Health IT

Fundraising: StartUp Health aiming for $7.5 million to train 1,000 healthcare transformers

StartUp Health is raising $7.5 million for a fund to advance its goal of investing […]

StartUp Health is raising $7.5 million for a fund to advance its goal of investing in 1,000 sustainable health and wellness technology businesses, according to a Form D filing with the U.S. Securities and Exchange Commission.

The StartUp Innovation Fund is the first of multiple funds, according to a source familiar with the fund, and a significant development for the group. So far, it has secured 14 investors, according to the document. StartUp Health runs the StartUp Health Academy, which welcomed its inaugural class earlier this year.

The money would support companies to go through the StartUp Health Academy for three to five years, to help fulfill its long-term mission to build 1,000 healthcare transforming companies over the next decade.

The goal of the program, co-founded by Steven Krein and Unity Stoakes, is to create a collaborative community of 1,000 entrepreneurs committed to developing solutions that improve the quality and reduce the costs of healthcare.

StartUp Health has set itself apart from accelerator and incubator models by taking a small equity stake in the businesses it invests in over a multiyear period. It is not anchored in a particular location. Applicants for the program can live anywhere in the U.S. and meet on a quarterly basis. Each of the startups accepted to the program get free tuition.

StartUp Health works closely with accelerators like Blueprint Health, Healthbox, Rock Health, TechStars, Dreamit Ventures and Y Combinator, and welcomes graduates of these programs, among others. Entrepreneurs applying for the class are expected to have secured seed-stage investment.

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