Town Hall Ventures health care fund raises $115 million
The venture investment firm created earlier this year by former UnitedHealth Group executive Andy Slavitt has closed on its first fund, raising $115 million and investing in several companies including Bright Health, a startup health insurer based in Minneapolis.
Slavitt, who also was the Medicare chief during the Obama administration, launched Town Hall Ventures in May, saying the company would operate out of offices in Minneapolis and New York to invest in health care startups with products to help vulnerable populations, including those in government health insurance programs.
In a news release Thursday, the venture firm said investors include four of the five largest nonprofit health systems and nonprofit health insurers plus entrepreneurs, executives and private investors.
“Solving problems for the most complex conditions and populations will require the greatest minds in health care to work together to build exceptional companies,” said Trevor Price, the general partner of Town Hall Ventures, in a statement.
Bright Health is one of three new investments for the fund, which also is newly backing startups focused on patients with chronic kidney disease and those who qualify for both Medicare and Medicaid coverage and are chronically ill. Previously, Town Hall Ventures invested in four other startups.
Christopher Snowbeck • 612-673-4744 Twitter: @chrissnowbeck