TLDR:
Health-focused VC firm SpringTide Ventures has closed its second $65 million fund. The firm is looking for new investments in deep tech and areas like AI-powered medical billing. The firm seeks out entrepreneurs they call “cheetahs” who are innovative and driven.
Summary:
Health-focused VC firm SpringTide Ventures has closed its second $65 million fund, backing companies like Pathology Watch, which was acquired for $150 million. The firm focuses on advancing lower-cost innovations in existing markets, seeking to democratize access to health innovations. SpringTide invests in health-focused software, hardware, and tech-enabled services, excluding drug development. The firm aims to make early bets on startups at the seed and Series A stages, seeking 20% ownership of a company in exchange for checks of $1 to $4 million.
SpringTide Ventures hosts “Wicked Problems” forums to engage with top healthcare leaders and identify new investment opportunities. The firm’s portfolio companies have shown growth, with examples like telemedicine-enablement startup OpenLoop and Troomi Wireless, which focuses on adolescent mental health. SpringTide is looking to invest in deep tech startups or revenue-generating startups in areas like AI-enabled revenue cycle management.
Founder Austin Walters emphasizes the importance of backing innovative entrepreneurs who are driven to succeed. The firm seeks out founders they call “cheetahs” who demonstrate the ability to break through barriers and achieve success independently.
