UnityPoint Health, one of the Midwest’s largest healthcare systems, launched a $100 million venture fund to invest in healthcare and biotech startup companies.
The UnityPoint Health Ventures Innovation Fund will invest in early-stage growth companies that operate in digital health, medical device, therapeutic and healthcare services industries.
UnityPoint said the goal of the new venture fund is to connect clinical and operational leaders throughout its health system to entrepreneurs that are working to lower healthcare costs and improve the quality of care.
The funds being made available through the venture fund are dollars that have already been set aside for investment, UnityPoint says. The fund represents just 5 percent of UnityPoint’s overall investment portfolio.
UnityPoint, which provides care services throughout Iowa, western Illinois and southern Wisconsin, said startup companies the health system invests in will have access to its pool of resources, such as research labs and experienced physicians, that will allow them to grow.
“UnityPoint Health Ventures provides a platform for our clinical and operational leaders, who are some of the most knowledgeable and innovative individuals in the industry, to lend expertise to early stage companies seeking to revolutionize care delivery and experience,” said Matthew Warrens, managing director of innovations at UnityPoint Health Ventures, in a statement. “By establishing this fund, we can leverage our experience, institutional expertise and solid investment track record to dramatically accelerate the growth for our portfolio companies and boost our own access to advanced health care solutions.”
In addition to Warrens, the venture fund is being led by Kent Lehr, vice president of strategy and business development.
“This fund will help maximize the impact and value of our Innovation Center which encourages employees to identify processes within the health system that could operate better or more efficiently,” Lehr said in a statement. “Our strategic investments will seek to provide UnityPoint Health with collaborative solutions to make the patient experience easier and more personal.
UnityPoint’s new venture fund comes as more Midwest corporations across industries make moves to better align themselves with startups and innovation. Companies like Northwestern Mutual and Aurora Health Care have both launched their own venture arms and been active startup investors.
