Another Chicago venture capital firm has closed a new fund as the city's tech scene looks to continue its hot streak of deals in 2021.
7wireVentures, a health care-focused VC firm, announced it raised $150 million for its latest fund. The new fund follows a $100 million fund 7wireVentures raised in 2018.
7wireVentures is led by serial entrepreneurs Glen Tullman and Lee Shapiro, who started the firm more than a decade ago. The two previously led Allscripts as CEO and president, respectively.
Among the VC firm's breakout startups is Livongo, a digital health startup founded by Tullman that merged last year with Teladoc Health in a deal valued at $18.5 billion. It was the largest digital health transaction in history, the firm said. 7wireVentures was the first investor in Livongo.
7wireVentures is also behind Tullman's latest startup, Transcarent, a startup that's working to change the digital health care and insurance experience for self-insured employers. 7wireVentures' other Chicago-based investments include Higi and NOCD.
"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 health care,” Shapiro said in a statement.
7wireVentures' fund follows several other local Chicago VC firms to close funds this year, including Lightbank's $180 million second fund, Valor Equity Partners' $1.7 billion fund, Starting Line's $30 million fund, M25's $32 million fund, and Chicago Ventures' $63 million fund. And last December, Hyde Park Venture Partners closed $100 million for its latest fund.
This could further boost the city's startups, which are already off to near record highs in venture funding this year. Venture funding raised by local companies topped $2 billion last quarter, which is almost as much as the city's startups raised in all of 2019.
