What You Should Know:
– Allumia Ventures, formerly known as Providence Ventures, announced its spin-off from Providence to become an independent venture capital firm.
– The spin out follows the first close of its third fund, marking a significant milestone in the firm’s evolution. The firm will continue to work closely with Providence as an Anchor Limited Partner while inviting a select group of other healthcare organizations to join its third fund.
Allumia Ventures Background & Continued Partnership with Providence
Originally established in 2015 as the venture capital arm of Providence, one of the nation’s largest health systems, Allumia Ventures has played a crucial role in bridging innovative healthcare solutions with the complex healthcare ecosystem. The firm has now expanded its scope to partner with a broader range of mission-driven healthcare organizations.
While operating independently, Allumia Ventures maintains a strong connection with Providence. Providence has committed $150M to Allumia’s third fund over ten years, demonstrating its continued confidence in its investment strategy and leadership.
Investment Thesis & Portfolio
Allumia Ventures focuses on investments in:
- Digital health: Technologies that improve healthcare access, delivery, and outcomes.
- Tech-enabled healthcare services: Innovative care models that leverage technology to enhance efficiency and patient experience.
- MedTech: Medical devices and technologies that advance patient care.
With a portfolio of 28 investments and ten successful exits, Allumia Ventures has a proven track record of identifying and supporting promising healthcare companies. The firm, led by Jeff Stolte and Partners Dan Galles and Branden Fini, positions itself as a strategic partner, providing not only financial support but also deep industry expertise and access to a vast network of healthcare organizations.
“Allumia follows a disciplined investment strategy to deliver venture-class returns and support innovative growth for its partners,” said Allumia Managing Partner Jeff Stolte. “As part of Providence, we invested in health care-focused solutions that serve the organization’s Mission and aimed to solve the health sector’s most pressing challenges. This experience shaped our vision at Allumia, where we continue to prioritize investments that effect meaningful change and deliver substantial value to our partners and the communities they serve.”
