Waterline Ventures
Waterline Ventures is a Cambridge, Massachusetts-based venture capital firm founded in 2014 that invests exclusively in early-growth healthcare technology and service-enabled technology companies, with 37 portfolio investments and 13 realized exits across AI clinical platforms, telehealth, behavioral health, and care delivery.
- Company typePrivate
- Founded2014
- HeadquartersCambridge, United States
- Headcount1–10
- GTM typeB2B
- OfferingServices
What Waterline Ventures does
Waterline Ventures is a privately held, healthcare-specialist venture capital firm founded in 2014 by Robbie Greenglass and headquartered in Cambridge, Massachusetts. The firm invests exclusively in early-growth healthcare technology and service-enabled technology companies, articulating its strategy around three pillars: Singular Focus (healthcare-only mandate), Lifetime Relationships (commitment to founders across multiple ventures and stages), and Efficient Capital (right-sized financing plans matched to capital intensity). As of the most recent disclosure, Waterline reports 37 portfolio investments and 13 realized exits spanning acquisitions, secondary transactions, and IPOs.
Waterline's portfolio spans telemedicine (Amwell, Avizia, Zipnosis), AI/ML clinical platforms (Kinomatic, Plenful, Carta Healthcare, Virgo, Manifold, N1Health, ProcessBolt), behavioral health integration (evolvedMD), virtual care management (TimeDoc Health, Ventricle Health), value-based care delivery (Nice Healthcare, Bright HealthCare), federal-contractor benefits compliance (CVRD), post-acute care EHR (DocNow), specialist eConsults (RubiconMD), maternal health (SimpliFed), fertility (Legacy), and clinical workforce automation (Andgo). Notable realization events include Bright Health Group's 2021 NYSE IPO, RubiconMD's 2021 acquisition by Oak Street Health (subsequently acquired by CVS in 2023), Avizia's 2018 acquisition by Amwell (which itself IPO'd in 2020), and Cured's 2024 acquisition by Innovaccer.
The firm's revenue model is standard venture-fund economics: management fees on committed capital plus carried interest on successful exits. Specific fund terms, AUM, and fee schedules are not publicly disclosed. Deal sourcing flows through direct founder relationships, the firm's operator network (Operating Partners include Mike Baird, former President of Amwell and CEO of Henry Schein One, and Gil Addo, CEO/Co-Founder of RubiconMD), and co-investment partnerships with tier-1 VCs (Goldman Sachs Alternatives, RA Capital, NEA, Tiger Global, Blackstone, T. Rowe Price, Bessemer) and strategic-anchor LPs (Orlando Health Ventures, Tampa General Hospital). The team comprises approximately 10 named members including two Partners/Associates, three Operating Partners, and five Advisors/Co-Chairmen.
Waterline Ventures firmographics
Firmographics- Name
- Waterline Ventures
- Legal name
- Waterline Ventures
- Website
- https://waterlineventures.com
- Company type
- Private
- Founded year
- 2014
- Operating status
- Operating
- Headcount range
- 1–10 employees
- Short description
- Waterline Ventures is a Cambridge, Massachusetts-based venture capital firm founded in 2014 that invests exclusively in early-growth healthcare technology and service-enabled technology companies, with 37 portfolio investments and 13 realized exits across AI clinical platforms, telehealth, behavioral health, and care delivery.
- Ownership category
- akta.pro rank
Waterline Ventures industry classification
Industry- Product category
- Venture Capital
- NAICS
- Other Financial Vehicles (525990), Portfolio Management and Investment Advice (52394)
- SIC
- Investment Advice (6282)
- akta.pro primary industry
- Independent Venture Debt Funds / Platforms (FSANAIAB)
Keywords
Where Waterline Ventures is headquartered
LocationHeadquarters
- HQ city
- Cambridge
- HQ country
- United States
- HQ region
- North America
Markets served
Waterline Ventures business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Personnel, Operations, Marketing or Sales, Others
Revenue model
- Venture fund economics: As a venture capital firm founded in 2014 with 37 portfolio investments and 13 realized exits/acquisitions/IPOs, Waterline Ventures earns revenue through the standard VC model: management fees on committed capital and carried interest (profit participation) on successful exits. Specific fee economics are not publicly disclosed.
Go-to-market motion2 records
Distribution channels2 records
Marketing channels3 records
Waterline Ventures product offering
Product offeringCore offering
Waterline Ventures is a healthcare-focused venture capital firm that makes early-stage equity investments in technology and service-enabled technology companies across the healthcare space. Founded in 2014, the firm has deployed capital across 37 portfolio investments and realized 13 exits through acquisitions, secondary transactions, or IPOs. Its offering combines capital with operator support from a bench of healthcare CEOs, founders, and executives.
