SteelSky Ventures Founding Partner Maria Toler Velissaris. Image: SteelSky Ventures

SteelSky Ventures, the women’s health focused U.S. VC firm that recently moved its headquarters to Atlanta, has now announced the closing of its inaugural fund. With $72M total assets under management SteelSky is now the world’s largest venture capital fund focused exclusively on improving access, care, and outcomes in women’s health.

The firm invests across the spectrum of women’s health indications and care modalities, including medical devices, consumer health, digital health, ePharmacy, and retail therapeutics. The fund’s innovative approach to women’s health also allows for investment in technology infrastructure that supports new and innovative care delivery models. The fund’s limited partners include an impressive roster of healthcare strategic investors, such as the American Hospital Association (AHA), Eli Lilly, Blue Shield of California, MultiCare Hospital System, Henry Ford Hospital System, and Essential Access Health. 

“SteelSky Ventures is making critical investments in women’s health with an eye for innovation in the delivery of care,” said Rick Pollack, AHA president and CEO. “The AHA is excited about how this fund can positively affect the double bottom-line of financial and social impact.”

In addition to support from leading healthcare institutions, the fund has garnered investment from top-tier financial institutions, including Bank of America, JPMorgan Chase and Motley Fool Ventures. The fund’s advisors include Carter McClelland, former Chairman of Bank of America and Chief Administrative Officer of Morgan Stanley; Rick Mazjun, COO of Stanford Children’s Hospital; Hurley Doddy, CEO of Emerging Capital Partners and Kim Meredith, CEO of the San Francisco General Hospital Foundation.

SteelSky Ventures was founded by Maria Toler Velissaris, a serial entrepreneur, investor, and prolific advocate for female founders and women’s healthcare. Maria uncovered a gap in funding for women, and more specifically, women’s health, as an angel investor and launched the fund to capitalize on this nascent but growing opportunity. She shares: “Women’s health is an area of tremendous growth potential, and SteelSky is building a pipeline of the next billion-dollar healthcare giants. We are proud to invest in entrepreneurs who are significantly progressing healthcare for women around the world.”

Rounding out the partnership are Managing Partners Buffy Alegria, who brings 16 years of banking expertise coupled with a deep understanding of healthcare and medicine, and Casey Albert, a healthcare entrepreneur with 20 years of experience building, scaling, and investing in healthcare companies.

Alegria explains: “The closing of our first fund is a signal that investors see the enormous untapped potential in women’s health. The groundswell of support we’ve received confirms the importance of our thesis and the bright future ahead for companies that are innovating in this space.”

Despite the fact that women account for 80% of healthcare spending in the U.S., women’s health has historically been underfunded and overlooked. This lack of investment has been particularly harmful to women who are on Medicaid, uninsured, or underinsured. SteelSky is building an ecosystem of portfolio companies across a wide range of women’s health indications that can work together to amplify their impact.

One hundred percent of the firm’s portfolio companies impact underrepresented communities. Collectively, SteelSky’s portfolio companies have provided more than 40 million people with access to essential healthcare services. Highlights from SteelSky’s portfolio companies include Cayaba Care, which provides home-based maternal health services for underserved communities; Origin, a digital first physical therapy platform specializing in pelvic floor health, pregnancy, and post-partum care; Lark, an AI platform for chronic care management; Raydiant Oximetry, creator of a more accurate fetal distress monitor; ConcertoCare, which offers integrated care to seniors in the home and alleviates the burden of caregivers; Twentyeight Health, an inclusive women’s health telemedicine platform; and Zipline, a drone delivery platform expanding access to prescription medicine and lifesaving medical products to rural communities.

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