
Wavemaker 360 Health Announces $100 Million Fund Aimed at Health Care Amid COVID-19
Rachel Uranga covers the intersection of business, technology and culture. She is a former Mexico-based market correspondent at Reuters and has worked for several Southern California news outlets, including the Los Angeles Business Journal and the Los Angeles Daily News. She has covered everything from IPOs to immigration. Uranga is a graduate of the Columbia School of Journalism and California State University Northridge. A Los Angeles native, she lives with her husband, son and their felines.
Pasadena-based venture capital firm Wavemaker 360 Health announced a $100 million fund aimed at digital health and health tech startups — double what it had been planning prior to the global pandemic.
The attention COVID-19 brought to the health care industry has heightened investor interest and pushed the two-year old firm to accelerate fundraising efforts.
"The world has become so much more infatuated — and with good reasons — in health care because of the crisis," said Jay Goss, general partner at Wavemaker 360. The firm is affiliated with Santa Monica-based Wavemaker Capital but operates independently.
Jay Goss is a general partner at Wavemaker 360.
Despite the deep toll the virus is having across the economy, health care is better positioned than other industries like retail and consumer goods.
The novel coronavirus — which has claimed more than 150,000 lives globally — continues to spread and in doing so has reshaped how health care is delivered including a surge in telemedicine. The changes are likely to have long term impacts, experts say.
Wavemaker 360 invests in seed and early stage companies. About a third of their current portfolio hails from Southern California, in part because the firm has benefitted from partnerships or affiliations it has with Southern California's largest medical research institutions including City of Hope, Cedar-Sinai Medical Center, USC Keck School of Medicine and UCLA Biodesign, Goss said.
The local investment is likely to continue in the coming fund. "We naturally hunt for good companies in our backyard," he said.
This fund will be five times the size of its current fund, which covers more than two dozen companies. Wavemaker's operating thesis is that health care is transitioning away from fee-for-service to value-based care, disrupting the old system. About 70% of its investors hail from the health care industry with ties to insurance companies and hospital systems such as Vanderbilt University Medical Center, Mission Community Hospital and UnitedHealth Group.
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Troy Carter, Founder and CEO of Q&A
Troy Carter, Founder and CEO of Q&A
<p>Troy Carter is the founder and CEO of Q&A, a technology and media company focused on powering the business of music through distribution, services, and data analytics. Formerly, Troy was the founder and CEO of Atom Factory, where he rose to prominence, nurturing the careers of global superstars including Lady Gaga and John Legend. He most recently served at Spotify as its global head of creator services, overseeing the company's growth strategy for artists and record labels. In 2017, Carter was also named entertainment advisor to the Prince Estate. </p><p>His interest in the intersection of technology and culture resulted in the formation of AF Square Investments. Early investments include Uber, Lyft, Dropbox, Spotify, Warby Parker, theSkimm, Blavity, Gimlet Media, Thrive Market, PlayVs, and FazeClan. Troy currently serves as a trustee for The Aspen Institute, Los Angeles County Museum of Art, and CalArts.</p>Jim Meenaghan, Co-Head of the Independent Film Group and Head of Business Affairs - Motion Pictures
Jim Meenaghan, Co-Head of Independent Film Group and Head of Business Affairs, Motion Pictures
<p>As co-head of UTA Independent Film Group, Meenaghan is actively involved in structuring and negotiating film financing and distribution deals for independent films across all media. Meenaghan also oversees day-to-day business affairs operations for the motion picture departments across the agency and works closely with many of UTA's high-profile clients including Wes Anderson, Joel and Ethan Coen, Drew Goddard and Noah Baumbach.</p><p>Prior to joining UTA, Meenaghan served as executive vice president of Anschutz Film Group/Walden Media ("The Chronicles of Narnia," "Charlotte's Web," "Ray"<em>) </em>and was in charge of all aspects of the company's business and legal affairs. Prior to that, he was senior vice president, business affairs at Icon Productions ("What Women Want," "We Were Soldiers," "Passion of the Christ"<em>). </em></p>Rena Ronson, Partner and the Co-Head of the Independent Film Group
Rena Ronson, Partner and Co-Head of the Independent Film Group
<p>Rena Ronson is a partner and the co-head of the Independent Film Group at leading global talent and entertainment company United Talent Agency (UTA). One of the industry's pre-eminent packaging and finance executives, Ronson specializes in global film finance, distribution and marketing strategies for independent and co-financed features, helping the world's most acclaimed independent filmmakers see their work reach global audiences.</p><p>Throughout her career, Ronson has helped package, structure financing for, and sell numerous high profile films, including Oscar-winning "I, Tonya," "Room" and "Icarus," and Oscar-nominated films, "Hidden Figures," "The Big Sick," "Lady Bird," and "Call Me By Your Name," among many others. She is also known for working with acclaimed filmmakers on their directorial debuts, including Greta Gerwig's "Lady Bird," Haifaa al-Mansour's "Wadjda," Don Cheadle's "Miles Ahead," Marielle Heller's "Diary of a Teenage Girl," Jill Soloway's "Afternoon Delight," Crystal Moselle's "Skate Kitchen," and Emerald Fennell's "Promising Young Woman." Additional upcoming films include "The Father" starring Anthony Hopkins and "The Mauritanian" starring Tahar Rahim, Jodie Foster, and Benedict Cumberbatch.</p>Kelly O'Grady, Chief Host and Correspondent
Kelly O'Grady, Chief Host and Correspondent
<p>Kelly O'Grady is dot.LA's chief host & correspondent. Kelly serves as dot.LA's on-air talent, and is responsible for designing and executing all video efforts. A former management consultant for McKinsey, and TV reporter for NESN, she also served on Disney's Corporate Strategy team, focusing on M&A and the company's direct-to-consumer streaming efforts. Kelly holds a bachelor's degree from Harvard College and an MBA from Harvard Business School. A Boston native, Kelly spent a year as Miss Massachusetts USA, and can be found supporting her beloved Patriots every Sunday come football season.</p>Sam Blake, dot.LA Entertainment Reporter
Sam Blake, dot.LA Entertainment Reporter
<p>Sam Blake is dot.LA's entertainment reporter. Prior to joining dot.LA, he had a writing fellowship with The Economist, where he wrote primarily for the business and finance sections of the print edition. Sam previously interned at KCRW and hosted a podcast at UCLA's college radio station while completing his dual-degree MBA and Master's in Public Policy. A native of Detroit, Sam previously lived in Madison, Wisconsin and New York City. He studied history at the University of Michigan and speaks four languages.</p>- Are Livestream Concerts Music's Future or a Pandemic Fad? - dot.LA ›
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