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Define Ventures Closes Two New Funds at $460M for Early-Stage Digital Health Startups

Define Ventures Closes Two New Funds at $460M for Early-Stage Digital Health Startups

Amid a difficult environment for digital healthcare startups, Define Ventures announced it has raised $460 million through two funds – Fund III and Opportunities Fund – to invest in early-stage companies.

The San Francisco-based venture capital firm invests in incubation, seed, series A and series B stage startups, and, with roughly $800 million in assets under management it’s one of the few Silicon Valley firms focused solely on early-stage digital health startups.

Fund III will focus on new investments and Opportunities Fund will support its existing partners.

Led by Lynne Chou O’Keefe, founder and managing partner, Define Ventures’ investment strategy centers on partnering with startups that are serving multiple ecosystem partners, such as consumers, payers, providers, employers and life-sciences companies.

“The healthcare system is evolving rapidly as multiple healthcare, technology and consumer trends converge, and even with the progress over the last few years, it remains a $4 trillion market opportunity that desperately needs greater digital transformation,” said O’Keefe.

Define Ventures currently backs 21 companies including women’s health startup Tia, health and wellness brand Hims & Hers, virtual LGBTQ+ care provider Folx Health and mental health company Concert Health.

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About Joe Palmisano

Joe Palmisano is Editorial Director for Connect Money, where he brings nearly three decades experience of market insights as a financial journalist, analyst and senior portfolio manager for leading financial publications, advisory firms, and hedge funds. In his role as Editorial Director, Joe is responsible for the selection of content and creation of daily business news covering the financial markets, including Alternative Assets, Direct Investment and Financial Advisory services. Before joining Connect Money, Joe was a financial journalist for the Wall Street Journal, regularly publishing feature stories and trend pieces on the foreign exchange, global fixed income and equity markets. Joe parlayed his experience as a financial journalist into roles as a Senior Research Analyst and Portfolio Manager, writing daily and weekly market analysis and managing a FX and US equity portfolio. Joe was also a contributing writer for industry magazines and publications, including SFO Magazine and the CMT Association. Joe earned a B.S.B.A. in Finance from The American University. He holds the Chartered Market Technician (CMT) designation and is a member of the CFA Institute.

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