Billion Dollar Moves™ with Sarah Chen-Spellings | Global Venture Capital

In this episode of Billion Dollar Moves, I sit down with David Berry, Co-Founder and Managing Partner of Averin Capital, for a conversation about building billion-dollar breakthroughs in healthcare.

David has founded more than 30 companies, including seven valued over $1B, and has helped shape companies across biotech, AI drug discovery, microbiome therapeutics, agriculture, and health infrastructure.

From losing a childhood friend to brain cancer, to asking why the hardest problems are worth pursuing, David shares how mission, science, and capital come together to create venture-scale healthcare companies.

For founders, funders, and family offices investing in the future of health, this is a conversation about conviction, ethics, and building for impact at scale.

Watch the full conversation and subscribe for more discussions at the intersection of capital, governance, and long-term wealth.

00:00 - Intro: Why go after the biggest problems?

01:12 - Truth vs. belief in science

03:00 - The myth that humans only use 10% of their brains

04:28 - Rethinking cancer and inherited assumptions

05:38 - How big ideas emerge from questioning “truth”

06:30 - Entrepreneur vs. investor: The N of one

08:10 - Building Seres Therapeutics and the microbiome frontier

11:00 - Turning strange science into a venture-scale company

12:20 - Why drug development does not always have to take 10–15 years

14:10 - Valo Health and AI-powered drug discovery

17:15 - Product-investor fit in biotech

20:30 - Why companies fail: Teams, resilience, and near-death moments

22:15 - Averin Capital and the transformation of health through technology

23:20 - BioLink and the future of continuous health monitoring

26:00 - Ozempic, access, and ethics in healthcare

31:10 - Women’s health, clinical trials, and bias in medical data

35:00 - David’s vision for Averin Capital

39:00 - How family offices should think about investing in health

40:00 - The next billion-dollar moves in healthcare

40:35 - Rapid fire

About David Berry

David is Co-Founder and Managing Partner at Averin. As an innovator and a company builder, he has been driven by the power of technology to transform industries. David has been a founder of over 30 companies, including 7 that have been valued at over $1B.

David was previously a General Partner at Flagship Pioneering. He was also founder and CEO of Valo Health, where he raised over $500M and executed a transformative partnership with Novo Nordisk.

David received his M.D. from Harvard Medical School and his Ph.D. from MIT through the biological engineering division, where he worked with Professors Robert Langer and Ram Sasisekharan. David works closely with Biolinq amongst other Averin companies.

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Billion Dollar Moves Podcast | The Top Global Venture & Business Podcast for Founders & Funders | Backed by HubSpot Podcast Network

Conversations with billionaires, unicorn founders, and the world’s leading funders.

Hosted by Sarah Chen-Spellings, Billion Dollar Moves examines how enduring companies — and the capital behind them — are built.

Through long-form conversations, the show explores decision-making under uncertainty, capital allocation, and the inflection points that shape category-defining businesses. From early platform backstories to allocator frameworks used across private markets, the focus is on judgment, incentives, and long-term value creation — beyond headlines and hype.

New episodes weekly.
Built for those who take the long view.

PODCAST INFO:
Podcast website: https://billiondollarmoves.com
Watch on Youtube: https://tinyurl.com/sarahchenglobal
Join the community: https://sarah-chen.ck.page/billiondollarmoves

FOLLOW SARAH:
https://linkedin.com/in/sarahchenglobal
https://instagram.com/sarahchenglobal
https://x.com/sarahchenglobal

Jaclyn Johnson built Create & Cultivate into one of the most recognized platforms for women in business—scaling it to eight-figure revenue before exiting in a multi-million dollar deal.

But what happens after the exit is where the real story begins.

From navigating private equity, burnout, and the loss of control over the company she built… to making one of the rarest moves in business—buying it back.

In this episode, we unpack:

* Why selling isn’t always the win
* What private equity gets wrong in community-driven businesses
* The trade-offs between bootstrapping and raising capital
* How to think about ownership, control, and long-term value

This is a conversation about capital, consequence—and coming back with clarity.

About Jaclyn Johnson

With $25 million in successful exits to her name, Jaclyn has mastered the art of bootstrapping businesses, building thriving communities, and driving meaningful results. Recognized as one of Adweek's Disruptors, Forbes 30 under 30 and a WSJ Woman of note, she stands out as one of the industry's leading marketing minds. Her unwavering focus on value creation and community-first marketing has been imitated countless times, yet never truly matched.

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Billion Dollar Moves Podcast | The Top Global Venture & Business Podcast for Founders & Funders | Backed by HubSpot Podcast Network

Conversations with billionaires, unicorn founders, and the world’s leading funders.
Hosted by Sarah Chen-Spellings, Billion Dollar Moves examines how enduring companies — and the capital behind them — are built.
Through long-form conversations, the show explores decision-making under uncertainty, capital allocation, and the inflection points that shape category-defining businesses. From early platform backstories to allocator frameworks used across private markets, the focus is on judgment, incentives, and long-term value creation — beyond headlines and hype.
New episodes weekly.
Built for those who take the long view.

