Jumpstart Health Launches $55M Venture Fund for Black Founded Health Startups
What You Should Know:
– Jumpstart Health Investors, announced this week the launch of Jumpstart Nova, the first venture fund to invest in Black founded and led healthcare innovation companies.
– The $55M fund will invest exclusively in Black founder-led healthcare companies across health IT, digital health, tech-enabled services, diagnostic devices, biotech, medical device manufacturing and consumer health and wellness.
Why It Matters
Marcus Whitney, a leader in healthcare innovation and pioneer of the first Black-led healthcare investment fund, was inspired to create Jumpstart Nova as a solution to a central gap he saw in the marketplace. Jumpstart Nova is the newest in a family of funds managed by Jumpstart Health Investors (JHI), which he co-founded with Vic Gatto in 2015 in Nashville. In 2020, JHI successfully supported the exit of four companies, half of them led by Black founders, Whitney quickly realized the opportunity to bring these innovations to scale, and Jumpstart Nova was born of his efforts to back innovators that are historically under-funded, under-resourced and unknown.
”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.
Backed with the credibility of healthcare industry leaders, Jumpstart Nova investors and strategic healthcare partners include: 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.
Jumpstart Nova Portfolio Companies
Portfolio Companies to date include:
– Drugviu is a virtual platform where patients with autoimmune disease can consolidate their entire health history, participate in clinical research, and unlock personalized suggestions to better control their health, empowering them to live the lives they deserve.
– Cellevolve is a novel development and commercialization biotech focused on transforming cell therapy innovations into treatments.
– Teamwork is a provider of affordable, tech-forward, appropriately staffed, community-based Applied Behavior Analysis (ABA) services in New York to children with autism.
– Alerje is a Detroit-based, food allergy management innovation startup, committed to increasing the quality of life for millions dealing with life-threatening food allergies. Its technology simplifies food allergy management, reducing the stress for caregivers as they strive to prevent potentially deadly anaphylaxis incidents.
Original article: https://hitconsultant.net/2022/01/14/jumpstart-health-venture-fund-black-founded-health-startups/