Digital healthcare investment specialist 7wireVentures has struck a $150m final close for its second fund dedicated to the consumer-focused health and care markets.
AltAssets revealed last October that 7wire was back in the market for its sophomore raise, having picked up $100m for its debut Connected Consumer Health Fund two years earlier.
7wire managing partner Glen Tullman, who co-founded the firm more than a decade ago, said, “The US healthcare system today is fundamentally broken, characterized by unsustainable spending now exceeding $3tn annually, and misalignment between payers, health systems, employers, and ultimately consumers.
“Individuals are bearing the burden of the fragmented and disparate system and face enormous obstacles in accessing high quality care.
“These challenges provide an unprecedented opportunity to apply technology and drive innovation to address these systemic problems.
“Our newest 7wireVentures fund will allow our firm to grow companies that enable a superior consumer-directed health and care experience and address the problems of healthcare.”
The firm has already put Fund II capital to work in Transcarent and Jasper Health.
Big successes for 7wire over the years have included being the first investor in Livongo, founded by Tullman, which it exited late last year in what is believed to be the largest digital health transaction in history.
The company merged with Teladoc Health in a transaction valued at $18.5bn.
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Source: https://www.altassets.net/private-equity-news/by-pe-sector/venturegrowth/fundamentally-broken-us-healthcare-system-in-7wireventures-sights-with-150-fund-ii-close.html
