CVS Launching $100 Million Venture Fund

CVS, one of the nation’s largest drug store chains, is joining the venture capital business with its own $100 million fund.

CVS Health Ventures, a corporate venture capital fund that will invest in early-stage companies focused on making health care more accessible, affordable, and simpler.

“Consumers deserve a better health experience, one that puts them at the center of cutting-edge, digitally enabled solutions,” said Karen Lynch, President and CEO, CVS Health. “Forming CVS Health Ventures will build on our successful track record of scaling innovation and driving change in health care.”

The fund will initially launch with $100 million allocated for investments and will focus on companies with the potential for technology-enabled innovation and disruption in digital health care that are anchored in CVS Health’s core strategy. CVS Health Ventures will build relationships with early-stage companies via investment as well as by offering expertise and insights from CVS Health’s unique perspective.

CVS Health has already made more than 20 direct investments through the CVS and Aetna businesses. Current investments include Unite Us, a technology platform that connects health care and social services providers, and LumiraDx, an innovative point-of-care diagnostic platform.

“We have deep experience investing in innovative companies,” said Josh Flum, Executive Vice President, Enterprise Strategy & Business Development, CVS Health. “We will build on this experience by providing capital to our start-up 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.”

CVS is headquartered in Woonsocket, RI and has over 9,900 pharmacy locations in 49 states, DC and Puerto Rico.