Providence Spins Out Venture Capital Arm
Renton, Wash.-based health system Providence has spun out its venture capital arm, known as Providence Ventures. The newly independent firm has been renamed Alumia Ventures, following a first close of its third fund.
Providence Ventures was formed in 2015 and originally managing funds exclusively for Providence, one of the largest health systems in the United States. Allumia has since expanded its scope to include partnerships with other healthcare organizations.
Allumia said it manages a portfolio that includes 28 investments and 10 successful exits. Active investments for the firm include Kno2, Kyruus, Dexcare, Omada, Xealth, and Trilliant Health.
“Allumia follows a disciplined investment strategy to deliver venture-class returns and support innovative growth for its partners,” said Allumia Managing Partner Jeff Stolte, in a statement. “As part of Providence, we invested in healthcare-focused solutions that serve the organization’s mission and aimed to solve the health sector’s most pressing challenges. This experience shaped our vision at Allumia, where we continue to prioritize investments that effect meaningful change and deliver substantial value to our partners and the communities they serve.”
Allumia will continue to work with Providence in its capacity as an Anchor Limited Partner. Providence committed $150 million toward Allumia’s third fund over its life of 10 years. With Providence as an anchor, Allumia will invite a small group of like-minded healthcare organizations as additional strategic partners to finalize the commitment to Allumia’s third fund.
“Providence’s investments have been and will continue to be focused on fostering innovation, enhancing healthcare access and addressing critical issues facing the health sector,” Providence Chief Financial Officer Greg Hoffman said, in a statement. “Allumia branching out will allow the fund to extend its reach, drive impactful investments that align with our mission and support leading-edge health solutions."