Five years ago he was 25 and left with nothing after his first company failed. Today he’s built two different $1B+ businesses inside the same company, yet almost nobody knows his name. His name is Fred Turner. The company is Curative. The insurance business just crossed $1B ARR. I first backed Fred at 21. He was building a genetic testing company for cows. Years later, everything collapsed overnight when a term sheet was pulled. Lab gone. Debt provider took over. Brutal ending for a young founder. On New Year’s Eve 2019, while I was on my honeymoon, he called asking for my lawyer to sue the investor who walked. I took the call hiding in the bathroom. I told him not to waste years on a lawsuit and that winning is the sweetest revenge. I offered him a month of runway. He said the lender would seize it. So I told him that if he ever started something new, I’d back him again. Six weeks later he called. Ready to try again. No deck. No hype. Just a founder who’d been knocked down and wanted to get back up. His idea was sepsis diagnostics. He told me 285k people die from it every year in the U.S., often without knowing because results take too long. I thought “coronavirus” was already in the U.S. and asked if he could test for it. He said it would take a new lab 4–6 months to get licensed. I joked that if coronavirus were a startup, I’d make a massive bet on it. I backed him anyway at a ~$3M valuation. I didn’t know if it would be the best investment of my life or just a donation to humanity, but it felt right. Two weeks later he said he found a lab and would have to move to LA. Turns out the “LA lab” was actually in San Dimas. I told him I had no idea where that was, but he should move anyway. He did. Then the world shut down. Fred built Curative’s first business, COVID diagnostics, from $0 → $1.4B in 9 months. Millions of tests. Lives saved. My first check returned ~80× within a year, and a majority of the profits stayed in the company. Amazing investment, but he wasn’t done. While running diagnostics, he saw how broken health insurance was. Instead of taking his profits and calling it a day, he bet everything again. A full restart. Curative 2.0, a next gen health insurance company, went from $0 → $1B ARR in 2.5 years. The company becomes profitable this quarter. To maintain Curative’s A.M. Best rating and limit dilution, the internals did a small round to strengthen reserves. Fred reinvested. Curative’s CFO, Tami, invested her own money. I invested $47.5M between personal + JAM Fund, even though my original personal check from Feb 2020 is already up ~400×. It’s the only time I’ve ever invested more than pro rata after a win that big. Why? Because some founders are worth backing again and again. And with a $1.8T TAM, there’s room for another 100×. Fred built: • $0 → $1.4B revenue (diagnostics) • $0 → $1B ARR (insurance) inside the same company by age 30. He got knocked down, started from zero, and built something world changing, twice. Bookmark this: Fred Turner is building a $100B+ company. Almost nobody realizes it yet. They will soon.