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THE DYNAMIC DUO: KAISER & SANDERS NAMED AMONG MOST IMPORTANT VCS
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THE DYNAMIC DUO: KAISER & SANDERS NAMED AMONG MOST IMPORTANT VCS
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THE DYNAMIC DUO: KAISER & SANDERS NAMED AMONG MOST IMPORTANT VCS
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THE DYNAMIC DUO: KAISER & SANDERS NAMED AMONG MOST IMPORTANT VCS
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THE DYNAMIC DUO: KAISER & SANDERS NAMED AMONG MOST IMPORTANT VCS
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THE DYNAMIC DUO: KAISER & SANDERS NAMED AMONG MOST IMPORTANT VCS
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MERCATO LEADS LAMBDA LAB’S SERIES B


INVESTING IN
BETTER COMPUTE

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BUILDING BETTER

We invest in leaders that are changing how we live, learn and work—for the
better.


INVESTING IN BETTER VIEWS

Build where you live. We’ll come to you.

As investors, we believe your startup shouldn’t have to start on the coast.
We’re committed to helping you build your business in the same place you’ve
built your life.

CONTACT US

MERCATO LEADS LAMBDA LAB’S SERIES B


INVESTING IN
BETTER COMPUTE

Learn More


BUILDING BETTER

We invest in leaders that are changing how we live, learn and work—for the
better.


INVESTING IN BETTER VIEWS

Build where you live. We’ll come to you.

As investors, we believe your startup shouldn’t have to start on the coast.
We’re committed to helping you build your business in the same place you’ve
built your life.

CONTACT US

MERCATO LEADS LAMBDA LAB’S SERIES B


INVESTING IN
BETTER COMPUTE

Learn More
 * 1
 * 2
 * 3


CORE BELIEFS

We are a growth-stage investment firm that fundamentally believes in:

The power of investing in underserved and underfunded geographies
Giving more than we take
Delivering value without compromising
our values
Bettering our world through entrepreneurship


BY THE NUMBERS 1

 * OVERVIEW
 * PORTFOLIO
 * FIT

OVERVIEW + -

4
Funds
$1.1B
Assets under management
AUM
$400M
Active fund

PORTFOLIO+ -

20
Active Companies
5
Private Companies
9
Public Companies

FIT+ -

$10M+
Annual Revenue
75%
YoY Growth
$10M+
Round size


FEATURED INVESTMENTS 2

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CYLINDER

Team:
Joe Kaiser, Mei Headley

Cylinder Health is a leading provider of digital gastrointestinal care that is
reinventing the management of chronic gut conditions through data-driven
technology, proven clinical protocols, and on-demand human support.

Learn More
B
Series
$31M
Round Size

RELATED READING

Why We Invested in Cylinder


LAMBDA

Team:
Ryan Sanders

Lambda provides computation to accelerate human progress. An artificial
intelligence (AI) and deep learning infrastructure company, Lambda sells GPU
cloud services and related software to the world’s largest enterprises, AI
startups, and top-tier research universities.

Learn More
B
Series
$44M
Round Size

RELATED READING

Why We Invested in Lambda
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FEATURED EDITORAL 3

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6.20.2024
Text Link

Every year, Utah Business and the National Association of Corporate Directors
(NACD) present annual awards to directors and board members who advise private,
public, and nonprofit organizations. The event is designed to celebrate and
honor some of Utah’s most engaged and effective board leaders, who exemplify
knowledge, leadership, and excellence in corporate governance.

At this year’s event, Mercato Managing Director Ryan Sanders was honored as the
2024 Venture Capital Outstanding Director. Recognized alongside long-time family
friend and personal hero Gary Crittenden, theLifetime Achievement award
recipient, and Heather Zynczak, the public company award recipient and a 3x
Mercato portfolio company board member, Sanders was in excellent company.

