CHICAGO--(BUSINESS WIRE)--7wireVentures, one of the country’s leading digital health venture capital firms, announced today the close of their latest Connected Consumer Fund, raising $150M. Founded over a decade ago by serial healthcare entrepreneurs, Glen Tullman and Lee Shapiro, 7wireVentures has a successful track record of investing in and hatching many consumer focused digital health companies.
Managing Partners Glen Tullman and Lee Shapiro have worked together for more than 30 years across more than 25 successful companies and are joined by Partners Robert Garber and Alyssa Jaffee, and Operating Partner David Schonthal. 7wireVentures is proud to have invested in many consumer digital health companies that played a key role in helping the country manage through the pandemic. Notably, 7wireVentures was the first investor in Livongo, founded by Glen Tullman, and exited late last year in what was the largest digital health transaction in history, merging with Teladoc Health (NYSE: TDOC) in a transaction valued at $18.5 billion.
Tullman and Shapiro joined forces leading Allscripts as Chief Executive Officer and President, respectively. In 2013, they decided to apply their expertise to invest in technology-enabled solutions that empower an Informed Connected Healthcare Consumer - the epicenter of a consumer-first, tech-enabled convergence of the health and care markets.
“The U.S. healthcare system today is fundamentally broken, characterized by unsustainable spending now exceeding $3 trillion dollars annually, and misalignment between payers, health systems, employers, and ultimately consumers,” commented Lee Shapiro. “Individuals are bearing the burden of the fragmented and disparate system and face enormous obstacles in accessing high quality care. These challenges provide an unprecedented opportunity to apply technology and drive innovation to address these systemic problems. Our newest 7wireVentures fund will allow our firm to grow companies that enable a superior consumer-directed health and care experience and address the problems of healthcare.”
7wireVentures has built close relationships with leading sponsors of healthcare – health plans, providers, self-insured employers, and life sciences companies. Its base of limited partners includes representation from all of these important segments.
The firm has already put its capital to work in two new investments including Transcarent, a new and different health and care experience that puts people back in charge of their care, and Jasper Health, a smart navigation and care platform to help improve the lives of consumers with a cancer diagnosis.
About 7wireVentures:
7wireVentures is one of the country’s leading venture capital firms investing in early-stage digital health companies supporting an “Informed Connected Health Consumer” - the epicenter of a consumer-first, tech-enabled convergence of the health and care markets. Fund successes, such as founding Livongo, are due in large part because the team includes both seasoned operators and investors with extensive industry experience. Being highly selective with investments, the fund works side-by-side with founders to build companies that change the status quo and empower consumers to be better stewards of their health. As company builders, the 7wire team has assumed highly involved roles, in some cases, even pursuing a Hatch strategy to start promising new ventures. Visit www.7wireventures.com
