The UK health insurer says it is a good time to launch a fund as the froth has come out of valuations and "sensible" money can go in.
Simplyhealth, the UK-based healthcare services and insurer, has formed a $71.1m venture capital fund, which will invest in genomics, well-being and disease management services.
Sneh Khemka, the corporation’s chief executive officer, says it is a good time to launch a fund as startup valuations have returned to more normal levels.
“Now is a really interesting time to be entering the market, when much of the froth of hyper valuations has disappeared, and sensible money can go behind companies and founders that really are able to build meaningful businesses,” Khemka says.
Simplyhealth Ventures has already invested in the UK-based gynecological health startup Daye and the US-based chronic inflammatory digital therapeutics developer Ampersand, which has raised $14.9m in financing. Ampersand allows patients to self-manage conditions such as inflammatory bowel disease and arthritis.
Founded in 1872, Simplyhealth provides access to health and dental care benefits and formulates various patient plans. The $241.2m company became the first health insurer in the UK to be awarded B Corp status — a certification of high social and environmental performance.