CVS Health is expanding its efforts to provide a better health care experience to consumers.
The company is launching CVS Health Ventures, a corporate venture capital fund that will invest in — and partner with — early-stage companies focused on making health care more accessible, affordable, and simpler.
"Consumers deserve a better health experience, one that puts them at the center of cutting-edge, digitally enabled solutions," said Karen S. 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 and will focus on companies with the potential for technology-enabled innovation and disruption in digital health care. CVS said the fund will build relationships with the companies via investment as well as by offering expertise and insights from CVS Health's “unique perspective.”
CVS Health has already made more than 20 direct investments through the CVS and Aetna businesses. The investments have delivered consistently strong returns and partnerships, according to CVS. Current investments include Unite Us, a technology platform that connects health care and social services providers, and LumiraDx, an innovative point-of-care diagnostic platform.
"We have deep experience investing in innovative companies," said Josh Flum, executive VP, 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."