Every once in a while a new fund comes along, that makes us just a little bit excited and with Jumpstart Nova, that is most definitely the case. The new firm wants to make a difference in healthcare in the United States and tackle health inequities through investments in Black-owned and led healthcare companies across health IT, digital health, tech-enabled services, diagnostic devices, biotech, medical device manufacturing and consumer health and wellness.
”The healthcare venture capital industry has missed out for decades on investing in America’s brilliant Black innovators, and this has been a loss for us all. Jumpstart Nova’s strong start and incredible group of limited partners validate the need to capitalize and support the vital solutions from this untapped talent base,” said Founder and Managing Partner of Jumpstart Nova, Marcus Whitney.
According to data shared by the firm there are nearly 785,000 companies in the U.S. healthcare sector today, yet only 35,0000 are Black or African American owned. The company plans to address this by:
- Maintaining majority Black-owned general partners
- Growing the number of Black VC limited partners and VC professionals
- Generating great returns, this fund will bring new innovators to the marketplace and ensure that talented Black healthcare founders are properly supported
- Investing in Black founders and leaders at the forefront of healthcare innovation, creating a more equitable future for all
The new $55M fund is part of Jumpstart Health Investors, which Marcus Whitney co-founded in 2015. LPs in newly announced Jumpstart Nova include leaders from across the healthcare ecosystem: 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.
The new firm has already announced four investments:
- Drugviu, a virtual care platform for patients with autoimmune disease
- Cellevolve, a biotech company focused on transforming cell therapy innovations into treatments
- Teamwork, a company using Applied Behavior Analysis to help children with autism
- Alerje, a food allergy management startup
Whitney explains “Our initial portfolio companies are tackling important issues for the healthcare industry like equitable access to clinical trials, bringing novel cell and gene therapies to market, helping families with autistic children get the therapeutic support they need, and seeking to mitigate the risk of life threatening food allergy attacks. We knew these founders were ready for primetime when many doubted they even existed. Together, we are going to make a significant mark on the healthcare industry.”
We’ll be following Jumpstart Nova with GREAT interest and friends, if you’re looking for dealflow, please take a moment to check out our WOC Femtech Founder Database to see all the incredible womxn of color who are out there making a difference in women’s health. Onwards and upwards! 🚀💪