Town Hall Ventures, an investment firm that backs companies supporting vulnerable populations covered by Medicare and Medicaid, has closed its first fund at a total of $115 million.
The firm raised the fund from four of the five largest nonprofit health systems and nonprofit payers, as well as Limited Partner commitments from executives and entrepreneurs. Specific names of the investors were not released.
Founded earlier this year, Town Hall Ventures is led by Andy Slavitt, who was the acting administrator of CMS under the Obama administration; Trevor Price, founder and CEO of Oxeon Holdings; and David Whelan, who previously served as general partner and CFO of the private equity firm Accretive.
“We believe this represents a major turning point in shifting resources and innovation focused on populations that have long been ignored,” Price said in a news release.
In addition to the financial news, the firm announced new investments in three companies. These include Landmark Health, a business that specializes in caring for complex and chronic patients; Bright Health, a health insurance startup offering individual, family and Medicare plans; and Strive Health, which provides chronic kidney disease solutions.
Previously, it backed four other companies:
A Deep-dive Into Specialty Pharma
A specialty drug is a class of prescription medications used to treat complex, chronic or rare medical conditions. Although this classification was originally intended to define the treatment of rare, also termed “orphan” diseases, affecting fewer than 200,000 people in the US, more recently, specialty drugs have emerged as the cornerstone of treatment for chronic and complex diseases such as cancer, autoimmune conditions, diabetes, hepatitis C, and HIV/AIDS.
- Cityblock Health, which provides primary care, mental health and human services to address needs in urban areas
- Somatus, a business that’s rethinking care for patients with chronic kidney disease and end-stage renal disease
- Welbe Health, which offers medical and social services to seniors who qualify for Programs of All-Inclusive Care for the Elderly (PACE)
- Aetion, a startup that relies on analytics and evidence to help biopharma companies and insurers better understand how drugs work in practice
Town Hall Ventures has also recently added Ann Hickey to its team as a vice president. She previously held roles at Oak Hill Capital Partners, Castlight Health and Archimedes Health Investors.
Photo: lucky336, Getty Images
