SAN FRANCISCO, May 14, 2014 /PRNewswire/ -- Generator Ventures, which runs the Aging2.0 global innovation network, today announces the launch of an early-stage fund in partnership with Formation Capital, a $4 billion private equity fund focused on senior housing and services. The new initiative will invest exclusively in the multibillion-dollar aging and long-term care market.
In addition to its fund, Generator Ventures founders Katy Fike Ph.D. and Stephen Johnston also announce that long-term care industry veteran and Formation Capital Chairman, Arnie Whitman, is joining the firm as a partner. Co-founded by Whitman, Formation Capital owns some of the largest providers across the continuum of long-term care, including Genesis HealthCare and TridentUSA Health Services.
"There is a huge need for innovation to address the growing needs of seniors, their caregivers and long-term care providers," said Arnie Whitman, Generator Ventures partner. "Aging2.0 has created a tremendous amount of global momentum around innovation in the aging space. Generator Ventures is now able to invest in the most promising companies from across the globe and help them scale."
"Arnie's 30 years of experience investing in senior care and his deep industry relationships are an incredible asset to Generator Ventures," said Katy Fike, Generator Ventures partner. "Together with Arnie and the Formation Capital team, we are uniquely positioned to help build the next generation of companies in aging and long-term care."
Most recently, Fike and Johnston have been running the Generator accelerator program, which provides 11 portfolio companies with access to mentors, distribution, capital and older adults themselves. With the launch of the fund, Generator Ventures will expand the support services it provides to portfolio companies and begin making additional early-stage investments in promising startups working to revolutionize the aging experience.
"In the past two years, we've seen a dramatic increase in both the quality and quantity of entrepreneurs attracted to this space, but what has been lacking is capital," says Generator Ventures partner Stephen Johnston. "We are now able to provide not only early-stage capital, but also greater access to the expertise and industry partners that companies need in order to succeed."
This announcement coincides with Aging2.0's inaugural Global Innovation Summit, held this week in San Francisco. The invitation-only event is bringing together an unprecedented group of C-level executives from long-term care, entrepreneurs, investors and consumer technology companies to solve the challenges facing the long-term care and aging space.
About Generator Ventures
Generator Ventures is an early-stage fund focused on startups in aging and long-term care. Generator Ventures also runs theAging2.0 Global Innovation Network and theGENerator accelerator program. Generator Ventures partners: Arnie Whitman, Chairman of Formation Capital who brings more than 30 years of experience investing in senior housing and services; Katy Fike, Ph.D. gerontologist, systems engineer and former investment banker; Stephen Johnston, Harvard MBA, innovation strategist and former mobile telecommunications executive.
SOURCE Generator Ventures