Evidenced, a venture firm founded on the thesis that regulation and policy create market openings rather than just risk, has closed Fund I at $24 million. Investors include the Rockefeller Foundation, RockCreek Group, and Colibri Equity Ventures, alongside individual LPs spanning government, healthcare delivery, technology, and the payer ecosystem.
The firm was co-founded in 2022 by Sean Glass and Bryan Sivak. Glass co-founded and scaled Advantia Health, the women’s healthcare company, to roughly $100 million in revenue, and previously founded Higher One, which went public in 2010 – making him one of the relatively few investors deploying capital in health tech with an operating background in women’s health specifically. Sivak previously served as CTO at the U.S. Department of Health and Human Services and held roles at Kaiser Permanente Ventures and Centene.
Their central argument is that most investors treat regulation as a hazard to hedge against, while certain policy decisions actually accelerate new market opportunities or create entirely new markets. Startups that catch those tailwinds at the right moment grow faster and, counterintuitively, carry less risk. Policies the firm sees as current openings include the CMS ACCESS model and the Rural Health Transformation Fund.
The portfolio so far spans community health infrastructure, behavioral health, aging-in-place, advance care planning, and neurodiverse therapeutics. It includes Ilant Health (value-based obesity care, which raised a $15 million Series A this cycle), Parento (paid parental leave insurance with leave management and parent coaching for employers), Accompany Health, Fabric Health, Floreo, Here Now Health, IMPaCT Care, Journey Clinical, Jukebox Health, Koda Health, Photon Health, and Truentity.
