BOSTON--(BUSINESS WIRE)--LRVHealth, the inside healthcare venture capital platform, today announced that it raised $200 million in its fifth fund to accelerate its track record of driving transformational change in healthcare. The fund’s initial investments include Greater Good Health, a company redefining value-based care through the first primary care model centered around nurse practitioners, and KeyCare, the nation's only virtual-first care platform built with Epic. In addition, the firm has expanded its team of healthcare operators and insiders to focus on a core investment strategy for this new fund that’s anchored around a central theme: Care Anywhere.
Care Anywhere represents the continued shift of health and medical care out of acute care settings to increase access, improve health equity and place a greater emphasis on preventative, personalized and participatory care. The LRVHealth team has partnered with leading entrepreneurs and helped build many of the healthcare industry’s established players since it was founded in 2000. Its fifth fund is comprised exclusively of strategic limited partners and creates the healthcare industry’s largest network of strategic investors to include provider, payer and vendor organizations. With 29 of the country’s leading healthcare providers, payers and vendors invested in its fund, LRVHealth’s strategic network touches one out of two healthcare consumers across the U.S.
“We’re entering a second wave of digital health innovation that will be defined by a fundamental transformation in how and where care is delivered, driven by clinical scarcity, and enabled by advancements in technology – from artificial intelligence and machine learning, to sensors, optics, robotics and more,” said Keith J. Figlioli, Managing Partner, LRVHealth. “Care Anywhere is about delivering preventative, personalized and seamless care where, when and how consumers want it. Working with the healthcare incumbents in our strategic network as an extension of their operating teams, we’ll identify investment areas within this construct, and create opportunities for unique partnerships with the entrepreneurs addressing them, just as we’ve been doing for more than two decades.”
Unique Access & Insight for Healthcare Entrepreneurs
LRVHealth’s collaborative model brings unique value to the strategic partners and the entrepreneurs in its network. In fact, 90% of LRVHealth’s strategic limited partners are actively engaged with at least one of the firm’s portfolio companies. In addition, 75% of portfolio companies have a customer that is part of LRVHealth’s strategic network. Portfolio companies typically have three to five customers that are members of the LRVHealth network as a result of its collaborative model.
“Our partnership with LRVHealth goes beyond making a sound investment decision for superior financial returns. It’s a much deeper and strategic relationship with a team that truly understands the complexity of our business, and at the same time, is deeply entrenched in the innovation ecosystem working side-by-side with the entrepreneurs driving it,” said Barclay E. Berdan, CEO of Texas Health Resources, a strategic limited partner of LRVHealth.
Adding to this unique access and insight, LRVHealth has assembled an Executive Advisory Board of healthcare insiders who have worked with and led companies at all stages and all sizes, that touch every part of the healthcare system. LRVHealth’s executive advisors include:
- Kristine Martin Anderson, Chief Operating Officer, Booz Allen Hamilton
- Lawrence Cho, Chief Strategy and Growth Officer, Allina Health
- Karen DeSalvo, MD, Chief Health Officer, Google
- Andy Eckert, former Chief Executive Officer, Zelis
- Pat Gilligan, former Executive Vice President and Chief Commercial Officer, Blue Cross Blue Shield of Massachusetts
- Sachin Jain, MD, President and Chief Executive Officer, SCAN Group and SCAN Health Plan
- Winjie Tang Miao, Senior Executive Vice President and Chief Operating Officer, Texas Health Resources
- Dave Mazurkiewicz, Executive Vice President and Chief Financial Officer, McLaren Health Care
- Rich Statuto, former President and Chief Executive Officer, Bon Secours Mercy Health
- Glenn Steele, MD, former Chief Executive Officer, Geisinger
- Lisa Stump, Chief Information Officer, Yale School of Medicine and Yale New Haven Health System
Michele Courton Brown, Vice President of Business Development and Managing Director of Zaffre Health Plan Solutions, LLC, another strategic partner in the LRVHealth network added: “The way healthcare is paid for and delivered is fundamentally changing, and faster than we could have ever imagined. With one foot in the world of healthcare incumbents who understand the complexity of the U.S. healthcare system best, and the other in the world of the innovators bringing fresh ideas and new technologies, LRVHealth adds tremendous value as we navigate this transformation.”
As a bridge between healthcare incumbents and entrepreneurs, LRVHealth provides equal value to the startups in its portfolio. Its intimate understanding of the industry and strategic approach to ushering in the next era of healthcare enables its portfolio companies to scale and thrive.
“Our relationship with LRVHealth has been deeply helpful as we've scaled Current Health. Their unique insight into the challenges faced by health systems in the U.S. helped shape our business strategy to meet the needs of the quickly evolving healthcare market,” said Chris McCann, Co-Founder and CEO of Current Health, the care-at-home technology platform acquired by Best Buy in 2021.
Josh Hix, who previously co-founded the meal kit delivery company Plated, has had similar experiences partnering with LRVHealth on his new company, the food-as-medicine platform, Season Health. Hix said, “LRVHealth has been instrumental in helping us establish and refine our business model, understand the payer and provider landscape, and open doors to the right kind of partners.”
A Growing Team of Industry Insiders
To support its growth and intense focus on Care Anywhere, LRVHealth has also expanded its team with a diverse group of healthcare operators and investors. Most recently, Josh Flum joined the firm as Managing Partner. Flum was formerly Chief Strategy Officer at CVS Health, where he also launched CVS Health Ventures and served in many other executive leadership roles during a nearly twenty year career with the company.
In addition, LRVHealth welcomed Christiana DelloRusso from Providence Ventures, Karen Au Yeung from Optum, Lise Courtney D’Amico from ChenMed, and Yoola Adeniji from Cohere Health and Yale School of Management.
With its strategic partners, executive advisors, and experienced team, LRVHealth is uniquely positioned at the intersection of emerging market disruption patterns and the ongoing challenges and opportunities of incumbent players. Its exclusive focus and value is harnessing this position to connect early stage companies and incumbents to transform healthcare.
LRVHealth is the "Inside Healthcare" venture capital platform. Through a network of strategic limited partners that includes leading providers, payers, and vendors and touches half of all healthcare consumers in the U.S., LRVHealth applies industry knowledge and operational experience to early-stage companies focused on innovation. LRVHealth’s exclusive focus is helping to transform healthcare by forging partnerships among its network members and the entrepreneurs addressing the industry’s biggest challenges and opportunities. For more information please follow LRVHealth on Twitter (@LRVHealth) and LinkedIn (https://www.linkedin.com/company/lrvhealth), or visit www.LRVHealth.com.