Town Hall Ventures

What Town Hall Ventures does

Town Hall Ventures is a New York-based, US-focused venture capital firm founded in 2018 by Andy Slavitt (former Acting CMS Administrator, Optum Group EVP, and Senior White House Advisor) and David Whelan to invest in healthcare technology and services companies serving underserved Americans — including Medicaid, Medicare, dual-eligible, rural, and other historically overlooked populations. The firm invests across all stages with initial checks ranging from $3M to $30M and follow-on capital through the company lifecycle, deploying capital through successive vehicles: Fund III closed at $350M in September 2022 and Fund IV closed at $440M in October 2025, the firm's largest fund to date and above its original target.

The firm describes itself as a company-builder rather than a traditional financial investor, making fewer, larger commitments and working side-by-side with founders on go-to-market, hiring, and policy positioning. Its differentiated technology is a proprietary investment thesis — most prominently "Healthcare Services as Software," which holds that generative AI will reshape healthcare by enabling services to be delivered through software at exponentially lower cost — combined with a research engine grounded in CMS, CMMI, and state policy analysis. The firm supports portfolio distribution through a Strategic Limited Partner and Advisory Board network that includes many of the largest national payers, health systems, and healthcare leaders, plus category-defining co-builds such as the Habitat Health PACE joint venture with Kaiser Permanente. As of late 2025, the firm had started or invested in 42 companies collectively serving approximately 4 million Americans, with 8 of the first 16 investments valued above $1 billion.

Town Hall's revenue model is the standard venture fund construct — management fees on committed and invested capital across Funds I-IV, plus carried interest on successful exits (one liquidity event from Fund I was reported in 2025). The firm operates with a small team of roughly 20 named members across general partners, partners, principals, associates, and platform/operations staff at its 72 Greene Street headquarters in New York, and it invests across all 50 U.S. states with a focus on care delivery, pharmacy, behavioral health, oncology, kidney care, primary care, and AI-enabled infrastructure for healthcare.

Name

Town Hall Ventures

Legal name

Town Hall Ventures

Website

https://townhallventures.com

Company type

Private

Founded year

2018

Operating status

Operating

Headcount range

11–50 employees

Short description

Town Hall Ventures is a New York-based venture capital firm founded in 2018 that invests across stages in U.S. healthcare technology and services companies serving underserved Americans, deploying capital through funds including a $440M Fund IV and backing 42 portfolio companies collectively serving 4 million people.

Ownership category

akta.pro rank

Product category

Healthcare Venture Capital

akta.pro primary industry

Late-Stage Venture Capital (Series C+) (FSANAAAC)

Keywords

• Venture capital investing
• Healthcare technology investing
• Value-based care investment
• Underserved healthcare communities
• Healthcare AI investment

Headquarters

HQ city

New York

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Technology or R&D, Infrastructure

Revenue model

1. Fund IV (2025) — $440 million venture capital fund: Capital commitments from limited partners (LPs) into a multi-year venture capital fund that is invested across stages into healthcare technology and services companies. The fund is the firm's fourth and largest vehicle, surpassing its original goal, and represents a recurring fund-management revenue model.
2. Prior funds — Fund III $350M and earlier vehicles: Previous fund vehicles that generated management fees and provide exposure to potential carried interest upon successful exits; the firm has built an ecosystem where LPs continue to invest in partnerships with Town Hall portfolio companies.
3. Carried interest and liquidity events: The firm earns carried interest on successful exits; the 2025 Town Hall Wrapped notes "another liquidity event out of Fund I," indicating realized returns from earlier investments that contribute to the firm's economics alongside ongoing management fees.

Pricing tiers

Go-to-market motion3 records

Distribution channels4 records

Marketing channels7 records

Core offering

Town Hall Ventures is a venture capital firm that invests in U.S. healthcare technology and services companies serving underserved communities, deploying capital across all stages via dedicated funds (most recently a $440M Fund IV) and providing substantial company-building support, policy expertise, and strategic introductions to founders. The firm backs category-defining healthcare innovators in areas such as value-based care, AI-enabled clinical and administrative workflows, behavioral health, kidney care, oncology, pharmacy, and primary care.

Differentiator

Problem solved

Functional benefit

Products and services

• Town Hall Ventures Fund IV Multi-year venture capital fund of $440M that invests across all stages in U.S. healthcare technology and services companies serving underserved communities, available to limited partners as a subscription-based fund interest. Initial checks range from $3M to $30M per portfolio company with follow-on capital across stages.
• Town Hall Ventures Fund III Multi-year venture capital fund of $350M that deployed capital into U.S. healthcare technology and services businesses that serve underserved communities as part of Town Hall Ventures' underserved care strategy.
• Habitat Health (joint venture with Kaiser Permanente) Independent company co-founded by Town Hall Ventures and Kaiser Permanente that operates PACE (Program of All-Inclusive Care for the Elderly) centers for frail seniors, including in Sacramento and additional California sites. Backed by Town Hall Ventures, Kaiser Permanente, and Cigna (which invested in Habitat Health's $50M funding round in September 2024).

Quantifiable outcome

• 42 portfolio companies started or invested in; 8 of the first 16 valued at over $1 billion
• +7 more outcomes

Named customers20 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Eight partnerships are on record, tiered flagship and core.

