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25M Health Research Investment Thesis & Philosophy 25M Health (part of 25madison) is a venture capital fund and health-focused venture studio that invests in early-stage healthcare companies. Founded as a partnership between 25madison and LifePoint Health, a major health system operator, 25M Health combines venture capital resources with operational healthcare expertise and direct access to a $50B+ health system for pilot deployment and real-world validation. The fund's core thesis is straightforward: invest in founders building transformative healthcare solutions with real-world validation opportunities through LifePoint Health's network. 25M Health is focused on AI-powered healthcare software, digital health solutions, healthcare IT, and tech-enabled care delivery models that can address fundamental inefficiencies in the healthcare system. Fund Structure & Stage Focus 25M Health operates as a venture fund investing Pre-Seed through Series A in category-defining startups focused on B2B Software and Healthcare. The fund leverages 25madison's broader incubation platform and partnerships with leading health systems and private equity firms. Stage Focus: Primary: Seed and Series A Secondary: Pre-Seed (selective) Typical fund participation: Lead or co-lead rounds Investment vehicle: SAFE agreements and equity The firm conducts direct investments and has demonstrated strong deployment activity throughout 2025 and into 2026. Check Size & Investment Tickets Based on API data and portfolio analysis: Typical Check Size Range: Minimum: $500K Maximum: $1M (reported in system) Sweet spot: $500K-$1M range The fund's flexible check size allows participation in various round structures from pre-seed through larger seed rounds. Lead Tendency & Decision Process Lead Tendency: Both leads and participates The fund demonstrates this balanced approach through its portfolio: Co-led healthcare infrastructure investments alongside General Catalyst (Kouper, $10M Seed, 2025) Participated in AI-powered healthcare solutions (Basalt Health, healthcare assistant) Led pre-seed investments in emerging healthcare verticals Decision Process: Partnership model With three active partners (Steven Price, Jaja Liao, John Daly) plus operating partners and industry specialists, the fund uses a partnership-driven approach where multiple team members source and vet deals. Partners specialize in different sectors with Jaja Liao bringing early-stage VC experience from Headline and growth strategy background from Clover Health. Decision Timeline: 1-2 weeks (estimated based on fund size and activity level) Recent Activity & Fund Status Fund Status: Actively deploying The firm demonstrates strong recent activity: Recent Investments (2025-2026): January 2025: Keragon (Seed, low-code healthcare workflow integration platform) December 2025: Canopy (wearable safety technology for healthcare staff) Multiple 2025 investments in healthcare IT, digital health, and AI healthcare solutions Focus on category-defining companies with network effects and structural competitive advantages The fund is in active deployment mode with approximately 6+ direct investments as of February 2026, demonstrating consistent investment velocity. Portfolio Highlights & Notable Companies 25M Health has built a substantial healthcare-focused portfolio across multiple care delivery and healthcare IT segments: Digital Health & Care Delivery: Basalt Health - AI-powered healthcare assistant Flourish - Virtual mental health care for teens and young adults with serious mental health conditions Handspring Health - Mental healthcare for all children Midi - Virtual care clinic for women 40+ created by specialists in menopause Swap Health - Chronic disease management and healthier living for low-income populations Thrive Mobile - Smartphone plan and software platform providing connectivity for Medicaid and dual-eligible patients Healthcare Operations & IT: Kouper Health - Discharge case management software for hospitals (emerged with $10M funding from General Catalyst and 25madison) Clearpol - Compliance management platform for healthcare facilities M7 Health - Nurse scheduling optimization software Keragon - Low-code integration platform for automating healthcare workflows Canopy - Wearable personal safety technology and location services for healthcare staff Clear - Comprehensive pricing and payments platform for healthcare Healthcare Specialist Solutions: FlyteHealth - Changing perception of obesity with innovative treatment approaches Eon - Natural language processing for radiology reports Quantivly - Radiology operations platform for access, performance monitoring, and optimization Gratia - Compensation platform for health employers to attract and retain staff Ladder - Comprehensive holistic care for early childhood developmental delays, built with Boston Children's Hospital Novacy - Behavioral intelligence solution driving sales performance in healthcare TCARE - Solving caregiver burnout with intelligent technology Adjacent Healthcare Enablement: Croissant - Real estate tech: get guaranteed resale value before buying Truehold - Home equity unlocking solution for aging populations Paxton - Regulatory compliance with advanced generative AI Offload - Modernizing oversize and overweight freight delivery Silkline - Connected supply base for healthcare and industrial operations Wilya - Flexible workforce optimization for factories and facilities Hut 8 - Next-generation energy infrastructure (portfolio diversification) Investment Team & Leadership Steven Price, Managing Partner, CEO Lifelong entrepreneur with multiple successful exits Founded companies in media, telecommunications, and business services Built businesses that became public companies (2 IPOs) and acquired by large corporations Focus areas: fintech, healthcare, health services, sustainability, B2B SaaS, supply chain tech Provides overall strategy and portfolio support for portfolio companies Jaja Liao, Partner, Ventures Early-stage VC at Headline (formerly e.ventures) investing in healthcare, consumer, and SaaS Early employee at TikTok (10th US employee), grew platform from stealth to scale Growth strategy and operations experience at Clover Health Business development experience at Google and Rainfall Ventures Yale University (BA, Molecular Biology) Passionate about protecting democracy, freedom of speech, and human rights Looks for obsessive founders building products that customers are obsessed with John Daly, Co-Founder, Member of Board of Directors Co-Founder of 25madison Chairman of Global Equity Capital Markets at Goldman Sachs Co-Head of Industrial and Natural Resources Financing Group at Goldman Sachs Manufacturing Engineer background at General Electric Brings deep finance and industrial