In this episode, Andreas Munk Holm talks with Paolo Pio and Matt Cooper, Founding Partners of Exceptional Ventures, to unpack their mission-driven approach to health and wellness investing. They dive into “Joyspan®”, their unique investment thesis which centres on a personal balance between health and happiness, and the growing need to separate science from hype in health tech.
Here’s what’s covered:
02:53 Paolo Pio's Journey to Venture Capital
05:52 Matt Cooper's Accidental Path to VC
14:57 Unique Positioning in the Venture Ecosystem
17:46 The Importance of Entrepreneurial Integrity
20:55 Navigating the European Venture Landscape
24:08 Investment Strategies and Value Creation
28:03 Developing Future Leaders in Venture Capital
31:01 The Mission of Joyspan®: Health, Wellbeing, and Happiness
36:34 Integrating Health and Joyspan® into Venture Capital
40:27 Separating Science from Fiction in Health Tech
Watch it here or add it to your episodes on Apple or Spotify 🎧, with chapters for easy navigation available on the Spotify/Apple episode.
From flexible fund structures to seamless reporting, Mara makes raising, onboarding, co-investing, and LP reporting effortless. They’re doing it for us, reach out if we should connect you.
✍️ Show notes
The Founding Story of Exceptional Ventures
Exceptional Ventures was co-founded by Paolo Pio and Matt Cooper, whose contrasting career paths converge on a shared mission. Paolo, with a background in engineering and a career at Cisco spanning 13 years, moved into angel investing with a focus on health and wellness. His journey included launching the European arm of Joyance Partners, where he led investments in the space.
On the other hand, Matt came from a more accidental route—starting as a scientist, then co-founding Capital One Bank and chairing Octopus Group, and later becoming one of the UK's most prolific angel investors with over 250 deals. Their collaboration started after being introduced by a mutual contact, and they eventually decided to build a mission-driven fund together.
The Mission of Exceptional Ventures
Exceptional Ventures exists to help people live longer, healthier, and happier lives. The mission is grounded in a belief that health systems are failing to meet rising demands, and private innovation must step in to fill the gap. The firm invests in startups across health, wellness, and longevity sectors, aiming to drive a systemic shift in how societies approach well-being. Paolo and Matt position the fund as both a financial vehicle and a platform for transformation in public health, combining purpose with returns.
Unlike traditional VCs, Exceptional emphasizes hands-on support and founder alignment. They refuse to work with non-purpose-driven entrepreneurs, prioritizing those who are brilliant and mission-aligned. Their investment strategy is built around ecosystem thinking, supporting 40 companies in Fund 1 and targeting 50-60 companies in Fund 2, with complementary capabilities. The goal is to create a portfolio where synergies can emerge, with one company distributing or amplifying another’s impact. This approach is underpinned by deep domain knowledge, operational support, and a genuine desire to positively influence entrepreneurs’ lives.
The Concept of Joyspan®
Exceptional Ventures coined the term Joyspan® to capture the intersection of health, longevity, and personal fulfillment. The term emerged from their internal discussions and educational efforts with founders, LPs, and investors, particularly after a pyramid-themed event focused on 5 health dimensions such as sleep, exercise, nutrition, stress management and mental wellbeing, and social connection. Joyspan® reframes healthspan beyond just extending life or optimising performance; it’s about maintaining joy. It acknowledges the trade-offs everyone must make, like Paolo enjoying riding motorbikes or Matt refusing to give up the occasional glass of wine.
Importantly, Joyspan® pushes back against fringe science and wellness absolutism. The founders critique figures like Brian Johnson for promoting restrictive or unscientific routines in the name of longevity. Instead, Exceptional Ventures promotes evidence-based, personalised approaches that reflect human behaviour and long-term thinking. They see Joyspan® as an internal value and a framing device for their investment decisions and community-building efforts. The term has been trademarked, and is part of their brand and long-term mission.
Health Tech as the Next Big Wave
Paolo and Matt believe health tech is beginning a decades-long boom, akin to what fintech experienced from 1990 to 2010. Their view is that the current moment is defined by the convergence of three factors: the breakdown of public healthcare systems, a rapidly ageing population, and exponential scientific advances in understanding the human body. The space is primed for innovation and investment, from diagnostics and wearables to personalised medicine and preventative care.
They position Exceptional Ventures as a fund built for this revolution, capable of identifying early and backing the most transformative founders in the sector. Their long-term ambition is to become Europe's defining health and wellness fund over the next 15–20 years. With a strategy centered on prolific investing and mission alignment, they believe they can catalyse the changes needed to shift healthcare from reactive to proactive, from sick care to true well-being.
The Challenge of Misinformation
Both founders are concerned about the rise of misinformation in the wellness and longevity space. They criticise high-profile figures like Brian Johnson and David Sinclair for commercialising junk science and exploiting public confusion. Their frustration stems from genuine scientific progress often being drowned out by sensationalist marketing and unproven products.
They argue that this trend threatens to undermine the legitimacy of real innovation in health. Exceptional Ventures wants to fight back by giving a platform to credible voices, continuing to back mission-led startups, educating the public, and lobbying the government.
Public vs. Private Sector Role
While committed to private sector-led innovation, Paolo and Matt recognise that lasting health transformation requires collaboration with public systems. They argue that the current healthcare model, which largely waits until people are sick before intervening, is outdated and insufficient. At the same time, they’re skeptical that incumbent players, such as governments or legacy healthcare providers, can lead the transition due to structural inertia.
Instead, they see a hybrid model emerging. Innovation and funding may come from the private sector, but public frameworks must shape regulation, ethics, and accessibility. They use the example of smoking to show that public intervention (e.g., bans and taxation) was ultimately what curbed harmful behavior. Similarly, they argue that to truly scale the impact of health tech, smart policy and thoughtful regulation are essential.
Some things are made for platforms - music, cabs & pizzas. But fund solutions aren’t one of them. Their individual client focus and regulation-first approach is your guarantee for flexible solutions accommodative to a broad range of deal and client specifics. The kicker? Prices that match any of the shelf-products in the market.
🤗 Join the EUVC Community
Looking for niche, high-quality experiences that prioritize depth over breadth? Consider joining our community focused on delivering content tailored to the experienced VC. Here’s what you can look forward to as a member:
Exclusive Access & Discounts: Priority access to masterclasses with leading GPs & LPs, available on a first-come, first-served basis.
On-Demand Content: A platform with sessions you can access anytime, anywhere, complete with presentations, templates, and other resources.
Interactive AMAs: Engage directly with top GPs and LPs in exclusive small group sessions — entirely free for community members.
Dario combines deep institutional, operational, and investment expertise, investing in early-stage companies and funds. Recognized as a "40 Rising Star under 40" by VCJ, he actively contributes to the industry.
Before founding LTV Capital, Dario co-led fund investments at Anthemis Group, a top fintech investor, where he developed early-stage fintech plays with BBVA and pioneered a media-financial services fund. His background also includes spearheading international expansion at emerging markets fintech JUMO and contributing to the creation of ROAM, now Africa's largest classifieds group.
Academically, he holds a Master of Business Science in Finance from the University of Cape Town; his dissertation on "Tencent Holdings Limited" is widely downloaded and cited.
Outside of work, Dario is a former 125cc motorcycle racing champion who now advises the Finetwork Mir Racing Team, supporting young talent in motorsports. He is driven by a passion for empowering others and fostering change in the emerging manager VC ecosystem.
↓ Register below to attend on July 15th↓
Share this post