• Kaiser PermanenteflagshipStrategic or Co-development PartnerKaiser Permanente and Town Hall Ventures co-founded Habitat Health, a PACE (Program of All-Inclusive Care for the Elderly) joint venture launched in 2024 to expand PACE nationally. Cigna also invested in Habitat Health's $50M funding round in September 2024. Habitat Health opened its first PACE center in Sacramento in January 2025, expanded to a second California PACE center in January 2026, and is the fastest-growing PACE plan in the country. Town Hall's 2026 Fund IV continues to back the model.
• Claude (Anthropic)coreTechnology or IntegrationPortfolio company Qualified Health's AI platform is built on Anthropic's Claude. Featured customer story: "Qualified Health and the University of Texas System use Claude to identify patients who need life-saving care."
• HumanacoreStrategic or Co-development PartnerHumana expanded value-based oncology care through a new agreement with Thyme Care (Town Hall portfolio company) in February 2025. Reflects a strategic commercial partnership that Town Hall Ventures supported/curated for the portfolio.
• University of Texas System, Mercy, Emory Healthcare, Jefferson Health, University of Rochester Medicine, MD Anderson Cancer Center, University of Texas Medical BranchflagshipStrategic or Co-development PartnerHealth system customers and partners of Qualified Health (a Town Hall portfolio company). Qualified Health's platform is deployed at University of Texas System, University of Texas Medical Branch, Jefferson Health, and Mercy, with 500,000+ covered users across eight hospital partners covering approximately 7% of total U.S. hospital revenue.
• CenterWell Senior Primary Care and Conviva Senior Primary CarecoreStrategic or Co-development PartnerThyme Care partnered with CenterWell Senior Primary Care and Conviva Senior Primary Care to provide cancer care support in seven U.S. states (December 2025). Town Hall portfolio company.
• Cityblock Health (portfolio reference)flagshipOthersCityblock Health is a flagship Town Hall Ventures portfolio company and a value-based provider for communities with complex needs. Co-founder/CEO Dr. Toyin Ajayi was elected to the National Academy of Medicine in October 2024; Cityblock was named to the 2024 CNBC Disruptor 50 list. Town Hall's relationship with Cityblock is one of its deepest portfolio partnerships, beginning near the company's founding.
• Five Leading Health Care Executives (Advisory Board)coreOthersTown Hall Ventures has an Advisory Board composed of five leading health care executives, providing insight, mentorship, and access for portfolio companies. Announced May 11, 2023.
• HCPLAN (Health Care Payment Learning & Action Network)coreOthersAndy Slavitt (Town Hall Ventures General Partner) joined HCPLAN as Executive Forum Co-Chair (May 28, 2025), extending the firm's influence in alternative payment model policy and reinforcing its relationships with CMS, payors, and providers.

Scale indicators8 records

Recent moves9 records

Expansion highlights6 records

Direct peers

• Optum Ventures: The venture arm of UnitedHealth Group/Optum, investing in healthcare technology and services. Direct peer: similarly healthcare-only thesis, deep payer relationships, and co-investor with Town Hall in Indigo (Series B). Optum Ventures is the most strategically embedded healthcare VC peer.
• General Catalyst: Large multi-stage VC with a dedicated Health Assurance practice led by Hemant Taneja. Comparable in its thesis that healthcare needs systemic reinvention, though it operates across many sectors and at meaningfully larger fund sizes.
• Andreessen Horowitz (a16z Bio+Health): Major U.S. venture firm with a dedicated Bio+Health fund focused on healthcare transformation. Comparable in its conviction-led, thesis-driven approach to healthcare investing, though at significantly larger fund sizes and broader sector reach.
• Rubicon Founders: Healthcare services-focused VC that led Indigo's $50M Series B alongside Town Hall. Comparable as a healthcare-services-only investor building category-defining companies with operator partners.
• New Enterprise Associates (NEA): One of the largest U.S. venture firms with a substantial healthcare practice and frequent co-investor alongside Town Hall (House Rx Series B, Qualified Health rounds). Comparable in stage breadth and healthcare focus, though NEA invests across all tech sectors.
• Echo Health Ventures: Strategic venture partnership between Cambia Health Solutions and Mosaic Health Solutions, focused on healthcare services and technology for underserved populations. Highly comparable thesis overlap with Town Hall's Medicaid/value-based care focus.
• Health Enterprise Partners: Healthcare-focused growth equity firm investing in tech-enabled services companies. Comparable in its narrow healthcare-services mandate and operator-led value creation, though Health Enterprise Partners focuses on growth-stage rather than early-stage deals.
• .406 Ventures: Boston-based early-stage VC focused on healthcare IT and tech-enabled services, particularly for underserved and complex populations. Comparable as a thesis-driven, healthcare-only investor serving similar founder profiles.
• Wavemaker Three-Sixty Health: Early-stage healthcare VC investing in U.S. healthcare startups serving underserved populations, including value-based care and digital health. Closely comparable in fund-stage focus, geography, and mission alignment with Town Hall.

Broad incumbents

• Kaiser Permanente Ventures: Strategic venture arm of Kaiser Permanente, which is a flagship JV partner (Habitat Health) and co-investor (Arine Series C) with Town Hall. Comparable as a healthcare-strategic investor, though anchored to a single health system LP base.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks5 records

Key highlights6 records

Customer concentration

• Xx.com/townhallvntrs
• LinkedInlinkedin.com/company/townhallventures

Revenue estimate

Valuation estimate

Number of profiles

Profiles16 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments76 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Town Hall Ventures