 Throughout his career at Mercato, Ryan has sat on eight boards, not including
those he’s actively observed. From Stance to Lendio to Lambda, the spectrum of
portfolio companies he has a hand in helping govern are broad, however, he
brings the same experienced, singular focus on growth-stage strategy to each.
His excellence in guiding Mercato’s portfolio companies along a path of
sustainable growth is evident in both this recent recognition and his past
efforts.
‍

> The best board members bring active engagement. They are prepared and stand at
> the ready.


The NACD recognition comes just a year after Ryan’s graduation from the Kauffman
Fellows program, a two-year, global leadership development program for venture
capitalists; the close of Mercato’s largest fundraise, a multi-year effort that
was led by Sanders; and Business Insider naming Ryan one of the top 23 VCs in
the Rockies. It also comes at a critical time for exceptional board governance
within the venture ecosystem. As venture-backed companies prioritize
profitability over growth-at-all-costs, executive teams and boards are needing
to exercise, encourage, and enable more discipline, grit, and creative thinking
than in previous years.

These unyielding demands on executives and founders are top of mind for Sanders.
During a recent Utah Business interview, he opined, “The best board members
bring active engagement. They are prepared, and stand at the ready to see around
the proverbial corners, help the CEO set the strategic direction, and move the
business forward.” His embodiment of these beliefs is evident in the dog-eared
decks, extensive notes, and open mind that he brings to every board meeting.

Ryan’s preparedness is similarly matched by his unbridled enthusiasm. It is
undeniable that he feels fortunate to spend his career earning the opportunity
to provide support, advocacy, and partnership to founders. As a result, he
strives to be his executives’ biggest cheerleader and advocate both inside and
outside of the boardroom, enthusiastically lifting up, amplifying, and
championing these entrepreneurs and their mission.

‍

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Ryan Sanders Named 2024 Outstanding Director
News

ALL AROUND EXCELLENCE: RYAN SANDERS NAMED 2024 VENTURE CAPITAL OUTSTANDING
DIRECTOR

This year, Utah Business and the National Association of Corporate Directors
honored Ryan Sanders as the 2024 Venture Capital Outstanding Director, an award
that celebrates the most engaged and effective board leaders, who exemplify
knowledge, leadership, and excellence in corporate governance.
READ NOW
READ NOW
5.22.2024
Text Link

Between late 2015 and 2016, Mercato made two of its most important decisions
since the fund’s investment in Galileo Financial Technology in 2014—hiring the
two hungry, talented, and well-connected 30-something investors, Joe Kaiser and
Ryan Sanders. Sanders, an Austin-based Mezzanine investor with Escalate Capital,
and Kaiser, a Blackstone trained leader of Vivint Solar’s Capital Markets during
its $1.6B IPO, joined Mercato at a time when the firm was looking for fresh
investor perspectives and future fund leaders. In short order, the decision paid
off—both investors were named Managing Directors in late 2021.

In the three years since their ascension to MD, Sanders and Kaiser have already
left their mark on the firm and have carefully begun to chart its future course.
From leading the fundraise of Mercato’s $400M Traverse Fund IV to leading nearly
all of the firm’s growth investments over the past four years, their collective
leadership has been instrumental in laying the ground work to help the fund
thrive over the next decade and beyond. In part, it was these joint successes
that contributed to the pair’s recent recognition by Business Insider for their
role in furthering the impact of venture capital in the Mountain West.

Named last year as two of Business Insider’s “23 Most Important VCs in the
Rockies,” Kaiser and Sanders don’t only have eyes for Utah, however. Since
implementing a firm-wide investment approach in 2022 that focuses more broadly
on deploying dollars in undercapitalized and underrepresented geographies across
the United States and not just the Mountain West, 80% of the firm’s investments
have been outside of the state. From east to west, the duo has led out on this
strategic divide-and-conquer investing approach, traveling weekly to meet
founders in their own backyards—an approach that is embodied by Mercato’s belief
that startups shouldn’t have to start on the coast.