PODCAST INFO:
Podcast website: https://billiondollarmoves.com
Watch on Youtube: https://tinyurl.com/sarahchenglobal
Join the community: https://sarah-chen.ck.page/billiondollarmoves

FOLLOW SARAH:
https://linkedin.com/in/sarahchenglobal
https://instagram.com/sarahchenglobal

In this rare conversation, Jim Sorenson breaks down what happens after liquidity—when building a company turns into building systems of capital.

We start with the moment everything nearly fell apart: losing $1M a month during the dot-com crash, and the unexpected pivot that transformed Sorenson Communications into a near $1B exit—by aligning technology with regulation and real, underserved demand.

From there, Jim unpacks how that experience reshaped his approach to investing.
From deploying early, risk-tolerant capital through Program-Related Investments (PRIs)…
to ultimately rethinking an entire foundation—aligning 100% of its assets toward both financial returns and long-term impact.

This isn’t a conversation about philanthropy.
It’s about how sophisticated capital actually works—where risk is priced, how systems scale, and why impact and alpha aren’t opposites.

TIMESTAMPS

00:00 – Intro
01:30 – Sorenson Communications
05:30 – Pivoting Under Pressure
09:20 – An Overlooked Community
14:50 – Scale & Capital Design
21:30 – The Mechanics of PRI
27:05 – The 95% Transition
38:40 – ESG & Fiduciary Duty
45:30 – Stewardship After Liquidity

About Jim SorensonJames Lee Sorenson (Jim) serves as chairman of the Sorenson Impact Foundation, which funds sustainable, scalable endeavors that maximize positive impact on the lives and societies they touch. Sorenson endowed the Sorenson Impact Center at the University of Utah. Sorenson is also Chairman of the Board of Village Capital and a member of the National Advisory Board of Impact Investing. Sorenson was instrumental in developing several new industry categories, including digital compression software that helped usher in the online video revolution at Sorenson Media, where he serves as Chairman of the Board and video relay services which transformed opportunities for deaf and hard of hearing individuals through Sorenson Communications. Jim has served on many community boards, including Utah's David Eccles School of Business, University Venture Fund, Art Works for Kids, Gallaudet University, and the Utah Sports Commission.--Billion Dollar Moves Podcast | The Top Global Venture & Business Podcast for Founders & Funders | Backed by HubSpot Podcast Network

Conversations with billionaires, unicorn founders, and the world’s leading funders.Hosted by Sarah Chen-Spellings, Billion Dollar Moves examines how enduring companies — and the capital behind them — are built.Through long-form conversations, the show explores decision-making under uncertainty, capital allocation, and the inflection points that shape category-defining businesses. From early platform backstories to allocator frameworks used across private markets, the focus is on judgment, incentives, and long-term value creation — beyond headlines and hype.New episodes weekly.Built for those who take the long view.

PODCAST INFO:Podcast website: https://billiondollarmoves.comWatch on Youtube: https://tinyurl.com/sarahchenglobalJoin the community: https://sarah-chen.ck.page/billiondollarmoves

FOLLOW SARAH:https://linkedin.com/in/sarahchenglobalhttps://instagram.com/sarahchenglobal

In this episode of Billion Dollar Moves, Sarah sits down with Ariana Pareja for a conversation about exit timing, liquidity, and the difference between valuation and real wealth.

Ariana speaks candidly about building and exiting Remine, why she believes “an exit isn’t real until it’s liquid,” and the lesson she learned the hard way: selling before Series B might have created more wealth with less dilution and less exhaustion.

We unpack what founders often miss such as the hidden cost of growth capital taken at the wrong moment, how some investors price rounds you’re not meant to hit and why the movie doesn’t end until it ends

She also shifts forward into how markets are actually evolving. TikTok as infrastructure, not just culture. Community as the new distribution moat. Bootstrapping as strategic leverage rather than constraint.

For those seeking liquidity without delusion, operators transitioning into allocators, and family offices listening for judgment rather than inspiration, this isn’t an episode you’ll want to miss.

Watch the full conversation and subscribe for even more discussions at the intersection of capital, governance, and long-term wealth.

00:00 - Intro
02:44 - Maintaining relationships while building a business
03:20 - Advice to my younger self: Buy and hold real estate
03:52 - The golden rule of investing: If it sounds too good to be true, it probably is
08:29 - Learning the power of a "pitch deck" as a teenager
11:32 - Getting started in real estate at 18 years old
13:50 - The origin of Remind: Solving the public record data problem
17:33 - Raising $48 million in venture capital through word of mouth
19:01 - Pivoting the revenue model and identifying the right customer avatar
22:54 - Biggest regrets and lessons learned from the series of exits
25:28 - The "200 Million" goal: Why I'm still working

About Ariana Pareja

Ariana Pareja is an investor and serial entrepreneur dedicated to helping others build wealth and embrace reinvention. As the exited co-founder of Remine, a real estate technology company that sold for $55 million, she has firsthand experience scaling ventures from startup to acquisition. Ariana today is the co-founder of Mighty Minis, a spin-off of the No Sugar Company. Ariana has mentored more than 100 small businesses through programs including Microsoft AI Latam Accelerator and Target Forward Founders.

