CVS Health Ventures Bolstered with $100 Million Investment
Monday, May 03, 2021
CVS Health has announced the investment of $100 million into CVS Health Ventures, a dedicated corporate venture capital fund that "will invest in and partner with high-potential, early-stage companies focused on making health care more accessible, affordable, and simpler."
Rhode Island is void of a venture capital fund until now. CVS confirms the venture fund will be located in Woonsocket.
"Consumers deserve a better health experience, one that puts them at the center of cutting-edge, digitally enabled solutions," said Karen S. Lynch, President and CEO, CVS Health. "Forming CVS Health Ventures will build on our successful track record of scaling innovation and driving change in health care."
GET THE LATEST BREAKING NEWS HERE -- SIGN UP FOR GOLOCAL FREE DAILY EBLASTPresently, the company invests in early-stage companies like Unite Us, and HealthEdge to name a few.
The fund will initially launch with $100 million allocated for investments and will focus on companies with the potential for technology-enabled innovation and disruption in digital health care that are anchored in CVS Health's core strategy. CVS Health Ventures will build relationships with early-stage companies via investment as well as by offering expertise and insights from CVS Health's unique perspective.
CVS Health has already made more than 20 direct investments through the CVS and Aetna businesses. These investments have delivered consistently strong returns and partnerships. Current investments include Unite Us, a technology platform that connects health care and social services providers, and LumiraDx, an innovative point-of-care diagnostic platform.
"Our goal is to enable entrepreneurs to access our unmatched consumer touchpoints including nearly 10,000 community locations, more than 100 million customers across Caremark and Aetna, and more to scale quickly and effectively. We will increase access for start-ups to build strategic relationships with CVS Health and benefit from our know-how, capabilities and broader external network," state's the funds website/
"We have deep experience investing in innovative companies," said Josh Flum, Executive Vice President, Enterprise Strategy & Business Development, CVS Health. "We will build on this experience by providing capital to our start-up and venture partners and helping them scale more rapidly through commercial relationships with our business units. This is an exciting opportunity to accelerate innovation and effectively bring new solutions to the consumer health space."
Additional information on CVS Health Ventures and its leadership team can be found at cvshealth.com/ventures.
EDITOR'S NOTE: This story has been updated to reflect that the fund will be located in Woonsocket.
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