# Nancy Xiao

> Nancy Xiao is a Series D investor at Headline (San Francisco) backing Health Care and Credit. See 6 investments, check sizes, portfolio. Updated Aug 2026.

- Type: Angel Investor
- Fund: [Headline](https://shizune.co/investors/profile/headlinevc)
- Location: San Francisco, United States
- Total investments: 6
- Last investment: Nov 2021
- Lead investor: 17%
- Last updated: Aug 2026
- LinkedIn: https://www.linkedin.com/in/nancyxiao

Nancy Xiao is a Series D investor at Headline in San Francisco focused on Health Care and Credit. Nancy is a Partner at Headline Growth and heads up the fund's consumer and healthcare practice.

## Round sizes

| Stage | Round size |
| --- | --- |
| Series D | $110M–$163M |

## Investment focus

### Industry

| Industry | Investments | Share |
| --- | --- | --- |
| Health Care | 3 | 50% |
| Credit | 1 | 17% |
| Family | 1 | 17% |
| Sports | 1 | 17% |
| FinTech | 1 | 17% |

18 industries tracked in total.

### Stage

| Stage | Investments | Share |
| --- | --- | --- |
| Series D | 2 | 33% |
| Seed | 1 | 17% |
| Series B | 1 | 17% |
| Series C | 1 | 17% |
| Funding Round | 1 | 17% |

### Country

| Country | Investments | Share |
| --- | --- | --- |
| United States | 3 | 50% |
| Indonesia | 1 | 17% |
| Switzerland | 1 | 17% |

## Investments

| Company | Description | Amount | Stage | Date | Website |
| --- | --- | --- | --- | --- | --- |
| Sword Health | SWORD Health is a digital musculoskeletal (MSK) therapy provider. The company pairs licensed physical therapists with innovative technology to help people overcome their chronic and post-surgical pain faster and more cost-effectively. We’re on a mission to free two billion people from pain by making it simple for people to recover at home, withoutresorting to imaging, surgeries, or opioids. Since launching in 2015, SWORD Health has worked with insurers, health systems, and employers in Europe, Australia, and the U.S. to give thousands of people access to preventative, chronic, and post-surgical MSK care that gets results. SWORD Health has offices in New York City, Chicago, Salt Lake City, Sydney, and Porto. | $163M | Series D | Nov 22, 2021 |  |
| Maven Clinic | Maven Clinic operates an on-demand digital care clinic that assists mothers and families during conception, throughout pregnancy, and postpartum. It offers video appointments and private messaging with its proprietary women's and family health practitioner network, as well as a family benefits platform. Maven Clinic offers its services forIVF and egg-freezing tracks, pregnancy, postpartum, partner, adoption, surrogacy, and loss tracks, and career coaching and support, and customized manager training for HR. It serves individuals, employers, and healthcare professionals. It was founded in 2014 by Katherine Ryder and is headquartered in New York City. | $110M | Series D | Aug 17, 2021 |  |
| Sword Health | SWORD Health is a digital musculoskeletal (MSK) therapy provider. The company pairs licensed physical therapists with innovative technology to help people overcome their chronic and post-surgical pain faster and more cost-effectively. We’re on a mission to free two billion people from pain by making it simple for people to recover at home, withoutresorting to imaging, surgeries, or opioids. Since launching in 2015, SWORD Health has worked with insurers, health systems, and employers in Europe, Australia, and the U.S. to give thousands of people access to preventative, chronic, and post-surgical MSK care that gets results. SWORD Health has offices in New York City, Chicago, Salt Lake City, Sydney, and Porto. | $85M | Series C | Jun 30, 2021 |  |
| AKASA | AKASA is the leading developer of AI-powered automation for the revenue cycle. We deliver comprehensive automation for complex workflows. This helps healthcare providers improve revenue outcomes, achieve greater efficiency, elevate their teams, and allocate resources where they matter most. From prior authorization to claims processing, weprovide innovative and reliable revenue cycle solutions that give providers peace of mind.AKASA applies advanced technology (such as AI and LLMs) to automate revenue cycle tasks that are complex and time-consuming, and were previously un-solvable at scale. Our solutions are built on deep revenue cycle expertise, grounded in the highest standards for data security, and provide measurable results with accuracy, speed, and completeness.We’ve helped healthcare providers decrease A/R days by 13%, increase efficiency by 86%, save 300+ hours of staff time per month, and increase gross yield by $30M. With investors that include Andreessen Horowitz, BOND, Costanoa Ventures, and more, we’ve raised more than $200M to help eliminate the financial complexity of healthcare. We’re rebuilding the healthcare revenue cycle with AI. | $60M | Series B | Mar 23, 2021 |  |
| BukuWarung | BukuWarung is a Y-Combinator backed technology company that is building the digital infrastructure for 60 million MSMEs in Indonesia, enabling them to efficiently manage and grow their business, starting with digital bookkeeping, online storefront & payments. BukuWarung's vision is to empower 60 million MSMEs in Indonesia to becomefinancially aware and enable them to manage and grow their business using technology. |  | Seed | Sep 28, 2020 |  |
| On | On sensation of running by empowering all to run on clouds. Eleven years after market launch, On delivers industry-disrupting innovation in premium footwear, apparel, and accessories for high-performance running, outdoor, and all-day activities. Fueled by customer-recommendation, On's award-winning CloudTec® innovation, purposeful design andgroundbreaking strides in sportswear's circular economy have attracted a fast-growing global fanbase — inspiring humans to explore, discover and dream on. |  |  |  |  |

