CHICAGO – 7wireVentures, an early stage health care venture firm, has closed a $100 million fund and formed a coalition with eight leading health services organizations.
The 7wire Connected Consumer Health Fund is focused on investing in companies that use technology to help consumers get and stay healthy, and includes 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.
To date, the fund has invested in 12 companies, including Livongo Health, of which Glen Tullman, co-founder and managing partner of 7wireVentures, is CEO.
“Nearly 20% of the American economy is spent on health care, yet many of its core functions remain largely untouched by consumer-focused technology,” said Tullman. “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.”
7wireVentures was founded by Tullman and health care entrepreneur Lee Shapiro. Other partners are: 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.
“7wire believes that mobile, connected platforms, the cloud, and sophisticated insights will improve the efficiency of the healthcare system and improve outcomes for all,” Tullman said.