Health tech fundraising in 2025 rewards founders who pair breakthrough solutions with ruthless execution—and the best investors bring payer relationships, provider connections, and regulatory expertise, not just capital. Here's the definitive, founder-first guide to who's truly active in health tech, how to pick the right partner, and how to pitch so you get to "yes."

1) How to pick the right investor (fast but rigorous)

Map buyer → investor. If your economic buyer is a payer, prefer funds tied to payers (Optum Ventures, Blue Venture Fund, Evernorth/Cigna, Echo). Selling to health systems? Look at provider-backed funds (Kaiser Permanente Ventures, Allumia/Providence, UPMC Enterprises). This de-risks pilots and distribution. (Optum Ventures)
Stage/round shape. 2025 still rewards crisp early-stage stories; later-stage checks have grown again, but only for companies with compelling efficiency and scale narratives. Build your target list by stage fit first. (Rock Health)
Evidence over sizzle. Show payer ROI, workflow impact, or risk-bearing performance (VBID/ACO) within 12 months; investors are leaning toward earlier stages but want commercial signal, not just PMF vibes. (Rock Health)
Regulatory & data path. If you're SaMD/AI, bring your FDA route, data rights, and validation plan. (Investors have seen every unlabeled "AI" round by now.) (Healthcare Dive)
Follow-on capacity & networks. Digital health often needs multiple bites at the apple. Favor platforms with follow-on capital and embedded payer/provider relationships.

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2) The list: 15 top, actively investing health-tech funds for 2025

For each: Focus & style • Stage & typical check • What they look for • Examples/notes (Where exact check sizes aren't public, we note stage focus and how they typically lead/follow.)

1) Optum Ventures

Focus & style: Strategic VC from UnitedHealth Group's Optum; software, data, and tech-enabled care with payer distribution lift. Portfolio spans care delivery, analytics, infrastructure. (Optum Ventures)
Stage & check: Early through growth; often partners at Series A–C with follow-on capacity. (Stages are visible on their portfolio.) (Optum Ventures)
Looks for: Products that scale across payer/employer/provider channels; clear cost and outcomes impact.
Notables: Brightline, Garner, Calibrate, Galileo. (Optum Ventures)

2) CVS Health Ventures

Focus & style: Corporate venture platform aligned to CVS Health; themes include transforming care delivery, whole-person care, consumer-centric health, and disruptive tech enablement. (cvshealthventures.com)
Stage & check: Multi-stage; partners closely to speed distribution and reimbursement pathways. (cvshealthventures.com)
Looks for: Strategic alignment with CVS enterprise and clear member impact.

3) Kaiser Permanente Ventures (KPV)

Focus & style: One of the longest-tenured provider-backed funds; invests in innovations that improve care delivery and operations. Active across digital, AI, services. (Kaiser Permanente Ventures)
Stage & check: Multi-stage with strategic pilots inside Kaiser's footprint. Portfolio/news show activity through 2024–2025. (Kaiser Permanente Ventures)
Looks for: Solutions with measurable value to health systems and patients (quality, access, cost). (Kaiser Permanente Ventures)

4) Blue Venture Fund (managed by Sandbox Industries)

Focus & style: The venture arm of 35+ Blue Cross and Blue Shield plans; invests in payer-relevant platforms (care enablement, navigation, value-based infrastructure). (Sandbox Industries)
Stage & check: Early to growth; leverages BCBS distribution to scale. Portfolio spans HealthEdge, Lumeris, Somatus. (Blue Venture Fund)
Looks for: Payer ROI, scalable claims/clinical data integration.

5) Evernorth/Cigna Ventures

Focus & style: The Cigna Group's venture arm (under Evernorth Health Services umbrella); invests to broaden access and value, often with PBM/benefits adjacency. (Cigna Ventures)
Stage & check: Seed to growth; strategic where payer and benefits integration matter.
Looks for: Clear employer/payer value props; distribution via Evernorth capabilities. (Cigna Group)

6) Echo Health Ventures (Cambia & GuideWell)

Focus & style: Joint strategic VC from Cambia Health Solutions & GuideWell; hands-on, purpose-driven investing with payer scale. (Echo Health Ventures)
Stage & check: Early through growth; accelerates national scaling with plan partners. Portfolio includes Aledade, Cityblock, Abacus Insights. (Echo Health Ventures)
Looks for: System-level transformation with measurable outcomes and cost reduction. (Echo Health Ventures)

7) UPMC Enterprises

Focus & style: Provider-integrated investor and company builder (digital solutions + translational sciences); flexible investment structure with at-any-stage partnering. (UPMC Enterprises)
Stage & check: Early to growth; UPMC committed $1B to life sciences by 2024 and remains active in digital solutions. Recent 2025 deal: Carta Healthcare (B1). (UPMC | Life Changing Medicine)
Looks for: Real-world deployment inside a major health system; data-rich platforms and AI with clinical utility. (UPMC Enterprises)

8) Allumia Ventures (formerly Providence Ventures)

Focus & style: Health-system backed (Providence); rebranded Allumia Ventures in 2025 with a renewed provider-innovation thesis and operator access. (Sandbox Industries)
Stage & check: Early to growth with strong health-system commercialization support.
Looks for: Solutions that move the needle on cost, access, and workforce for large systems. (PitchBook)

