What Sandbox Industries does

Sandbox Industries (legal entity 213 Management, LLC) is a Chicago-based private venture capital and innovation advisory firm founded in 2003, operating across three core business lines. The first is Blue Venture Funds (BVF), a multi-LP venture and growth vehicle owned, governed, and capitalized by participating Blue Cross Blue Shield plans and BCBSA, in which Sandbox serves as the independent investment manager; BVF invests in healthcare technology, healthcare services, and clinical sciences. The second is Sandbox Insurtech Ventures, a dedicated venture fund for insurance technology investments, leveraging operational experience across insurer, broker, reinsurer, investor, and banker roles. The third is Sandbox Advisors, the consulting arm that provides innovation strategy, growth assessments, strategic partnership facilitation, and asset commercialization services to industry partners.

The firm generates revenue through management fees and carried interest on its venture funds (a recurring, AUM-linked model) and through professional-services consulting fees from Sandbox Advisors; pricing is custom-quoted per engagement and not publicly disclosed. Sandbox's go-to-market is relationship-driven enterprise B2B: strategic limited partners (notably 25 BCBS plans), insurance carriers, and healthcare organizations are engaged directly, while portfolio companies gain downstream distribution through these same relationships. The firm is small (11-50 employees) and structured as a privately-held LLC, with no parent company and no public listing.

Sandbox's underlying platform is built on industry-specific deal-sourcing infrastructure rather than a proprietary technology product: the firm evaluates over 1,000 new entrants annually and reviews 100+ deals per investment decision using healthcare- and insurance-specific frameworks. The firm operates accelerator partnerships (Healthbox, TechStars Chicago) that extend its deal funnel and portfolio support capabilities. Geographic footprint is primarily North America (USA), with limited international presence via Healthbox's London operations.

Name

Sandbox Industries

Legal name

213 Management, LLC

Website

http://www.sandboxindustries.com

Company type

Private

Founded year

2003

Operating status

Operating

Headcount range

11–50 employees

Short description

Sandbox Industries is a Chicago-based private venture capital and innovation advisory firm founded in 2003, managing Blue Venture Funds for Blue Cross Blue Shield plans, Sandbox Insurtech Ventures for insurance technology, and Sandbox Advisors consulting.

Ownership category

akta.pro rank

Product category

Venture Capital and Innovation Advisory

NAICS

Portfolio Management and Investment Advice (523940), All Other Financial Investment Activities (52399), Other Investment Pools and Funds (5259)

SIC

Investment Advice (6282)

akta.pro primary industry

Equity Capital Advisory (Private Equity Placements, Growth Capital) (BPAHAOAE)

akta.pro secondary industries

Corporate Finance & Capital Advisory (BPAHADAB), Strategic Partnerships, Alliances & JVs Advisory (BPAHADAI), Industry-Specialist / Sector-Focused M&A Advisory (FSAEAGAJ)

Keywords

• Venture capital investing
• Healthcare venture funds
• Insurance technology investments
• Innovation consulting services
• Corporate venture partnerships

Headquarters

HQ city

Chicago

HQ country

United States

HQ region

North America

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

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

Revenue model

1. Venture Fund Management: Manages venture funds including Blue Venture Funds (BVF) alongside Blue Cross Blue Shield companies and the Blue Cross Blue Shield Association. Provides full range of investment management services.
2. Innovation Consulting: Sandbox Advisors provides consulting services to industry partners including growth assessments, strategic partnerships, and asset commercialization. Revenue generated through consulting fees.

Go-to-market motion1 record

Distribution channels3 records

Marketing channels4 records

Core offering

Sandbox Industries is a venture capital and innovation advisory firm that manages healthcare and insurance venture funds and provides innovation consulting to industry partners. Its core offerings include Blue Venture Funds (BVF), a healthcare-focused venture fund operated alongside Blue Cross Blue Shield companies; Sandbox Insurtech Ventures, a fund dedicated to insurance technology investments; and Sandbox Advisors, the consulting arm delivering growth assessments, strategic partnership support, and asset commercialization services.

Product overview

Sandbox Industries is a venture capital and innovation advisory firm founded in 2003, headquartered in Chicago, with three main business lines: venture funds formed alongside strategic corporate partners, new business accelerator programs, and an innovation consulting business. The firm fosters innovation in healthcare and insurance industries through Blue Venture Funds (in partnership with Blue Cross Blue Shield entities), Sandbox Insurtech Ventures (insurance technology investments), and Sandbox Advisors (consulting services covering growth strategy, strategic partnerships, and asset commercialization).

