Define Ventures secured $460M in capital commitments for two funds to back digital health startups.
The capital will be spread between an early-stage-focused Fund III and a growth-stage-focused Opportunity Fund. The fundraising brings the firm's total assets under management to around $800M.
- Fund III will invest in early-stage startups from seed to Series B stages, while the Opportunity fund will make follow-on investments in portfolio startups.
- Define Ventures' portfolio includes 21 startups, the most notable of which are women's health startup Tia, wellness brand Hims & Hers, virtual LGBTQ health startup Folx Health, mental health startup Concert Health, and hospital software maker Unite Us.
- Founder and managing partner Lynne Chou O'Keefe started fundraising for the current funds in Q2 2022, at the same time the venture funding retrenchment started.
- VC invested $15.6B in the digital health sector in 2021, which halved to $7B the following year, per Pitchbook.
