Here are the most active growth investors in health tech

Growth is the hardest round to raise, so here's your neat guide

As an early-stage investor, I make a point of keeping in touch with the growth investors in my network. These are the funders that can write the bigger checks to get businesses to an successful IPO or M&A outcome. These rounds are harder to get done, because of the market and the lack of IPOs in recent years. But there are still investors out there who are actively looking for deals, who have strong confidence in the future of the sector. 

Inspired by Second Opinion’s digital health seed investor list, which featured my own firm Maveron, I put out an ask to the top-tier growth investors in my network. For founders, this list is intended to be a handy tool in the toolkit for successfully raising a growth round. And for earlier-stage investors, this is a group to get to know as you support your portfolio companies in getting to that next stage. If you’re a growth stage investor and you’re not on the list, please reach out to me: Anarghya@maveron.com. I’ll make sure I regularly update this post every few months so that it’s an evergreen resource for the community. 

Without further ado and in no particular order:

Oak HC/FT 

Responses via Partner Billy Deitch 

Typical check size: Typical is $40M-125M, but we can scale down to incubations and up to $300M+ equity checks

List 1-3 portfolio companies: Carebridge, Main Street, Brightline

What does an ideal company for your fund look like in a sentence? “We look for companies that increase access, improve the quality, and lower the cost of care across payer, provider, and pharma services (and we invest in fintech too! :))”

What is one thing a founder should know before reaching out to you?  “Even if the company is too early for Oak today, it’s always great to build a relationship for the long-term.”

Is there anything in health care that you *don't* invest in? 

“We generally don’t invest in companies with FDA-risk.”

What's the best way for a founder to connect with you? billy@oakhcft.com

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Endeavour Vision 

Responses via Daniel van den Bergh

Typical check size: $10M-$20M initially, ~1x in reserves

1 space within health-tech that you're looking at right now? “Automation to address clinical labor shortages.”

List 1-3 portfolio companies: HealthJoy, IntelyCare

What does an ideal company for your fund look like in a sentence? “We look for (A) commercial maturity (a rinse & repeat pattern in sales cycles, implementation cycles, with referenceable customers, and a pipeline with clear velocity) and (B) demonstrated and attributable clinical/operational ROI, all that around a clear burning need for the stakeholder in a large SAM.”

What is one thing a founder should know before reaching out to you? “We invest in Series B to Series D typically”

Is there anything in health care that you *don't* invest in? Pre-commercial

What's the best way for a founder to connect with you? Via a common connection, via Linkedin

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DFJ Growth

Responses via Jocelyn Kinsey and Justin Kao

Firm: DFJ Growth

Typical check size: $15-60m  

1 space within health-tech that you're looking at right now? “Back office automation and clinical AI”

List 1-3 portfolio companies: Helix, Cellares, Collective Health

What does an ideal company for your fund look like in a sentence? “Proven product/market fit, unique technology, founders who dream big with goal of IPO”  

What is one thing a founder should know before reaching out to you? “We are a team of engineers & operators and love to dive deep on the product”

Is there anything in health care that you *don't* invest in? “We are less active in healthcare services”

What's the best way for a founder to connect with you? email at jkinsey@dfj.com or justin@dfj.com

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Emerson Collective

Responses via Sarah Pinto

Typical check size: $5-50M, generally $10-30M for first check

1 space within health-tech that you're looking at right now? AI-enabled technologies, Medicaid-focused companies with proven unit metrics

List 1-3 portfolio companies: Lyra Health, Devoted Health, Unite Us

What does an ideal company for your fund look like in a sentence? Consequential company (aims to do very well financially and helps serve underserved segments of the healthcare system)

Is there anything in health care that you *don't* invest in? Cash pay concierge medicine for very affluent patients, biotech

What's the best way for a founder to connect with you? sarah@emersoncollective.com

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Emergence Capital

Responses via Kevin Spain

Typical check size: $5M - $30M

1 space within health-tech that you're looking at right now? AI for medical writing

List 1-3 portfolio companies: Doximity, Veeva, Augmedix

What does an ideal company for your fund look like in a sentence? “A world class team who has built a product with strong customer love in a market with moonshot potential”

What is one thing a founder should know before reaching out to you? “We focus on leading early stage rounds (Seed through Series B) and only make around 5-6 new investments per year, typically 1 per partner”

Is there anything in health care that you *don't* invest in? “Medical devices and clinical services”

What's the best way for a founder to connect with you? kevin@emcap.com

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Revolution Growth

Responses via Fazeela Abdul Rashid

Typical check size: $10M+

1 space within health-tech that you're looking at right now? Value-based care software enablement tools

List 1-3 portfolio companies: Talkspace, Tempus AI, Zephyr

What does an ideal company for your fund look like in a sentence? “A company past product market fit, revenue generating, ideally >$10M+ ARR/revenue, seeking growth capital. We are open minded on B2C, B2B or B2B2C with openness to both tech enabled services and technology solutions.”

What is one thing a founder should know before reaching out to you? “We have healthcare expertise within the team even though we are not purely a healthcare focused funds. We can write checks between $10-30M. We typically like to lead/co-lead deals.”

Is there anything in health care that you *don't* invest in? No biotech/pharma. We would prioritize B2B models over B2C only models.

What's the best way for a founder to connect with you? Fazeela.rashid@revolution.com or LinkedIn

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Vive Collective

Responses via Cheryl Cheng

Typical check size: $75-500m

1 space within health-tech that you're looking at right now?  Enablement tools 

List 1-3 portfolio companies: Samacare

What does an ideal company for your fund look like in a sentence? “Software based businesses with demonstrated, repeatable commercial traction and defensible IP”

What is one thing a founder should know before reaching out to you? “We prefer to lead or co-lead rounds and are flexible across primary or secondary investments to fund organic or inorganic growth”

Is there anything in health care that you *don't* invest in? Pure services and four wall businesses

What's the best way for a founder to connect with you? 

Email:

cheryl@vivecollective.com

rebecca@vivecollective.com

kathy@vivecollective.com

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OMERS Growth Equity

Responses via Teresa Lee

Typical check size: $25-100M

1 space within health-tech that you're looking at right now? Specialty value-based care enablement

List 1-3 portfolio companies: Aledade, Innovaccer, Carrum

What does an ideal company for your fund look like in a sentence? True value proposition (i.e. exists to benefit patients, clinicians and payers – not just moving “maximized billings” around), $25M+ GAAP revenue, product market fit with top line growth of 25%+, nearing breakeven+

What is one thing a founder should know before reaching out to you? We invest directly for OMERS, which is a steward of the retirement income for more than 600,000 Ontario municipal employees, including first responders and frontline workers. It's a responsibility we take seriously.

Is there anything in health care that you *don't* invest in? We do not invest in biopharma and med devices.

What's the best way for a founder to connect with you? tlee@omers.com