Jumpstart Health Investors has launched a $55 million venture fund that is backed by multiple healthcare organizations and will invest exclusively in Black-founded healthcare companies.
The fund is called Jumpstart Nova, according to a Jan. 12 news release. Partners include Eli Lilly and Company, Nashville, Tenn.-based HCA Healthcare, Dublin, Ohio-based Cardinal Health, Charlotte, N.C.-based Atrium Health, Detroit-based Henry Ford Health System, LHC Group, Meharry Medical College and American Hospital Association.
The fund will support companies in health IT, digital health, tech-enabled services, diagnostic devices, biotech, medical device manufacturing, and consumer health and wellness.
Less than 5 percent of businesses in the U.S. healthcare sector are Black or African American owned, according to the news release.
"Hospitals and health systems need strong partners to collaborate with to build healthier and more equitable communities," Rick Pollack, president and CEO of AHA said. "Jumpstart Nova aims to provide talented but too-often overlooked entrepreneurs with the capital they need to advance this important work. The AHA is excited about the investments this fund will make, which we believe can positively affect the double bottom line of financial and social impact."