Venture firm Evidenced has closed Fund I at US$24m.
Investors include the Rockefeller Foundation, RockCreek Group and Colibri Equity Ventures, alongside individual limited partners from government, healthcare delivery, technology and the payer ecosystem.
Limited partners are investors in a venture fund, while the payer ecosystem refers to organisations that pay for healthcare, including insurers and public programmes.
The firm was co-founded in 2022 by Sean Glass and Bryan Sivak.
Glass co-founded Advantia Health, a women’s healthcare company, and scaled it to about US$100m in revenue. He previously founded Higher One, which went public in 2010.
That makes him one of the relatively few investors deploying capital in health tech with an operating background in women’s health specifically.
Sivak previously served as chief technology officer at the US Department of Health and Human Services and held roles at Kaiser Permanente Ventures and Centene.
Evidenced argues that most investors treat regulation as a hazard to hedge against, while some policy decisions can accelerate new market opportunities or create new markets.
The firm says startups that catch those policy tailwinds at the right time may grow faster and carry less risk.
Policies it sees as current openings include the CMS ACCESS model and the Rural Health Transformation Fund.
CMS refers to the US Centers for Medicare & Medicaid Services, the federal agency that oversees major public health insurance programmes.
The portfolio so far includes companies working in community health infrastructure, behavioural health, ageing-in-place, advance care planning and neurodiverse therapeutics.
Ageing-in-place refers to services and technologies designed to help people remain safely in their own homes as they get older.
Advance care planning helps people set out their preferences for future medical care, particularly if they later become unable to make decisions for themselves.
The portfolio includes Ilant Health, a value-based obesity care company that raised a US$15m Series A this cycle.
Value-based care links payment to health outcomes and care quality, rather than simply paying providers for each appointment or procedure.
Other portfolio companies include Parento, which provides paid parental leave insurance with leave management and parent coaching for employers.
The portfolio also includes Accompany Health, Fabric Health, Floreo, Here Now Health, IMPaCT Care, Journey Clinical, Jukebox Health, Koda Health, Photon Health and Truentity.
