Health Insurer Independence Blue Cross unveils plans to invest up to $50m into venture funds and start-ups in the Philadelphia region.

Independence Blue Cross (IBC), a Philadelphia-based health insurance firm, has said that it is investing up to $50m into health-related venture capital funds and start-up firms in the region.

Around half of the funds will be invested over an estimated five to seven year period into venture funds, or alongside the City of Philadelphia, universities in the area, or venture firm and incubator manager DreamIt Health. The remainder will be invested directly into individual firms, such as start-up and spin-outs.

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