expertise to the platform Senior Leadership & Board: Gary Ginsberg (Co-Founder, Member, Board of Directors) - Former SVP & Global Head of Communications at SoftBank, EVP at Time Warner and News Corp, Founding Editor of George Magazine Merrill Anovick (General Partner) - Operational leader Grant Silow (General Partner) - Investment focus partner Fannie Chen (Chief Operating Officer) - Operations and fund management Matt Fremont-Smith (President) - Portfolio company oversight Kirk Posmantur (Chief Partnership Officer, Board Member, Founder) - PE firm partnerships Ryan Macy (Chief Technology Officer) - Technology strategy and AI initiatives Senior Advisors & Board Members: Michael Lynton (Chairman, Warner Music Group; Chairman, Snap Inc.; CEO, Sony Entertainment) Jordan Levy (Managing Partner, SoftBank Capital NY; Founder, Seed Capital Partners) Aaron Sobel (Board Member; Partner, Private Equity, Apollo) Lance West (Board Member; Chairman & CEO, Centerbridge Partners Europe; Partner, Goldman Sachs) Bobby Tuohy (Director of Product, Flashpoint; Venture Partner, First In Ventures) Justine Lee (CEO, ClimateHaven; Former Partner and COO at 25madison; Former Head of Legal, Lyft) Geographic Focus Primary: United States Headquarters: New York, New York (817 Broadway, 7th Floor, New York, NY 10003) Secondary office: Miami, Florida (950 Peninsula Corporate Circle, Suite 1006, Boca Raton, FL 33487) National coverage across major healthcare hubs and markets with LifePoint Health presence International: Selective presence Demonstrated willingness to invest outside US when founders and market opportunities align Sector & Model Focus 25M Health invests across healthcare with emphasis on: Industries: Digital health and telemedicine platforms Healthcare IT and workflow automation Healthcare operations software (nurse scheduling, discharge management, compliance) Specialty healthcare (obesity, mental health, menopause, geriatrics, pediatrics) Healthcare staffing and talent optimization Healthcare payments and pricing transparency Regulatory compliance and AI-powered healthcare solutions Care delivery models for underserved populations Healthcare-adjacent: aging in place, supply chain, energy infrastructure Model Preferences: B2B SaaS with strong healthcare focus Healthcare IT and workflow automation Care delivery and telemedicine platforms AI and ML applied to healthcare problems Vertical SaaS for healthcare specific workflows Tech-enabled services with recurring revenue Anti-Thesis: The fund explicitly focuses on healthcare solutions that: Address real operational inefficiencies in healthcare systems Have validation paths through LifePoint Health and partners Serve healthcare professionals and patients with clear ROI Avoid purely consumer-driven healthcare entertainment Focus on sustainable, scalable business models Founder Preferences & Sourcing 25M Health seeks founders with: Obsession - Building products that customers are obsessed with Healthcare insight - Deep domain expertise and understanding of healthcare operations Technical rigor - Strong technical teams building defensible solutions Founder experience - Prior startup experience highly valued Validation mindset - Openness to real-world validation through LifePoint partnership Impact focus - Desire to improve healthcare outcomes and efficiency Notable Sourcing Patterns: Healthcare operator networks (LifePoint Health partnership) Previous founder and operator relationships Industry conferences and healthcare innovation forums Venture investor networks (Headline, Rainfall Ventures, Google/TikTok alumni networks) Direct founder applications Application: Founders can apply via apply.25madison.com or through direct founder introduction. Engagement & Support Model Typical Involvement: Active advisor + operational support 25M Health positions itself as: Operational partner - Leveraging 25madison's incubation studio experience Healthcare connection provider - Direct access to LifePoint Health's network and customer opportunities Strategic advisor - Guidance on scaling healthcare businesses Network access - Connections to healthcare leaders, PE partners, and operational expertise Growth support - Assistance with product-market fit, pricing strategy, and healthcare partnerships Unique Offering - LifePoint Health Partnership: Unique advantage providing: Direct access to $50B+ health system for pilot deployment Real-world validation opportunities Operational expertise from LifePoint Health executives Pathway to larger healthcare partnerships Understanding of health system economics and decision-making Fund Economics Fund Size & Composition: 25madison overall has raised $60M+ to date (as of 2021 announcement) 25M Health is one division of 25madison platform Actively deploying capital with strong investment velocity Fund Status: Currently investing from operational capital with portfolio focus on healthcare category leaders Decision Process & Engagement Timeline How They Work: Application via apply.25madison.com or warm introduction Partnership evaluation and due diligence (1-2 weeks estimated) SAFE or priced equity negotiation Post-investment: operational support and LifePoint Health partnership activation Series A support: strategic guidance and investor introductions Typical Timeline: 1-2 weeks from application to decision Warm Introduction: Not required (especially for compelling founders) Competitive Positioning 25M Health differentiates through: Healthcare system partnership - Unique access to LifePoint Health's $50B+ infrastructure Operational expertise - 25madison's incubation studio and portfolio company operations experience Expert team - Partners with deep healthcare and tech backgrounds Real-world validation - Pilot and deployment opportunities through LifePoint partnership Multi-stage support - Incubation through Series A and beyond Strategic partner network - Distribution partnerships with PE firms and healthcare organizations Track record - Building category-defining healthcare companies Unique Positioning 25M Health operates at the intersection of: Healthcare system integration - Backed by major health system with real deployment opportunities Applied AI focus - Strong emphasis on AI solutions for healthcare operations and patient care Operational playbook - Incubation studio model provides ongoing operating experience Healthcare expertise - Multiple partners with healthcare backgrounds and deep relationships Proven track record - Building companies that improve healthcare operations and patient outcomes The firm represents a modern approach to healthcare venture investing: founder-friendly, operationally focused, and committed to backing founders building meaningful healthcare solutions with real-world validation pathways.
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