WOONSOCKET – CVS Health Corp. has launched a dedicated corporate venture capital fund to invest and partner with early-stage companies focussed on increasing health care accessibility, affordability and simplicity, the company announced on Thursday.
The fund, called CVS Health Ventures, will initially launch with $100 million allocated for investments and will be targeting companies with the potential for technology-enabled innovation and disruption in digital health care, CVS said.
“We have deep experience investing in innovative companies,” said Josh Flum, executive vice president, enterprise strategy & business development, CVS Health, in a statement. “We will build on this experience by providing capital to our startup and venture partners and helping them scale more rapidly through commercial relationships with our business units. This is an exciting opportunity to accelerate innovation and effectively bring new solutions to the consumer health space.”
The company said that it has already invested in over 20 companies through CVS and Aetna and that its investments have, “delivered consistently strong returns and partnerships.”
“Consumers deserve a better health experience, one that puts them at the center of cutting-edge, digitally enabled solutions,” said Karen S. Lynch, CEO and president of CVS Health. “Forming CVS Health Ventures will build on our successful track record of scaling innovation and driving change in health care.”
Also on Thursday, CVS announced that it will be partnering with companies to administer COVID-19 vaccines at employer-based clinics.
The program, called Return Ready, will see the company partner with 18 employers across 51 locations to operate vaccination clinics in an effort to reduce vaccine hesitancy and increase access for workers. Enrolled employers include Delta Air Lines, The New York Shipping Association and the City of Philadelphia, CVS said.
