S2EP9: Going Public via a Reverse-Merger with Sabrina Johnson

She had the science, the credentials, and a market that encompassed half the population. The people with the capital just didn't care enough about women's health to bet on it. So she stopped trying to convince them.In this episode of The Capital Flex, I sit down with Sabrina Martucci Johnson, founder and CEO of Daré Bioscience, the only publicly traded company on any exchange working solely in women's health. Daré builds science-backed solutions for women across contraception, menopause, arousal, fertility, and vaginal health, use cases that have been chronically underfunded because the people controlling the capital never personally needed them.We dig into the ‘relatability gap’, the structural reason investors fund problems they've lived and pass on problems they haven't,  how Sabrina used a reverse merger to secure capital and take her company public, and why Daré has created investment opportunities for the very women its products are built to serve. Key Takeaways:Venture isn't the only path to capital. A reverse merger is a legitimate alternate strategy, among others, and needs a depth of insight to be successful. Women are the largest consumers of healthcare. Investors see those numbers and think the market is served. They don’t see that most of the spending isn't for her.For the first time, the women who actually need these products can invest in the company building them. Not hedge funds. Not institutions. The women the industry spent decades ignoring.Investors are humans first and capital allocators second. If they can't feel the problem you're solving, no market-size number is going to convince them. Lead with the patient always.My Reflection & Challenge:Like so many others, Sabrina had the science and the market; she just didn't have anyone willing to invest in women's health. And after more than a year facing closed doors, she stopped knocking and pivoted.Instead of waiting, what I love is that she bet on what she already knew and took Daré public without them.It wasn't easy. But it was on her terms. And that made it worth it.This Week's Challenge:Before your next investor conversation, do three things:Find out if these investors have ever personally faced the problem you’re solving. If they haven’t, figure out how you’ll make them feel it before asking them to fund it.Map the room beyond your champion. The person across the table is not always the one making the final call.Know your options outside venture. Every one of them. Before you’re in a position where you need them.Capital is not just money. It’s a long-term relationship. Choose wisely.Links and Resources: https://darebioscience.com/  https://www.linkedin.com/in/sabrina-johnson-27799829/ https://www.linkedin.com/company/dare-bioscience/ https://www.instagram.com/darebioscience  If you enjoyed this conversation, follow The Capital Flex, leave a rating, and share this episode with a founder who needs it.And if you’re looking for a more candid space to talk fundraising, power, and building inside systems not designed for you, stay close. The conversation continues.Production and Administration work completed by Smart Podcast Solutions and Elevate Business Solutions.