Define Ventures, a VC firm based in Silicon Valley, has recently announced the closing of Fund III and Opportunities Fund, raising a total of $460M to fund innovation in healthcare. The firm invests in early-stage digital health startups, including those in incubation, seed, series A, and series B stages.
With this new funding, Define Ventures has reached a total of $800M in assets under management, making it one of the largest early-stage venture firms focused on digital health investment. The firm’s team includes experienced investors and operators with a track record of scaling enterprise and direct-to-consumer healthcare businesses. The firm aims to bridge the gap between consumer and enterprise commercial models, bringing the best of Silicon Valley thinking and deep healthcare operating experience to redefine the healthcare ecosystem.
Define Ventures has made investments into 21 digital health startups to date. The firm also has a strong network of leading payers, providers, employers, retailers, and life-science companies to help their portfolio companies build sustainable businesses. Define Ventures has incubated or partnered with many leading digital-health companies, including Hims & Hers, Unite Us, Folx Health, and Cohere Health, and has experience building best-in-class industry leaders like Livongo.
The two new funds, Fund III and Opportunities Fund, will support new early-stage investments and existing partner companies’ growth trajectories, respectively. The firm’s investment strategy centers on partnering with startups that serve multiple ecosystem partners, such as consumers, payers, providers, employers, and life-sciences companies.
Lynne Chou O’Keefe, Founder and Managing Partner at Define Ventures shares: “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. 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. We are honored to have the support of strategic and limited partners for Fund III and Opportunities Fund who helped us raise one of the largest early-stage, digital health funds. We look forward to continuing to build with entrepreneurs that are redefining the healthcare ecosystem.”