Despite being not even half-way through 2024, the team has already traveled to
46 cities in just 20 weeks—not including a two-week international stint spent
visiting limited partners—to meet with founders and connect with fellow funders.
Not looking to slow down anytime soon, the second half of the year promises to
be just as busy, if not more so than the first half, and will be anchored by the
fund’s first annual meeting outside of its home state.

A recent introduction, Mercato’s destination-based approach to its annual
meeting is a testament to the duo’s wanting to continually reinvest in and
highlight the cities and towns across the country that have been instrumental in
the firm’s portfolio construction. Last year, for example, the team traveled to
St. George, UT for its annual meeting to highlight the home of portfolio
company, Vasion. This year, Kaiser, Sanders, and the rest of the team will
welcome limited partners and portfolio executives to Chicago, an important
sourcing city that represents a swell of undercapitalized opportunity and is
home to three active portfolio companies.

While both Sanders and Kaiser are in the early years of their MD journey, they
are already making an important impact on the fund. The recognition by Business
Insider is just the first of many accolades that we are confident these two will
each receive, and we are eagerly looking forward to the continued and marked
progress they will assuredly make at Mercato.

‍

------

 

Interested in keeping tabs on our  travels? You can follow our weekly
whereabouts on LinkedIn every Monday in our Mercato on the Move series. You can
also find the full 23 Most Important VCs in the Rockies article by Business
Insider here.

‍

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The Dynamic Duo
News

THE DYNAMIC DUO: JOE KAISER & RYAN SANDERS NAMED AMONG MOST IMPORTANT VCS IN
ROCKIES

In the three years since Ryan Sanders and Joe Kaiser were promoted to Managing
Directors, they have undeniably left their mark on the firm and are carefully
charting the course for the future of the fund.
READ NOW
READ NOW
9.12.2023
Text Link

🎶 Nausea, heartburn, indigestion, upset stomach, diarrhea 🎶


This iconic, cheeky chorus line—a product of Publicis North America for
Pepto-Bismol—was introduced by Procter and Gamble in 2002, and has since become
permanently embedded into American pop culture. While most assuredly an attempt
to grab attention, the jingle was also an attempt to break down American’s
proverbial bathroom doors and normalize gastrointestinal (GI) issue relief. It
was revolutionary at the time, and helped destigmatize internal dialogues around
gut health. Unfortunately, it couldn’t solve for the psychological discomfort
associated with seeking access to GI-related healthcare.


Fast forward to today. The GI care options and access available to us far
surpass those of the early 2000s thanks, in large part, to a tsunami of digital
health adoption. Bolstered by the COVID-19 pandemic, the adoption of digital
healthcare has experienced an unprecedented surge, revolutionizing the medical
services landscape. Telemedicine, remote patient monitoring, and virtual
consultations have swiftly emerged as cornerstones of patient care. This rapid
integration of technology not only helped to address immediate health concerns
during a global pandemic, but also set the stage for a more patient-centric and
accessible healthcare future. The flexibility and discretion provided by this
healthcare revolution was particularly impactful for GI digital health—a $78
billion market.


Today, over 70 million Americans grapple with the challenges of managing GI
issues, resulting in 8.3 million annual ER visits, and upwards of $136 billion
in spend—a number greater than heart disease, trauma, or mental health. The
dollars lost to GI issues, however, are only a fraction of the problem plaguing
the patient population. Lost time, productivity, and quality of life are,
undoubtedly, the more damaging side effects.


Enter Cylinder Health, a Traverse Fund IV investment, and a leading provider of
digital GI care that is working to solve this problem. Led by their marquee
virtual digestive health program, Cylinder is reinventing the management of
chronic gut conditions through data-driven technology, advanced science, and
on-demand human support. Currently, the program is provided to patients free of
charge as an employer benefit, and has been wildly successful. Members who work
for Cylinder customers—including, Walmart and US Foods—report consistent
improvements in their quality of life, and satisfaction rates in excess of 90%.

