FCA Venture Partners Closes Oversubscribed Health Innovations II Fund at $71 Million
WINSTON-SALEM, NC, January 31, 2023 – FCA Venture Partners (“FCA”), a leading healthcare technology venture capital firm, is pleased to announce that FCA Health Innovations II (“FCA HI II”) held its final close with more than $71 million in capital commitments, well over the fund’s initial target of $50 million. With the launch of this fund, FCA HI II will continue its successful strategy in supporting Seed and Series A stage companies within the digital health and technology-enabled healthcare services landscape.
FCA HI II commitments have come from a broad group of premier healthcare organizations in North Carolina, including six large health systems and a major payor, as well as several family offices, healthcare executives, entrepreneurs and providers, and individual investors.
“With most of the large health systems in North Carolina as Limited Partners, along with an incredibly engaged Advisory Board of seasoned healthcare executives, we have access to unique expertise and insight into pain points in healthcare,” said FCA Partner Tom Hearn. “We continue to build deep relationships with our strategic Limited Partners, leveraging these relationships to gain valuable feedback on the market and vet potential investments.”
The fundraise for FCA HI II comes during a period of tremendous momentum for FCA. Over the last few years, FCA has experienced nine successful exits, driving roughly $100 million in exit value. Additionally, FCA’s current portfolio companies have raised more than $285 million in follow-on capital since Q2 2021. FCA has helped scale some of the top companies within the digital health and tech enabled services healthcare industry, including Sondermind, ProviderTrust, Lumere, Clinical Ink, Javara, SafeRide, and RubiconMD.
“FCA Venture Partners is committed to identifying and supporting early-stage healthcare technology companies that are poised to deliver significant value through a breakthrough solution,” said Todd Johnson, Partner at FCA. “That starts with CEOs and leadership teams who are experienced and visionary. We have been very pleased with the quality of our portfolio company CEOs and leadership teams in that regard.”
FCA is now actively investing out of FCA Health Innovations II and FCA VII, having made eight investments out of FCA HI II: Javara, Integrative Health Centers, eBlu Solutions, PayGround, Impiricus, OhMD, Carallel, and Posterity Health. FCA HI II plans to invest $1-4 million per company in an additional 5-7 fast growing companies seeking to improve patient care and the provider experience, reduce healthcare costs, and make the healthcare industry more efficient in this rapidly changing marketplace.
“We are appreciative of the continued support from our existing investors and vote of confidence from the many new investors in FCA Health Innovations II,” said Managing Partner Matt King. “Following many successful exits over the past few years, we remain energized by the growth potential that exists in early-stage healthcare venture capital. We have managed our fund size growth to remain fully committed to that segment of the market.”
About FCA Venture Partners
FCA Venture Partners is a venture capital firm investing in early-stage healthcare technology and technology-enabled healthcare services companies that improve patient care, reduce costs, and increase efficiency. FCA brings portfolio companies valuable healthcare insights, connections, and board-level experience to accelerate growth and build disruptive and sustainable businesses. Based in Nashville, the epicenter of healthcare innovation, our team has a decades-long track record including more than 60 investments in the rapidly changing healthcare industry. FCA has offices in Nashville, TN and Winston-Salem, NC. For more information, visit fcavp.com.
For questions, contact Whitney Kalb at whitney@fcavp.com.