitors, and not used for any purpose beyond the fund's internal evaluation process.

Who are the investors in the fund?

LPs are a curated group of practitioners, healthcare operators, and high-net-worth individuals drawn from within the professional community connected to the fund's partner association. Full LP disclosure occurs at the term sheet stage, before any company is asked to make a decision.

Does my company need to be presenting at a partner association event?

Yes. Eligibility is tied to companies that are already presenting at a Spotlight Fund partner association event. The fund's evaluation process is built around the event format — presentations, one-on-ones, and materials shared through the association.

How many companies are selected from each event?

A limited number of companies are selected per event. Not every company that expresses interest is selected — the fund prioritizes fit with its thesis and the LP community's domain expertise. That said, every expression of interest is reviewed before a decision is made.

What happens after the fund invests?

The convertible note converts into equity at your next institutional (priced) round at a 20% discount to the round price. At conversion, the fund also retains the option to add additional capital. Outside of that, portfolio companies continue to benefit from visibility and connectivity within the association ecosystem.

Ready to be considered?

Express Interest in a Spotlight Fund

Non-binding and takes minutes. If your company is presenting at a partner association event, let us know you're interested in being evaluated.

Express Interest by Email Review the Terms First

Or reach us directly: info@spotlightfunds.com