Jumpstart Health Investors Announces $55M Venture Fund
According to a Jan. 12 press release, Nashville, Tenn.-based Jumpstart Health Investors announced the launch of Jumpstart Nova—a venture fund that will invest exclusively in Black-founded and led healthcare companies.
The release states that “Oversubscribing the initial $30 million goal, the $55M fund will invest exclusively in Black founder-led healthcare companies across health IT, digital health, tech-enabled services, diagnostic devices, biotech, medical device manufacturing, and consumer health and wellness.”
Further, “Backed with the credibility of healthcare industry leaders, Jumpstart Nova investors and strategic healthcare partners include: Eli Lilly and Company, HCA Healthcare, Cardinal Health, Atrium Health, Henry Ford Health System, LHC Group, Meharry Medical College, and American Hospital Association. In addition, the Fund launched with partners Bank of America, Pinnacle Financial Partners, FirstBank, Ingram Industries, Truxton Trust, and Vanderbilt University.”
Less than five percent of businesses in the healthcare and social assistance sector are Black or African American owned, says the release.
Jumpstart Nova is the newest fund managed by Jumpstart Health Investors, which Marcus Whitney cofounded in 2015. In 2020, according to the release, Jumpstart Health Investors successfully supported the exit of four companies—two of which are led by Black founds.
President and CEO of American Hospital Association (AHA) Rick Pollack was quoted in the release saying that “Hospitals and health systems need strong partners to collaborate with to build healthier and more equitable communities. Jumpstart Nova aims to provide talented but too-often overlooked entrepreneurs with the capital they need to advance this important work. The AHA is excited about the investments this fund will make, which we believe can positively affect the double bottom-line of financial and social impact.”
