Startups

Andy Slavitt’s Town Hall Ventures secures $115M for first fund

Co-founded by former CMS administrator Andy Slavitt, the investment firm, which is focused on vulnerable populations covered by Medicare and Medicaid, also made new investments in three companies: Landmark Health, Bright Health and Strive Health.

By Erin Dietsche on September 20, 2018

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:

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  • 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