BLOOMFIELD, Conn. – Cigna is committing $250 million to the newly launched Cigna Ventures, a corporate venture fund focused on transformative and innovative health care companies.
“Cigna’s commitment to improving the health, well-being and sense of security of the people we serve is at the front and center of everything we do,” said Tom Richards, senior vice president and global lead, strategy and business development at Cigna, in a statement. “The venture fund will enable us to drive innovation beyond our existing core business operations, and incubate new ideas, opportunities and relationships that have the potential for long-term business growth and to help our customers.”
Cigna Ventures will focus on investing in startups and growth-stage companies in three strategic areas: insights and analytics; digital health and retail; and care delivery/management.
Richards said Cigna Ventures was created to help Cigna identify, assess and sponsor early-stage innovation ideas that warrant deeper exploration through focused pilot and test-and-learn activities with the goal of realizing meaningful business value.
The fund builds on Cigna’s existing venture activity, including collaboration with five venture capital partners and an equal number of existing direct investments, including Omada Health, Prognos, Contessa Health, MDLIVE and Cricket Health.
“Our partnership with Cigna has been about so much more than capital,” said Sean Duffy, co-founder and CEO of Omada, in a statement. “The ability to collaborate with, learn from, and integrate deeply with a health services company so dedicated to delivering a 21st-century care experience to its customers and clients has enabled us to accelerate innovation, advance our capabilities, and grow our customer base.”