Differentiator

Problem solved

Functional benefit

Brands

• Blue Venture Funds: A unique collaboration among Blue Cross Blue Shield companies, the Blue Cross Blue Shield Association and Sandbox, investing in healthcare technology, healthcare services and clinical sciences.
• Sandbox Insurtech Ventures
• Sandbox Advisors

Products and services

• Blue Venture Funds A venture and growth fund collaboration among Blue Cross Blue Shield companies, the Blue Cross Blue Shield Association, and Sandbox Industries that invests in healthcare technology, healthcare services, and clinical sciences. Owned, governed and capitalized by participating Blue Plans and affiliates; Sandbox acts as the independent investment manager providing a full range of investment management services.
• Sandbox Insurtech Ventures A venture fund dedicated to investing in companies transforming the insurance industry, leveraging deep operational experience from insurer, broker, reinsurer, investor, and banker perspectives. Targets solutions in underwriting, claims automation, distribution, and embedded insurance.
• Sandbox Advisors The consulting arm of Sandbox Industries providing innovation strategy, growth assessments, strategic partnership advisory, and asset commercialization services to industry partners in the healthcare and insurance sectors. Applies the same industry expertise and investor discipline underwriting the venture funds to consulting engagements.

Quantifiable outcome

• Over 1,000 new entrants evaluated annually across healthcare and insurtech
• +1 more outcomes

Named customers3 records

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Two partnerships are on record, tiered core.

• TechStars Chicago (formerly Excelerate Labs)coreStrategic or Co-development PartnerTechnology accelerator partnership providing startup support and mentorship through the Chicago ecosystem.
• HealthboxcoreStrategic or Co-development PartnerHealthcare accelerator founded in partnership with BCBSVP, with presence in several US cities and London, providing startup acceleration and industry connections.

Scale indicators5 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• Optum Ventures: Optum Ventures is UnitedHealth Group's dedicated healthcare venture fund, investing in healthcare innovation with strategic corporate backing. Most directly comparable to Sandbox's BVF as a corporate-LP-backed healthcare venture platform.
• Andreessen Horowitz (a16z Bio/Health): a16z's Bio/Health fund is a large-scale venture platform investing across healthcare technology and life sciences. Comparable to Sandbox in its sector focus and thesis-driven investing, though at materially greater scale.
• General Catalyst (Health Assurance): General Catalyst's Health Assurance thesis invests across healthcare transformation with a systems-level, multi-stage approach. Directly comparable to Sandbox in targeting healthcare transformation and partnering with incumbents.
• Oak HC/FT: Oak HC/FT is a venture firm focused exclusively on healthcare and fintech, partnering with entrepreneurs to build market-leading companies. Closely mirrors Sandbox's sector-specialized approach with operating-partner support.
• .406 Ventures: .406 Ventures is an early-stage venture firm focused on healthcare and insurance technology, investing in transformative companies in regulated industries. Highly comparable in sector focus and company-building orientation.
• Transformation Capital: Transformation Capital is a healthcare-dedicated growth equity firm investing in commercial-stage healthcare technology and services companies. Comparable to Sandbox Insurtech Ventures and BVF growth allocations within healthcare.
• Define Ventures: Define Ventures is an early-stage venture firm exclusively focused on digital health, partnering with entrepreneurs to reimagine healthcare. Comparable to Sandbox's healthcare technology investing vertical.
• Health Velocity Capital: Health Velocity Capital invests in healthcare software, services, and technology-enabled businesses, often alongside strategic healthcare incumbents. Mirrors Sandbox's corporate-LP-collaborative model and healthcare-services orientation.

Broad incumbents

• New Enterprise Associates (NEA): NEA is a large, multi-stage venture firm with a longstanding healthcare practice. Comparable as a healthcare-active investor, but operates broadly across sectors at much greater scale than Sandbox.

Emerging players

• Civilization Ventures: Civilization Ventures is an early-stage healthtech and digital health venture firm. Comparable in sector focus and stage of investment, though smaller and earlier in fund lifecycle than Sandbox.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights6 records

Customer concentration

• Xx.com/SandboxInd
• Facebookfacebook.com/SandboxIndustries
• LinkedInlinkedin.com/company/sandbox-industries

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles15 records

Subsidiaries3 records

Funding overview

Funding rounds

Investors

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

M&A1 record

Investments100 records

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

Frequently asked questions about Sandbox Industries