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Black Opal Ventures is a venture capital firm founded in 2021 by Tara Bishop and Eileen Tanghal. The firm operates from offices in New York City and San Francisco, focusing on early-phase companies that leverage technology to address significant challenges in healthcare, security, and infrastructure. The founders, who met while studying at MIT, bring diverse backgrounds in medicine, engineering, and venture capital, which informs their investment strategy.
As of 2023, Black Opal Ventures has raised a total of $58 million for its debut fund, which has attracted notable limited partners such as Eli Lilly and Company and Bank of America. The firm has a team of 10 members, each contributing expertise in various fields, including healthcare and technology. Black Opal Ventures has quickly established itself as a recognized impact investing fund, listed in the ImpactAssets 50.
The firm emphasizes collaboration across industries to create impactful solutions, particularly in healthcare and security, where spending is projected to exceed $6 trillion and $2.7 trillion, respectively, by 2028. Black Opal Ventures is committed to measuring both financial performance and social impact, aiming to address pressing global issues through its investments.
Black Opal Ventures invests at the intersection of healthcare and technology, targeting unsolved problems in U.S. healthcare and security. Their investment strategy emphasizes collaboration across industries to develop innovative solutions that can significantly impact these critical areas. The firm focuses on sectors including healthcare, AI, biotech, fintech, cybersecurity, and infrastructure, seeking companies that leverage frontier technologies to address major global challenges.
The firm typically invests in seed through Series B stages, with check sizes ranging from $250,000 to $2 million. Black Opal Ventures looks for founders who demonstrate a strong commitment to their mission and possess the ability to navigate complex market dynamics. Their investment thesis highlights the importance of diverse perspectives in driving innovation and creating impactful solutions, particularly in healthcare and security.
Black Opal Ventures recognizes the substantial market potential in these sectors, with healthcare spending projected to exceed $6 trillion by 2028 and security spending forecasted at $2.7 trillion. This focus on transformative technology solutions positions the firm to capitalize on significant growth opportunities while addressing critical societal needs.
Black Opal Ventures has built a diverse portfolio of 15 companies, focusing on innovative solutions in healthcare and technology. Notable portfolio companies include:
This portfolio reflects Black Opal Ventures' commitment to investing in companies that leverage technology to address significant challenges in healthcare and security.
Dr. Tara Bishop, MD MPH - Founder & Managing Director. Tara has a background in healthcare and has been involved in venture capital for several years. She is an MIT alumna and has a strong focus on addressing healthcare challenges through technology.
Eileen Tanghal, MBA - Founder & Managing Director. Eileen has a venture capital background and is also an MIT alumna. She brings expertise in investment strategies and operational support to the firm.
Justin Craib-Cox, CFA - Head of Investments. Justin leads the investment strategy at Black Opal Ventures, focusing on identifying and evaluating potential portfolio companies.
Karthik Ramasubramanian - Venture Associate. Karthik supports the investment team in sourcing and analyzing deals.
Hanna Edgren - Chief of Staff & Venture Analyst. Hanna plays a key role in operational management and analysis of investment opportunities.
Simon Segars - Executive Advisor. Simon provides strategic guidance and insights based on his extensive experience in the technology sector.
Tamra Lair, PhD - Industry Advisor. Tamra offers expertise in healthcare and technology, advising on portfolio company strategies.
Joseph Jeong, PhD - Venture Partner. Joseph brings a strong academic background and industry experience to the investment team.
Dr. Carina Tyrrell, MB BChir, MPH - Venture Partner. Carina has a medical background and focuses on healthcare-related investments.
Franco Danesi, MBA - Venture Partner. Franco contributes to the firm's investment strategies and portfolio management.
Eve Castel, CFA - Venture Partner. Eve specializes in financial analysis and investment evaluation.
To pitch Black Opal Ventures, founders should submit their proposals through the Black Opal Ventures Deal Submissions page on their website. It is essential to include a detailed pitch deck that outlines the business model, market opportunity, competitive landscape, and team qualifications. The firm prefers well-structured decks that clearly articulate the problem being addressed and the innovative solution being offered.
Response times may vary, but founders can expect to hear back within a few weeks. Warm introductions are beneficial but not mandatory. Black Opal Ventures encourages direct submissions from passionate founders who are addressing critical challenges in healthcare and security.
Black Opal Ventures runs the Fellowship Program, which lasts for three months and focuses on healthcare and technology. This program requires a minimum commitment of 5 hours per week and offers participants opportunities to engage in the investment process and thesis development.
Participants in the Fellowship Program receive a stipend of $1,000 per month. The application deadline for the program is January 26, 2024. This initiative aims to develop talent and foster innovation within the healthcare and technology sectors.
In November 2023, Black Opal Ventures announced the successful closing of its debut fund, raising $58 million. This fund has attracted notable limited partners, including Eli Lilly and Company and Bank of America.
As of mid-2024, Black Opal Ventures has expanded its portfolio to 15 companies, up from 9 at the time of the fund announcement. The firm is recognized for its impact investing approach and was listed in the ImpactAssets 50.
In May 2025, Black Opal Ventures released its 2024 Annual Impact Report, highlighting portfolio companies that are deploying generative AI, robotics, bioengineering, and advanced computing in healthcare.
What are Black Opal Ventures' investment criteria?
Black Opal Ventures focuses on early-phase companies that leverage technology to address significant challenges in healthcare and security. They seek innovative solutions that can deliver impactful results in these sectors.
How can I apply or pitch to Black Opal Ventures?
Founders can submit their pitch through the Black Opal Ventures Deal Submissions page on their website. It is recommended to include a comprehensive overview of the business model, market opportunity, and team background in the pitch deck.
What makes Black Opal Ventures different from other VC firms?
Black Opal Ventures is a women-led firm that emphasizes collaboration across industries to create transformational solutions. Their focus on healthcare and security, combined with a commitment to measuring social impact, sets them apart in the venture capital landscape.
What is the geographic scope of Black Opal Ventures?
The firm primarily invests in companies based in the United States, focusing on sectors that address pressing global issues in healthcare and security.
What is the typical fund size and check size for investments?
Black Opal Ventures has raised a total of $58 million for its debut fund, with check sizes ranging from $250,000 to $2 million for individual investments.
What kind of post-investment involvement can portfolio companies expect?
Black Opal Ventures provides strategic guidance, access to a network of industry experts, and support in navigating the complexities of the healthcare and security sectors. They also run the Black Opal Venture Fellows Program to develop talent and foster innovation.
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