CHICAGO, May 2, 2018 /PRNewswire/ -- 7wireVentures, a leading early stage healthcare venture firm, today announced it closed a $100 million fund and formed a coalition with eight leading health services organizations. The 7wire Connected Consumer Health Fund is dedicated to investing in companies that use technology to help consumers get and stay healthy. To date, the fund has invested in twelve companies, including Livongo Health, which recently announced a $105 million financing led by General Catalyst and Kinnevik.
"Nearly twenty percent of the American economy is spent on healthcare, yet many of its core functions remain largely untouched by consumer-focused technology," said Glen Tullman, co-founder and Managing Partner of 7wireVentures and CEO of Livongo Health. "The $100 million Connected Consumer Health Fund, supported by top health plans and health systems which collectively serve more than 25 million consumers, will fuel entrepreneurs with ideas that improve the health of our society."
Allina Health, Arkansas BlueCross BlueShield, Bon Secours Health System, Cigna, Horizon Blue Cross Blue Shield of New Jersey, Memorial Hermann Health System, Rush University Medical Center and Spectrum Health comprise the coalition.
"Memorial Hermann's relationship with 7wireVentures is an important strategic relationship as we work to take our organization to a new level of innovation," said Chuck Stokes, President and CEO of Memorial Hermann Health System. "Through our partnership, we aim to continuously improve the quality, safety and efficiency of our care and at the same time launch new and ground-breaking technologies that will revolutionize the overall experience for our consumers."
Experts predict in the not-distant future, people may create their own health management ecosystems, as tech innovators empower consumers to control not just where they access health and wellness services but also how and from whom, and the price they pay. 7wireVentures is keenly focused on making this vision a reality, leading the way in building personalized, on-demand consumer health markets – sized conservatively at $1TN.
"We look forward to partnering with 7wireVentures as we seek to accelerate strategic partnerships and innovation to drive value for the consumers we serve," said Christopher Hocevar, President of U.S. Business Lines and Customer Segments of Cigna. "The next five years will be a period of profound change and will create visible separation between the leaders and the followers."
Further, consumers are taking advantage of unprecedented access to information to become more diligent and informed about their health, according to pwc. The growing power of the shift from patient to consumer as a discerning buyer is creating new global markets and informing new models for care.
"We are in an era of unprecedented innovation in the health and healthcare sectors," said Lee Shapiro, Managing Partner of 7wireVentures. "The 7wireVentures Connected Consumer Health Fund and Coalition are perfectly timed to drive innovation and adoption across the market."
7wireVentures was founded by Managing Partners Glen Tullman and Lee Shapiro, well-known entrepreneurs who have worked together for more than 25 years across more than 20 companies and investments. They are joined by two experienced partners: Tom Main, founder of the Oliver Wyman Health Innovation Center and former U.S. Market Leader of Oliver Wyman's Health and Life Sciences Practice, and Robert Garber, former Managing Director of KB Partners and Stratus Ventures.
7wireVentures is an early stage healthcare venture firm based in Chicago, Illinois and founded by Glen Tullman and Lee Shapiro. 7wire supports entrepreneurs who focus on empowering the Connected Informed Health Consumer to create great companies and change the status quo. 7wire believes that mobile, connected platforms, the cloud, and sophisticated insights will improve the efficiency of the healthcare system and improve outcomes for all.
PRLog ID: www.prlog.org/12706226