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Billion Dollar Moves Podcast | The Top Global Venture & Business Podcast for Founders & Funders | Backed by HubSpot Podcast Network

Conversations with billionaires, unicorn founders, and the world’s leading funders.

Hosted by Sarah Chen-Spellings, Billion Dollar Moves examines how enduring companies — and the capital behind them — are built.

Through long-form conversations, the show explores decision-making under uncertainty, capital allocation, and the inflection points that shape category-defining businesses. From early platform backstories to allocator frameworks used across private markets, the focus is on judgment, incentives, and long-term value creation — beyond headlines and hype.

New episodes weekly.
Built for those who take the long view.

PODCAST INFO:
Podcast website: https://billiondollarmoves.com
Watch on Youtube: https://tinyurl.com/sarahchenglobal
Join the community: https://sarah-chen.ck.page/billiondollarmoves

FOLLOW SARAH:
https://linkedin.com/in/sarahchenglobal
https://instagram.com/sarahchenglobal
https://x.com/sarahchenglobal

We’re back—kicking off our 2026 season live from SXSW Austin with the Ayana Foundation.

Featuring:

Allison Ellsworth on scaling Poppi from kitchen experiment to a $1.95B sale to Pepsi;
Rachel Roy on creative control, brand ownership, and navigating legal battles;
Theresa Fette on the identity shift after exit—and choosing yourself over the title.

From Shark Tank moments to hard decisions behind the scenes, this is a candid look at what happens after the spotlight.

If you're building, scaling, or thinking about your next move—this one’s for you.

Timestamps/Key Takeaways
00:00 Panel Introduction: Women of the New Frontier
01:40 Meet the Panelists: Origins in Soda, Fashion, and FinTech
04:14 The Poppy Story: From Oil & Gas to Probiotic Soda
06:16 Launching in a Pandemic: The Rebrand and the Power of TikTok
09:19 Why Embarrassment is a Secret Weapon for Success
10:20 Rachel Roy on 25 Years of Creative-First Design
12:22 Lessons from a Namesake Brand: Why Names Matter in Business
15:25 Theresa Fette on Luck, Law, and the 50% Opportunity
18:28 Understanding Self-Directed IRAs and the Bitcoin IRA Pivot
21:05 Fighting for Your Name: Rachel Roy’s New York Supreme Court Battle
25:26 The Shark Tank Turning Point: Getting the Deal with Rohan Oza
27:14 Founder Advice: Knowing Your Value and Staying the Face of the Brand
31:36 Negotiating the Exit: Turning a $27M Offer into $100M
34:48 Choosing Partners: Aligning Core Values and Saving Your Soul
37:19 The Power of the Board Seat: Retaining Control vs. Valuation
40:45 Can You Scale and Stay Authentic? The Future of Poppy and Pepsi
43:08 The Identity Crisis After an Exit: Life as an Intuitive Leader
48:42 Audience Q&A: What Investors Really Look for in a Founder
51:21 Testing for Resilience: The Number One Marker for Success
53:14 Advice to a Younger Self: Navigating Stress, Lawsuits, and Motherhood
56:04 Final Takeaways: Why Failure is Inevitable and Fun is Fuel

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About the speakers

Allison Ellsworth is the founder of Poppi, a prebiotic soda brand she scaled from her home kitchen to a massive $1.95 billion exit to Pepsi.

Rachel Roy is a world-renowned designer and the founder of her namesake brand, Rachel Roy Design, who has spent over 25 years navigating the complexities of creative control and brand ownership.

Theresa Fette a serial entrepreneur and tax attorney who pioneered the self-directed IRA space in FinTech, successfully exiting three companies and currently leading Bitcoin IRA and Digital Trust.
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Billion Dollar Moves Podcast | The Top Global Venture & Business Podcast for Founders & Funders | Backed by HubSpot Podcast Network

Conversations with billionaires, unicorn founders, and the world’s leading funders.

Hosted by Sarah Chen-Spellings, Billion Dollar Moves examines how enduring companies — and the capital behind them — are built.

Through long-form conversations, the show explores decision-making under uncertainty, capital allocation, and the inflection points that shape category-defining businesses. From early platform backstories to allocator frameworks used across private markets, the focus is on judgment, incentives, and long-term value creation — beyond headlines and hype.

New episodes weekly.
Built for those who take the long view.

PODCAST INFO:

⁠Podcast Website⁠ |⁠ Watch on Youtube⁠ |⁠ Join the Community⁠

FOLLOW SARAH:

⁠LinkedIn⁠ |⁠ Instagram⁠