CVS Health allocates $100M to disrupt digital health

WOONSOCKET, R.I. – CVS Health last week launched CVS Health Ventures, a dedicated corporate venture capital fund that will invest in and partner with high-potential, early stage companies focused on making health care accessible, affordable and simple. “Consumers deserve a better health experience, one that puts them at the center of cutting-edge, digitally enabled solutions,” said Karen Lynch, president and CEO, CVS Health. “Forming CVS Health Ventures will build on our successful track record of scaling innovation and driving change in health care.” The fund will initially launch with $100 million allocated for investments and will focus on companies with the potential for technology enabled innovation and disruption in digital health care that are anchored in CVS Health’s core strategy. CVS Health Ventures will build relationships with early stage companies via investment, as well as by offering expertise and insights from CVS Health’s perspective. CVS Health has already made more than 20 direct investments through the CVS and Aeta businesses. Current investments include Unite Us, a technology platform that connects health care and social services providers, and LumiraDx, a point-of-care diagnostic platform. “We have deep experience investing in innovative companies,” said Josh Flum, executive vice president, Enterprise Strategy & Business Development, CVS Health. “We will build on this experience by providing capital to our start up and venture partners and helping them scale more rapidly through commercial relationships with our business units. This is an exciting opportunity to accelerate innovation and effectively bring new solutions to the consumer health space.”