Headwater Ventures focuses specifically on software that runs the administrative and operational side of regulated healthcare—things like payer-provider workflows, credentialing, and reducing clinician paperwork—rather than pharma, biotech, medtech, or life sciences, and its founders bring an unusual mix of backgrounds, including training as a behavior scientist and mental health professional, healthtech accelerator leadership, and startup engineering experience that included serving as CTO of SoulCycle after an acquisition. The firm also holds a clear position on employer-sponsored insurance, with co-founder Matt Miller arguing that the traditional employer group health plan has outlived its usefulness and pointing toward portable coverage not tied to a job as the better path forward.