Funding profile · Telehealth allergy care

Wyndly

A cash pay telehealth allergy practice with one announced round, no Form D on file anywhere in EDGAR, and a quarterly valuation mark that exists only because one of its investors is a registered fund obliged to publish it.

Data as of September 23, 2026. Company-reported figures are labeled.

Rounds at a glance

What the filings show

Reading the filings

1. The money arrived five months before the announcement.The fund records its initial acquisition date as September 13, 2022. The round was announced on February 8, 2023. Whatever the press release called new, at least $500,000 of it had been on a fund’s books for almost half a year.
2. One investor is a quarter of the announced round.$500,000 against $2,000,000 is 25 percent. That is an unusually large single ticket for a seed round of this size, and it comes from a retail interval fund rather than a venture partnership.
3. Wyndly has never filed a Form D.EDGAR full text search returns no Form D naming Wyndly and no registrant by that name. Companies that raise under Section 4(a)(2) rather than Regulation D file none, so this is a gap in the public record, not evidence that no money moved. It does mean the only SEC visibility into this company comes secondhand, through a holder.
4. The markup is slow and small.$500,000 to $575,000 is 15 percent over 45 months, roughly 3.8 percent a year. The mark sat flat at cost for six quarters, then stepped up $25,000 three times. Three round-number steps with no new round behind them read as a valuation policy adjustment rather than a priced financing.
5. The position is shrinking as a share of the fund, not growing.It fell from 5.2 percent of net assets at September 30, 2022 to 3.4 percent at June 30, 2026 while the fund’s net assets grew from $9.6M to $16.9M. The denominator moved; the numerator barely did.
6. The holder described the asset incorrectly to its own shareholders.The fund’s 2023 annual report told investors Wyndly provides an FDA approved medicine. Compounded sublingual allergen drops are not FDA approved. Four sublingual tablets are. The company’s own reference pages now make that distinction; the fund’s report did not.

Commercial signals

What to watch

• A first Form D. None has ever been filed, so one would be the first direct SEC disclosure the company has made.
• The next quarterly NPORT-P. A step change in the mark, up or down, is the earliest public signal of a new round or a writedown.
• Whether the fund corrects its description of the holding in a later shareholder report.
• Published patient outcomes, which would change how a buyer values a practice whose therapy is off label.
• Any FDA action broadening approved sublingual formulations, which would reshape the cash pay economics.

The Wyndly story on Healthcare DiscoveryHealthcare Discovery

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Sources

1. Public recordAnnual report on Form N-CSR, Sweater Cashmere Fund, year ended March 31, 2023SEC EDGAR, CIK 0001868950 · Jun 8, 2023
2. Public recordAnnual report on Form N-CSR, Cashmere Fund, year ended March 31, 2026SEC EDGAR, CIK 0001868950 · Jun 8, 2026
3. Public recordQuarterly portfolio holdings on Form NPORT-P, sixteen filingsSEC EDGAR · Nov 25, 2022 to Aug 18, 2026
4. Public recordEDGAR full text search and company search for Wyndly, no Form D and no registrantSEC · Sep 23, 2026
5. Public recordSublingual immunotherapy practice parameter and patient guidanceAAAAI and ACAAI · 2017 to 2026
6. Public recordReal world outcomes of personalized sublingual immunotherapy via telemedicineFrontiers in Allergy · Jun 10, 2026
7. IndependentThis allergy drop startup raises $2M to bring at-home allergy testing to everyoneTech Funding News · Feb 9, 2023
8. CompanyWhy Wyndly Raised $2M plus 4 Things We Wished We’d KnownWyndly, Aakash Shah · Feb 8, 2023
9. CompanyWyndly canonical pricing and coverage pageWyndly · updated Dec 11, 2025
10. CompanyStates we serve, nationwide allergy careWyndly · updated Nov 2025

Compiled from SEC filings, FDA and professional society records and published reports as of September 23, 2026. Registered fund holdings reports state fair value as determined by the fund’s valuation policy on the stated date and are not a transaction price. Healthcare Venture Capital Fund holds no position in Wyndly. This page is not an offer to sell or a recommendation to buy any security.