Wavemaker 360 Health Announces $100 Million Fund Aimed at Health Care Amid COVID-19

Rachel Uranga

Rachel Uranga is dot.LA's Managing Editor, News. 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.

Wavemaker 360 Health Announces $100 Million Fund Aimed at Health Care Amid COVID-19

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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Venture Deals in LA Are Slowing Down, And Other Takeaways From Our Quarterly VC Survey

Keerthi Vedantam

Keerthi Vedantam is a bioscience reporter at dot.LA. She cut her teeth covering everything from cloud computing to 5G in San Francisco and Seattle. Before she covered tech, Keerthi reported on tribal lands and congressional policy in Washington, D.C. Connect with her on Twitter, Clubhouse (@keerthivedantam) or Signal at 408-470-0776.

Venture Deals in LA Are Slowing Down, And Other Takeaways From Our Quarterly VC Survey
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It looks like venture deals are stagnating in Los Angeles.

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Netflix's New Culture Memo Addresses Censorship and Corporate Secrecy

Kristin Snyder

Kristin Snyder is an editorial intern for dot.la. She previously interned with Tiger Oak Media and led the arts section for UCLA's Daily Bruin.

Netflix's New Culture Memo Addresses Censorship and Corporate Secrecy
Photo by Venti Views on Unsplash

Netflix promised change after its poor first-quarter earnings. One of the first targets: the Netflix Culture document.

The changes, which Variety reported on Thursday, indicate a new focus on fiscal responsibility and concern about censorship. While promises to support honest feedback and open decision-making remain, the memo’s first update in almost five years reveals that the days of lax spending are over. The newly added “artistic expression” section emphasizes Netflix’s refusal to censor its work and implores employees to support the platform’s content.

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