Town Hall Ventures, the venture capital fund co-founded by former CMS Administrator Andy Slavitt, raised $115 million in its first funding round.
Mr. Slavitt, group executive vice president of Optum, launched Town Hall Ventures with Oxeon Holdings and Oxeon Ventures CEO Trevor Price and Oxeon Ventures Managing General Partner David Whelan in May.
The New York City- and Minneapolis-based venture fund invests in healthcare companies that serve vulnerable and underserved populations covered by Medicare and Medicaid, such as elderly patients and those with chronic conditions.
Town Hall Ventures said its first-round investors included providers, payers, entrepreneurs and investors, including four of the five largest nonprofit health systems and nonprofit health payers.
"Solving problems for the most complex conditions and populations will require the greatest minds in healthcare to work together to build exceptional companies," Mr. Price said in a news release. "We believe this represents a major turning point in shifting resources and innovation focused on populations that have long been ignored."
Town Hall Ventures also recently invested in three companies, bringing its investment portfolio to seven. The new investments went to Landmark Health, a home-care company focused on chronically ill patients; Bright Health, a technology-enabled health insurance plan; and Strive Health, a chronic kidney disease solutions provider.