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Health Velocity Capital Raises More Than $185 Million for Inaugural Fund

Health Velocity Capital (“Health Velocity”) announced today the final close of Health Velocity Capital I and affiliated funds with more than $185 million in committed capital. The fund will be invested to further Health Velocity’s mission of generating outstanding returns while helping to build innovative healthcare software and services businesses that contribute to a more affordable, sustainable, consumer-friendly US healthcare system. This fund represents one of the largest inaugural funds ever raised exclusively for this sector and stage of investment.

In addition to traditional financial investors, Health Velocity includes in its Limited Partner (LP) base a group of unique, arms-length strategic investors as well as top executives from across the industry. Collectively, these investors represent organizations that insure more than 140 million Americans, operate almost 300 hospitals, provide software and technology to every major health system in the United States, and provide pharmacy and PBM services to more than 75 percent of the nation.

Health Velocity’s initial investments include Contessa Health, Infusion Express, MDLive, and Spero Health. Together with its investment in OnShift, the firm has more than $200 million in assets under management.

“Health Velocity strongly believes that it has never been more important for the different constituents in the US healthcare system to work together in pursuit of affordability, quality, and consumerism,” said Health Velocity Partner Bruce Crosby. “Our strategic LP base represents the full breadth of the US healthcare system, and we have never seen a stronger willingness to collaborate or more rapid adoption of innovation within these organizations.”

The firm’s three principals bring more than 60 collective years of successfully helping to build healthcare software and services innovators that created new market sectors and that became market leaders.

“One of the most exciting aspects of Health Velocity is its focus on harnessing innovation and transformative thinking through strategic partnerships – which is complementary with the mission of Cigna Ventures,” said Tom Richards, Senior Vice President and Global Lead, Strategy and Business Development at Cigna. “We are committed to delivering differentiated value to improve the health, well-being and sense of security of the people we serve. Collaborating with Health Velocity has been, and will continue to be, instrumental in helping us partner with companies that are unlocking new growth possibilities in healthcare and will bring improved quality, affordability and choice to our customers, clients and communities.”

“We are grateful to have received this incredible support from institutional and strategic investors that allowed us to meaningfully exceed our target fund size,” added Partner Marty Felsenthal. “Our strategic investors have been integral to our prior successes at previous firms – through identifying some of the themes we target for investment, introductions to potential portfolio companies, assistance with diligence, and providing product guidance and directing revenue to our portfolio companies. In turn, we help our strategic partners identify successful innovative themes and companies that can positively impact their organizations and adopt best practices in this rapidly changing healthcare environment.”

Doug Ghertner, CEO of Health Velocity portfolio company Infusion Express, noted: “Having worked previously with the Health Velocity team at our prior company, Change Healthcare, and now at Infusion Express, we have found them to be outstanding partners as they leverage their knowledge and relationships to tangibly support our company and, more holistically, to improve the affordability and quality of our nation’s healthcare system.”

Mark Woodka, CEO of portfolio company OnShift, added: “The Health Velocity Capital team has a highly differentiated model. They have used their networks to help me build my executive team and drive tangible and significant revenue for us and have used their experience to help us manage our product, market, and financing strategies. They’ve been an incredible and true partner.”

Health Velocity Capital current investments include:

  •     Contessa Health: a highly innovative, market-leading provider of hospital at home services.
  •     Infusion Express: a low-cost and highly consumer-centric operator of outpatient infusion centers serving patients with chronic conditions on high-cost specialty biologics.
  •     MDLIVE: one of the nation's leading and largest telehealth companies serving more than 27 million Americans.
  •     OnShift: the nation’s leading and largest provider of Human Capital Management and staff scheduling software to the senior care sector.
  •     Spero Health: a leading provider of outpatient medication assisted treatment (MAT) centers providing therapy to individuals suffering from opiate substance use disorder, which is clearly one of America’s greatest healthcare challenges.

Health Velocity Capital has offices in San Francisco, CA and Nashville, TN. Companies that the firm’s principals have helped build as lead investors, board members, entrepreneurs, and executives include Change Healthcare, Teladoc, Aperio, Payerpath, Healthways (now Tivity Health), Aspire Health, Compassus, Humana, The Advisory Board Company, D2Hawkeye, Livongo, Omada, OnShift, Vantage Oncology, US Renal Care, Novologix, Accordant Health Services, and Circulation Health, among others.

Sparring Partners Capital, a New York City-based investment bank, served as exclusive placement agent, and Gunderson Dettmer Stough Villeneuve Franklin & Hachigian, LLP served as legal counsel to Health Velocity Capital in connection with the formation.

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