More than one year after 7wire Ventures filed a Form D with the U.S. Securities and Exchange Commission indicating it had raised the first of several tranches for what would be a $100 million fund, the Chicago-based investment firm has closed its Connected Consumer Health Fund.
At the time, 7wire Ventures Managing Partner Lee Shapiro said the fund would target companies in five digital health segments with the goal of creating consumer engagement around health innovation, connected care — such as personalized remote monitoring, data analytics, personalized consumer markets to help individuals make better health choices, and population health.
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Shapiro also noted that the fund’s investments would vary from $300,000 to $3 million. The fund will commit to follow-on investments of $5 million to $10 million per company, according to Shapiro.
In a new wrinkle to the 7Wire Connected Consumer Health Fund, the venture capital firm revealed it had aligned with a coalition of eight U.S. health services organizations including Allina Health, Arkansas BlueCross BlueShield, Bon Secours Health System, Cigna, Horizon Blue Cross Blue Shield of New Jersey, Memorial Hermann, Rush University Medical Center and Spectrum Health. The coalition reflects a wider trend of health systems, payers, and other healthcare organizations partnering with venture capital firms such as Aspire Ventures teaming up with Lancaster General Health, which is part of Penn Medicine’s network, Capital Blue Cross, and LRVHealth.
To date, the fund has backed 12 companies. Livongo Health is one — the diabetes management business announced a $105 million financing earlier this month led by General Catalyst and Kinnevik. Livongo CEO Glen Tullman is also a founding partner with 7Wire. The investment firm led ConsejoSano’s Series A round. The telehealth startup provides a virtual care service aimed at the Spanish speaking community. The venture capital firm also backed CareDox, which provides health IT services for schools in 38 states. in the company’s Series B round.
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