9) Town Hall Ventures

Focus & style: Mission-driven VC focused on underserved populations (Medicare/Medicaid), value-based care enablement, and primary care innovation. Initial checks $3M–$30M. (MemorialCare Innovation Fund)
Stage & check: Seed through growth; will lead and keep investing as companies scale. (MemorialCare Innovation Fund)
Looks for: Impact + unit economics in lower-income/complex populations; payer/provider partnerships. Strategy is explicit on its site. (Healthcare Dive)

10) Flare Capital Partners

Focus & style: One of the largest dedicated healthcare-tech VCs; deep operating network across payers/providers; frequent lead at Seed–Series B. (flarecapital.com)
Stage & (typical) check: Early stage; multiple sources peg initial checks in low- to mid-single-digit millions; firm cites broad early-stage focus. (flarecapital.com)
Looks for: Platforms that reduce cost, improve outcomes, and scale across the care continuum. Recent portfolio/news reflect active 2025 participation. (flarecapital.com)

11) Define Ventures

Focus & style: Early-stage digital health specialist behind Hims & Hers, Unite Us, Cohere, etc. Closed $460M in 2023 to keep leading Seed/Series A. (MedCity News)
Stage & check: Pre-seed/Seed/Series A; hands-on company building and GTM support. (MedCity News)
Looks for: Consumer-driven care, infrastructure, navigation, and fintech-adjacent health. (MedCity News)

12) 7wireVentures

Focus & style: "Informed, Connected Health Consumer" thesis (Livongo roots); strong consumer-first digital care and enablement.
Stage & check: Seed through Series B; often leads Seed/Series A. (Public sources and firm communications reflect early-stage leadership.) (7wire Ventures)
Looks for: Products that empower consumers and create measurable outcomes/value.

13) Rock Health Capital

Focus & style: Seed-first digital health fund within the Rock Health platform (research + community). Clear fit for U.S.-focused digital health. (Rock Health)
Stage & (typical) check: Pre-seed/Seed/Series A; historically low-single-digit-million initial checks, with the firm frequently leading early rounds. (Rock Health)
Looks for: Evidence-based paths to scale; publishes market data you can leverage in your story. (Rock Health)

14) Health Velocity Capital

Focus & style: Invests exclusively in healthcare software & services; deep network across plans and providers. Think labor enablement, RCM, value-based infrastructure. (Transformation Capital)
Stage & check: Early growth through later stages; often leads or co-leads with operational support. (Firm emphasizes reach across orgs that insure ~175M Americans.) (Transformation Capital)
Looks for: Clear enterprise buyer, scalable distribution, and measurable cost/outcomes lift. (Transformation Capital)

15) Transformation Capital

Focus & style: Growth-stage specialist in healthcare IT/services; rigorous operator mindset and scaling expertise. (Healthcare Dive)
Stage & check: Typically Series B–D and growth; selective about repeatable GTM and capital efficiency. (Growth rebound in 2025 supports their wheelhouse.) (Healthcare Dive)
Looks for: Companies past early PMF with strong revenue quality and payer/provider proof.

Notes on check sizes

Many dedicated health funds don't publicly post check ranges. Where firms disclose ranges (e.g., Town Hall Ventures: $3M–$30M), we've included them. Elsewhere we describe stage and typical leadership behavior; expect that Seed/Series A checks cluster in low-single-digit millions, with growth checks scaling sharply (median late-stage checks exceeded $100M in Q1 2025). Calibrate expectations to your round and buyer evidence. (MemorialCare Innovation Fund)

3) Five quick tips for pitching these funds

Lead with buyer math. Put one slide up front that shows payer/system ROI inside 12 months (e.g., avoided admissions, faster coding, margin lift). Back it with a pilot LOI or pre-post data if you have it. Investors are rewarding earlier stages but want rigorous commercial signal. (Rock Health)
Show your regulatory and data rights path. If you touch clinical decision support or diagnostics, spell out 510(k)/De Novo/SaMD plan and data access + de-identification strategy. It saves weeks of diligence churn. (Healthcare Dive)
Design a distribution wedge that fits the investor. Payer-backed investors love TPA/PBM hooks, risk-share, and claims-first proofs; provider-backed groups favor workflow integration, throughput, and staffing impact. (Map this to the firms above.) (cvshealthventures.com)
Own your round shape. Given 2025 dynamics (fewer labeled middle rounds; bigger late-stage checks), be explicit about whether you're running a labeled Seed/A or an unlabeled extension—and why. It signals maturity. (Healthcare Dive)
Name the system paths. Two concrete customer paths (e.g., "Plan A → employer carve-out" and "System B → service line pilot") beat a generic TAM slide. Tie each path to a partner in the investor's network. Use Peony to organize your startup data room and track investor engagement.

Final Thoughts

Health tech fundraising in 2025 requires precision, preparation, and professional presentation. The investors listed above are actively deploying capital, but they expect founders to come prepared with clear payer/provider ROI, realistic regulatory roadmaps, and evidence of pilot traction.

Health tech investors evaluate not just your technology, but your ability to execute on distribution, manage regulatory compliance, and scale within complex healthcare systems. Organize your startup data room, track investor engagement, and demonstrate operational maturity from day one.

Get started with Peony for your health tech fundraising — secure data rooms built for startups raising capital.

Impress Investors

Top 15 Health Tech Investors 2025: Leading Digital Health VCs and How to Pitch Them