CVS Health Launches $100M Fund to Invest in Early-Stage Digital Health Startups
What You Should Know:
– CVS Health announced the formation of CVS Health Ventures, a $100M corporate venture capital fund that will focus on companies with the potential for technology-enabled innovation and disruption in digital health care that are anchored in CVS Health’s core strategy.
– CVS Health Ventures will build relationships with early-stage digital health companies via investment as well as by offering expertise and insights from CVS Health’s unique perspective.
– To date, CVS Health has already made more than 20 direct investments through the CVS and Aetna businesses. These investments have delivered consistently strong returns and partnerships. Current investments include Unite Us, LumiraDx, HealthEdge, and Quest Analytics.
MedCity News
CVS launches $100M venture fund
The company launched CVS Health Ventures, a corporate venture fund that will make early investments in healthcare startups. It will start with a $100 million fund.
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CVS Health is creating a new corporate venture fund. Called CVS Health Ventures, it will launch with $100 million.
To start, the fund will focus on investing in early-stage startups that could benefit from a strategic relationship with CVS, including its thousands of stores, and customers of Aetna and Caremark. CVS’ leadership also emphasized consumer-facing innovations in a press release issued Thursday.
“Consumers deserve a better health experience, one that puts them at the center of cutting-edge, digitally enabled solutions,” CVS President and CEO Karen Lynch said in a news release. “Forming CVS Health Ventures will build on our successful track record of scaling innovation and driving change in health care.”
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CVS Health is looking to offer financial backing and strategic support to early-stage health technology companies with this week’s launch of its $100 million venture fund.
The fund, called CVS Health Ventures, plans to target disruptors in the digital health space that focus on making healthcare more accessible, affordable and simple, the company said in its announcement.
The company also stressed the importance that the potential companies align with CVS Health’s core strategy so it can share insights and expertise along the way. Consumers deserve a better health experience, one that puts them at the center of cutting-edge, digitally enabled solutions, Karen Lynch, president and CEO of CVS Health, said in a statement. Forming CVS Health Ventures will build on our successful track record of scaling innovation and driving change in health care.
CVS Health Launches Corporate Venture Capital Fund
CVS Health Ventures will invest in and partner with high-potential, early-stage companies focused on making health care more accessible, affordable, and simpler.
The fund will initially launch with $100 million allocated for investments and will focus on companies with the potential for technology-enabled innovation and disruption in digital health care that are anchored in CVS Health’s core strategy.
CVS Health Ventures will build relationships with early-stage companies via investment as well as by offering expertise and insights from CVS Health’s perspective.
Karen S. Lynch, President and CEO, CVS Health has already made more than 20 direct investments through the CVS and Aetna businesses. Current investments include Unite Us, a technology platform that connects health care and social services providers, and LumiraDx, an innovative point-of-care diagnostic platform.
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CVS Health (NYSE: CVS) has inaugurated CVS Health Ventures, a corporate venture capital fund aimed at creating partnerships with early-stage companies focused on improving the accessibility and affordability of health care.
What Happened: According to the Woonsocket, Rhode Island-based company, the fund will begin with $100 million allocated for investments. The initial targets for the fund will encompass companies in digital health care.
The fund is a continuation of earlier investments and partnerships for CVS Health, which has made more than 20 direct investments through its CVS and Aetna businesses.
Among the companies receiving investments from CVS Health are Unite Us, a technology platform that connects health care and social services providers, and LumiraDx, a point-of-care diagnostic platform.