6 of 6 investments shown.

## Co-investors
- [Bond](https://shizune.co/investors/profile/bond-57ec) — VC Fund, 4 deals together
- [General Catalyst](https://shizune.co/investors/profile/general-catalyst-partners) — VC Fund, 4 deals together
- [Khosla Ventures](https://shizune.co/investors/profile/khosla-ventures) — VC Fund, 3 deals together
- [Founders Fund](https://shizune.co/investors/profile/founders-fund) — VC Fund, 2 deals together
- [Green Innovations](https://shizune.co/investors/profile/green-innovations) — VC Fund, 2 deals together
- [Sapphire Ventures](https://shizune.co/investors/profile/sapphire-ventures) — VC Fund, 2 deals together

## About Headline

VC Fund · San Francisco, United States

Headline (formerly e.ventures) is a Venture Capital firm actively on the ground in 7 cities around the world. It invests across geographies, leading rounds at every stage.The firm's Early Stage Funds are based in the US, Europe, Asia, and Brazil, and invest locally. Its San Francisco-based Growth Fund invests globally from Series B andbeyond, working in collaboration with their Early Stage Teams. The sizes and locations of these funds make it possible for them to see local trends up close, identify winning founders, and lead rounds at every stage. Sonos, The RealReal, Creditas, Sorare, Pismo, AppFolio, goPuff, Acorns, Farfetch, Segment, Bumble, and Yeahka are among the stars in Headline’s world.Headline was founded in San Francisco, California in 1998.

5 contacts available at Headline.

| Name | Title | Profile |
| --- | --- | --- |
| Andreas Haug | Founding and General Partner | https://shizune.co/investors/profile/andreas-haug |
| Christian Miele | General Partner | https://shizune.co/investors/profile/christian-miele |
| Conrad Chu | Partner | https://shizune.co/investors/profile/conrad-chu |
| Jonathan Becker | Partner | https://shizune.co/investors/profile/jonathan-becker |
| Jonathan Userovici | General Partner | https://shizune.co/investors/profile/jonathan-userovici |

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## FAQ

### What does Nancy Xiao invest in?

Nancy Xiao invests primarily in Health Care, Credit and Family startups, most often at Series D and Seed stage. Most of the 6 investments tracked by Shizune back companies in United States. The Investment Focus section breaks down every industry, stage and country in the portfolio.

### What is Nancy Xiao's check size?

Nancy Xiao typically joins rounds of $110M–$163M at Series D. These ranges are 10th–90th percentile round sizes calculated from confirmed public funding rounds, so they are a realistic guide to the rounds Nancy Xiao participates in.

### When did Nancy Xiao last invest?

The most recent investment recorded for Nancy Xiao closed in Nov 2021. Shizune tracks 6 investments in total for this profile, including round sizes, stages and portfolio companies, all sourced from confirmed public funding rounds and refreshed monthly.

### Is Shizune's investor data accurate?

Yes — every stat on this profile is calculated from confirmed public funding rounds monitored across hundreds of sources since 2020. This profile was last refreshed in Aug 2026 and is updated monthly. Spotted something off? Use the “Suggest an edit” link near the top of the page.

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