CVS Health Ventures to focus on high-potential, early-stage companies that strive to make health care more accessible and affordable for consumers
WOONSOCKET, R.I. — CVS Health (NYSE: CVS) today announced the launch of 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 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 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 unique perspective.
CVS Health has already made more than 20 direct investments through the CVS and Aetna businesses. These investments have delivered consistently strong returns and partnerships. 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 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."
Additional information on CVS Health Ventures and its leadership team can be found at cvshealthventures.com.
About CVS Health
We are a diversified health services company with more than 300,000 employees united around a common purpose of helping people on their path to better health. In an increasingly connected and digital world, we are meeting people wherever they are and changing health care to meet their needs. Built on a foundation of unmatched community presence, our diversified model makes us an integral part of people's everyday health. From our innovative new services at HealthHUBTM locations, to transformative programs that help manage chronic conditions, we are making health care more accessible, more affordable and simply better. Learn more about how we're transforming health at www.cvshealth.com.
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Media contact
Ethan Slavin
860-273-6095
SlavinE@cvshealth.com
CVS Health Ventures contact
Jason Hawbecker
401-770-8723
Jason.Hawbecker@cvshealth.com
Investor Relations contact
Katie Durant
401-770-6442
Katherine.durant@cvshealth.com