Seattle-based Providence Ventures, the venture capital arm of Providence St. Joseph Health, raised a $150 million healthcare venture capital and growth equity fund to invest in healthcare and technology partnerships aimed at changing how care is delivered to consumers.
The funding was announced at the 37th Annual JP Morgan Healthcare Conference underway in San Francisco. It is their second such fund and will target early and growth-stage health care companies that specialize in healthcare information technology, technology-enabled services, medical devices, and healthcare services.
Providence Ventures II will invest $5 to $15 million per portfolio company with flexibility to lead investment rounds or participate as a partner.
Providence St. Joseph a not-for-profit Catholic healthcare system operating multiple hospitals across five states. It is headquartered in Washington.
“Providence Ventures’ investment model is to find and invest in companies that create needle-moving opportunities that address top priorities for PSJH,” said Aaron Martin, Providence Ventures’ managing general partner, in a statement. Martin also serves as Providence St. Joseph executive vice president and chief digital innovation officer. “We partner closely with teams at PSJH and our portfolio companies to iterate, test, and scale their solutions at PSJH and other partner health systems.
Started in 2014, the venture arm managers an aggregate $300 million and has invested in fifteen portfolio companies and has commercial agreements with all of them. Providence Ventures has also invested in more than 25 healthcare venture capital firms.
The Providence Ventures team, which also has an office in SIlicon Valley, recently hired David Kereiakes, formerly of River Cities Capital Funds, and Rich Proscia, who formerly worked on venture initiatives at CVS and Athenahealth.
“In health care, it’s easy to say you want to be innovative. But, innovation will fall to the backburner if you don’t find the best opportunities and fund them,” said Rod Hochman, M.D., president and CEO of Providence St. Joseph Health, in a statement. “Through Providence Ventures, we have made a commitment to innovation by investing in and partnering with new companies that can help us find solutions to everyday challenges in health care.”
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