> We have proven that our scalable technology platform paired with our
> comprehensive care team results in better health, lower costs, and a much
> better experience for the members we serve.

– BILL SNYDER, CEO


Following our lead investment in their $31M Series B, Cylinder is well
positioned to be the category leader that solves for the digital consumer
delivery blind spots that plague the entire health system. Their team of
talented industry veterans, led by healthcare leader and CEO Bill Snyder, have
set an ambitious vision for Cylinder's future, and are primed to be key
contributors to the next era of U.S. healthcare.


It is our firm belief that by reducing healthcare costs for employers, and
increasing employee productivity and quality of life, Cylinder is, undoubtedly,
building better.


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Why We Invested in Cylinder
News | Insight

A GUT INSTINCT: WHY MERCATO LED CYLINDER'S $31M SERIES B

Over 70 million Americans grapple with the challenges of managing GI issues,
resulting in upwards of $136 billion in spend, lost time and productivity, and a
lower quality of life. Cylinder Health is addressing this problem by reinventing
the management of chronic gut conditions, and solving for the digital consumer
delivery blind spots that plague the entire health system.
READ NOW
READ NOW
1.10.2023
Text Link

The year is 2023, and the age of artificial intelligence (AI) is upon us. Much
like a Hollywood remake, however, it feels like we’ve seen this movie before.
While the technology feels fantastically new, the recent hype cycle feels eerily
similar to that which preceded the AI winter of the 1990s. The key difference
this time around, however, is that—like Dune—we believe the remake is better
than the original.


More than any other technology that preceded it, the recent release of ChatGPT
and the public consumption of large language models (LLMs) re-launched AI onto
the world stage in an explosive manner. While the technology behind the boom of
LLMs—known as machine learning (ML)—is incredibly exciting, it is all but
certain that we have barely uncovered the tip of the AI iceberg and the
world-changing opportunities that it will inevitably unearth. Deep learning,
specifically, holds immeasurable promise.


A subset of ML, deep learning is distinguished by its use of neural networks
that—unlike traditional data processing algorithms—learn directly from data
without requiring manual feature extraction. This revolutionary technology has
(so far) enabled autonomous vehicles, medical imaging for disease detection,
real-time language translation, and neural artwork—things that, just a few
decades ago, would have been considered science fiction fodder. In the
not-too-distant future, however, deep learning will be a fundamental component
of nearly every line of software, every piece of press, and every digital
interaction. Regardless of the end application, the world will run on AI, and AI
will run on Lambda.

> Lambda is going to be the #1 GPU cloud in the world.

– STEPHEN BALABAN, CEO

The Deep Learning Company ™, Lambda builds the workstations, datacenter servers,
and cloud services that power the engineers and researchers at the forefront of
human knowledge. As the only hybrid AI compute company, it provides deep
learning engineers with an AI development environment pre-configured with common
ML frameworks that simplify and accelerate the training and deployment of deep
learning models. From sharing saved models and data sets to letting engineers
easily spin up new virtual machines, Lambda is an AI infrastructure power
player, and in the realm of vertically integrated deep learning compute power,
no one company is building better.

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Why We Invested in Lambda
News | Insight

THE INFRASTRUCTURE OF THE FUTURE: WHY MERCATO LED LAMBDA’S $44M SERIES B

As the world’s datasphere grows, so too does the need for parallel processing
power. Regardless of the end application, the future of deep learning is
dependent on compute infrastructure to deliver this power, and in the world of
vertically integrated deep learning compute, no one company is building better
than Lambda.
READ NOW
READ NOW

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proin. Lorem sed risus ultricies tristique nulla. Nunc faucibus a pellentesque
sit. Sem integer vitae justo eget magna fermentum iaculis eu. Euismod in
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augue neque.

> This is a Large Pull quote that is incredibly Impactful and moving. We should
> probably win a pulitzer for it.

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