Investing in Origin
by Emma Leavy
We are excited to share we invested in Origin’s Series B alongside SJF Ventures through our Ventures strategy. We were introduced to the team by Springbank VC, in which Gratitude is an LP via our Inclusive Capital fund-to-fund strategy. The focus of our Ventures strategy is primarily early-stage companies (Seed and Series A) companies; however, it is part of our strategy to selectively co-invest in Series B+ companies alongside GPs from the Inclusive Capital strategy.
Why We Invested in Origin
Advancing Health Equity
We see Origin’s model as being a high impact way to provide greater access to critical healthcare services. Women’s MSK health represents one of the largest and least addressed needs in modern medicine. Across their lifespan, women experience higher rates of chronic pain, joint instability, and injury recurrence than men, yet their symptoms are frequently underdiagnosed or inadequately treated. Pelvic floor therapy is a core component of women’s MSK health because the pelvic floor functions as an essential part of the body’s core support system, influencing posture, spinal stability, hip and back mechanics, and overall movement patterns. It is most used for women during pregnancy, post-partum or menopause, however pelvic floor therapy can be useful to people of both genders and all ages. Despite strong clinical evidence supporting its benefits, pelvic floor physical therapy has been largely overlooked in the United States, where it is not a standard component of prenatal or postpartum care. Most American women receive little or no counseling about pelvic health during pregnancy or after delivery, even though 25 to 40 percent experience incontinence or pelvic pain in the months following childbirth.
Experienced and Execution Focused Founders
Origin is led by an experienced and mission-driven founding team that combines operational discipline with deep consumer and clinical insight. Co-founder and CEO Carine Carmy brings nearly two decades of experience building and scaling health-tech brands and founded Origin after her own experience with untreated pelvic pain revealed the lack of accessible, evidence-based care. Co-Founder and President David Yadegar adds significant financial and multi-site operations expertise from his background in investment banking and private equity, overseeing Origin’s payer, expansion, and partnerships strategy.
Large Market with Low Penetration
Pelvic floor therapy represents a vast, underpenetrated market (we calculate the Total Addressable Market to be $54B) with limited national players and low awareness of treatment options despite the conditions that it treats affecting roughly one in four U.S. women. Origin’s hybrid, in-network model creates strong defensibility in a fragmented category dominated by out-of-network, cash-pay providers. The company’s proprietary clinician training platform (Origin University) and long-term payer relationships provide a moat by addressing two of the sector’s hardest challenges: physical therapist talent constraints and reimbursement. As payers and health systems increasingly recognize the clinical and economic benefits of conservative, non-surgical pelvic care, Origin is well positioned to capture market share in a fast-maturing category.
Excellent Clinical Outcomes Driving Payer Engagement and Patient Satisfaction
Origin has demonstrated industry-leading patient outcomes and satisfaction, underpinned by its rigorous clinical protocols and highly trained provider network. Notably, the company’s Net Promoter Score significantly exceeds those of digital-only MSK providers. Each 45-minute, one-on-one Origin session is delivered by a licensed pelvic floor therapist following standardized, evidence-based protocols, ensuring consistency and quality across sites. Origin’s hybrid model allows for personalized care across acuity levels, from pregnancy and postpartum recovery to chronic pelvic pain and menopause, positioning the company as the trusted clinical leader in a critical but long-neglected area of women’s health. Origin’s clinical outcomes have been the key to its success with engaging payers.
