Healthcare Technology Venture Capital Firm Establishes One of the Largest Independent Dedicated Healthcare Investment Funds to Reinvent the Business of Healthcare
BOSTON–(BUSINESS WIRE)–Flare Capital Partners, a leading healthcare technology venture capital firm, today announced the closing of its second fund, Flare Capital Partners II, L.P., with a total of $255 million in committed capital. The oversubscribed fundraise follows up its inaugural fund, which was raised in April 2015, and establishes Fund II as one of the largest, independent, dedicated healthcare technology venture capital investment funds.
“Our relationship with Flare Capital has been highly productive and there are numerous examples of our collaborating and co-investing with them across many of our business areas. In particular, we value the team’s depth of investment experience and their proven ability to finance and build leading healthcare technology companies. We’re committed to bringing to market innovative healthcare solutions and services for our members and we see Flare Capital playing an important role in that mission,” said Bruce Broussard, President and Chief Executive Officer, Humana Inc.
The U.S. healthcare system continues to rapidly evolve as providers seek better clinical outcomes at lower costs, payers develop novel payment and engagement solutions, life sciences manufacturers embrace digital health and intelligent analytics solutions, employers look to improve the health of their covered populations at reasonable cost, and patients become more empowered proactive healthcare consumers. These shifts are driving the demand for innovative models and technologies incorporating mobility and advanced analytics. Flare Capital’s investment team is focused on transformational technologies and services that enable value-based healthcare, leveraging mobile solutions, big data analytics technologies, and secure infrastructure.
“We are delighted to continue to partner with the firm as it further scales and successfully invests in a number of innovative healthcare companies. We are at an incredibly interesting and profound inflection point in healthcare and value Flare Capital’s dedicated approach to backing world-class healthcare technology entrepreneurs. It is clear to us that such an approach should add significant value,” observed Phil Rotner, Chief Investment Officer of the Boston Children’s Hospital.
Julie Schiffman, Vice President, Customer Analytics at Pfizer, said, “We look forward to partnering with Flare Capital, as the pharmaceutical industry continues to evolve and embrace digital technologies.”
Flare Capital has made seventeen investments out of the prior fund, including Aetion, Bright Health, Circulation, HealthVerity, Iora Health, Somatus and VisitPay. The firm has developed the very successful Flare Scholar program with over 100 participants and actively leverages its extended industry network, Executive Partners and Industry Advisory Board for the benefit of the entrepreneurs and founders with whom it is privileged to partner.
“At Aetion we are building leading real-world evidence analytics solutions and are excited to partner with Flare Capital in the endeavor. We are consistently impressed by their depth of industry expertise, relevant networks, and absolute commitment to our success,” commented Carolyn Magill, chief executive officer of Aetion. Bob Sheehy, chief executive officer of Bright Health, continued, “The Flare Capital team has been a key partner in Bright Health since the initial concept and seed investment. We’ve worked closely together each step of the way to take Bright Health from inception to reality.”
About Flare Capital
Flare Capital is a team of proven healthcare technology venture capital investors and senior operating executives known for their unparalleled strategic industry resources, insight and total commitment to the success of its entrepreneurs. Flare Capital raised one of the industry’s largest dedicated venture capital funds focused exclusively on early stage opportunities in healthcare technology innovation and is privileged to closely partner with founders and management. Selected investments include Aetion, Aspen RxHealth, Bright Health, Circulation (acquired by LogistiCare), ClearDATA, Curisium, HealthReveal, HealthVerity, higi, Iora Health, Somatus, Tausight, Valence Health (acquired by Evolent Health), VisitPay and Welltok.
33 Vine Communications