Define Ventures, an early-stage venture capital firm focused on investing in the digital health companies, has closed two new funds totaling $460 million to invest in incubation, seed, series A and series B stage startups.
San Francisco Define Ventures says it combines Silicon Valley principles with deep healthcare operating experience. Define has incubated or partnered with companies such as Hims & Hers, Unite Us, Folx Health, and Cohere Health. Its newest fundraising pushes its total assets under management to approximately $800 million.
"In the early stages of our company, Define Ventures stood out to us as a partner because its team has an established network from all corners of the healthcare ecosystem from providers to payers," said Dan Brillman, co-founder and CEO of Unite Us, in a statement. "Having Define's experience in helping companies scale across multiple categories from enterprise to consumer models was invaluable, and we look forward to continuing to partner with Define as we expand our impact on people's health in the community."
Unite Us has built an operating system for social care to improve health. It has developed partnerships with state governments, nonprofit organizations and large health systems including Kaiser Permanente. For instance, Unite Louisiana uses the Unite Us technology platform to connect clinicians and social service providers to serve the health and social needs within communities and parishes statewide.
"The healthcare system is evolving rapidly as multiple healthcare, technology and consumer trends converge, and even with the progress over the last few years, it remains a $4 trillion market opportunity that desperately needs greater digital transformation,” said Lynne Chou O'Keefe, founder and managing partner at Define Ventures, in a statement. “At Define Ventures, we are at the center of that convergence and combine the best of Silicon Valley thinking and deep healthcare operating experience to better understand how enterprise and consumer models will intersect to become the future of healthcare,"
Define Ventures currently partners with 21 companies and works with a network of payers, providers, employers, retailers, and life-science companies that can help entrepreneurs build sustainable businesses. The firm says it also has relationships with strategic advisors that span the healthcare, consumer and technology ecosystems that provide experience in creating and scaling industry-shaping companies.
Define Ventures' two new funds include Fund III, which will support new early-stage investments, and Opportunities Fund, which will support its existing partner companies in their growth trajectories. Define Ventures' investment strategy centers on partnering with startups that are serving multiple ecosystem partners, such as consumers, payers, providers, employers and life-sciences companies.