General Catalyst has launched a $670 million fund for healthcare just over a year after closing its first $600 million healthcare fund, Forbes reported July 20.
The Cambridge, Mass.-based venture capital firm said it plans to expand its roster of investors, advisers and hospital system partners in healthcare. In May, it partnered with Salt Lake City-based Intermountain Healthcare to speed innovation, and it recently named Daryl Tol, former AdventHealth CEO, its first head of health assurance.
General Catalyst said it will use money from its $4.6 billion general fund raised in February to co-invest in the healthcare funds. The firm said it plans to invest in startups it can grow with.
"We're actually excited about the opportunity to build companies that are more intentional and that are really, truly focused on the gaps in care and encouraging management teams to concentrate on their core, rather than some ancillary business that might have made sense during a different time," Chris Bischoff, managing director at General Catalyst leading the healthcare strategy, told Forbes.