Venture capital firm LRVHealth has raised $200 million in its fifth fund. The fund’s initial investments include Greater Good Health, a company offering the first primary care model centered around nurse practitioners, and KeyCare, a virtual-first care platform built with Epic.
In addition, the Boston-based firm, founded in 2000, 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.”
The firm said 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. Its fifth fund is comprised exclusively of strategic limited partners and the firms says it creates the healthcare industry’s largest network of strategic investors to include provider, payer and vendor organizations. With 29 large healthcare providers, payers and vendors invested in its fund, LRVHealth said its 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, in a statement. “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.”
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, M.D., 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, M.D., 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, M.D., former Chief Executive Officer, Geisinger
• Lisa Stump, Chief Information Officer, Yale School of Medicine and Yale New Haven Health System
To support its growth, LRVHealth said it 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 20-year career with the company.
In addition, LRVHealth has added 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.
