Fledgling health care investment firm Town Hall Ventures, with headquarters in Minneapolis and New York, announced closing its first fund with $115 million. Town Hall also announced new investments in three companies, including Minneapolis-based Bright Health Inc., which is building a new health plan in several states across the U.S.
Bright Health has been ranked as the most valuable startup in Minnesota and has previously raised $240 million in venture capital financing. Twin Cities Business recently took an in-depth look at Bright Health and its founders.
Town Hall’s founding partners include Andy Slavitt, a former executive with Eden Prairie-based Optum and the former Administrator of the Centers for Medicaid and Medicare Services. Slavitt joined Bright Health’s board of directors earlier this year. Town Hall Ventures was formally launched in May.
Town Hall Ventures declined to disclose the amount of its investment in Bright Health. The firm’s web site indicates that Town Hall makes initial investments in the range of $500,000 to $5 million, but may later invest additional capital. To date, Town Hall has invested in eight health care companies.
In addition to Bright Health, Town Hall Ventures announced new investments today in California-based Landmark Health, which provides home-based care for patients with “complex health needs,” and Denver-based Strive Health, which works with patients with chronic kidney disease.