Product overview
Waterline Ventures is not a product company but a healthcare-focused venture capital firm founded in 2014 by Robbie Greenglass. Its offering is an investment platform that backs early-growth technology and service-enabled technology companies in the healthcare space, with 37 portfolio investments to date and 13 companies acquired or taken public. The website organizes its portfolio around active and exited investments spanning telemedicine (Amwell, Zipnosis, 1DocWay, Avizia), AI-native clinical platforms (Kinomatic, Plenful, Carta Healthcare, Virgo, Manifold, N1Health, ProcessBolt), behavioral health integration (evolvedMD), virtual care management (TimeDoc Health, Ventricle Health), value-based care delivery (Nice Healthcare, Bright HealthCare), benefits compliance (CVRD), post-acute care EHR (DocNow), electronic specialist consults (RubiconMD), maternal health (SimpliFed), fertility (Legacy), workforce automation (Andgo), and other healthcare technology and services companies. Active and exited portfolio investments together form the substantive service offering Waterline showcases to entrepreneurs and limited partners.
Differentiator
Problem solved
Functional benefit
Products and services
- Healthcare Venture Capital Fund Early-stage equity investment vehicle that deploys committed capital into technology and service-enabled technology companies in the healthcare space, paired with operator support from a bench of healthcare CEOs, founders, and executives. Since 2014 the fund has made 37 portfolio investments and recorded 13 exits through acquisitions, secondary transactions, or IPOs.
Quantifiable outcome
- 37 portfolio investments since 2014
- +2 more outcomes
Companies that use Waterline Ventures
Customer profileNamed customers9 records
Segments3 records
Ideal customer profiles3 records
Waterline Ventures technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Waterline Ventures partnerships and signals
Strategic signalPartnerships
Nine partnerships are on record, tiered flagship and core.
- KinomaticflagshipWaterline Ventures led Kinomatic's $4M seed round in June 2026 to scale its AI- and VR-driven orthopedic surgery planning platform; featured on Waterline's home page as a flagship portfolio company.
- CVRD HealthflagshipWaterline Ventures participated in CVRD Health's $5M seed round led by Upfront Ventures; CVRD is an ICHRA-based benefits compliance platform for federal government contractors (cited customer: Aptive Resources, which saved over $500,000 in its first year and reduced average premiums by 52%).
- InnovaccercoreAcquired Waterline portfolio company Cured (a healthcare CRM/digital marketing platform) in January 2024, accelerating growth of the Intelligent Healthcare Experience Platform.
- HealthEdgecoreAcquired Waterline portfolio company Wellframe (mobile-enabled care management platform) in December 2021.
- Oak Street HealthcoreAcquired Waterline portfolio company RubiconMD (an eConsult platform) in October 2021; Oak Street Health was subsequently acquired by CVS in 2023 — a key realization event for Waterline.
- Bright Health GroupflagshipAcquired Waterline portfolio company Zipnosis (white-labeled primary care telemedicine for hospitals) in April 2021 and acquired Central Health Plan of California in January 2021; Bright Health Group priced its IPO in June 2021 — flagship Waterline exit.
- Global Healthcare Exchange (GHX)coreAcquired Waterline portfolio company Lumere (evidence-based purchasing platform for clinical management) in January 2020.
- BioTelemetrycoreAcquired Waterline portfolio company Geneva Healthcare (cardiac remote patient monitoring) in January 2019.
- Amwell (American Well)flagshipAcquired Waterline portfolio company Avizia (acute care telemedicine hardware/software) in April 2018; Amwell subsequently completed its IPO in 2020 — a flagship Waterline exit event. Mike Baird (Operating Partner at Waterline) is the former President of Amwell.
Scale indicators4 records
Recent moves6 records
Expansion highlights6 records
Waterline Ventures competitors and assessment
Company assessmentDirect peers
- Flare Capital Partners: Boston-based, healthcare-exclusive early-stage VC investing across digital health, tech-enabled services, and healthcare AI. Most directly comparable to Waterline by mandate, stage focus, and operating-partner model.
- 7wireVentures: Healthcare-focused early-stage venture firm investing in digital health, consumer health, and care delivery. Comparable to Waterline by single-sector mandate and seed/Series A focus.
- Define Ventures: Healthcare-exclusive early-stage VC backing digital health, virtual care, and tech-enabled services. Operates a similar operator-network-driven model to Waterline.
- .406 Ventures: Boston-based early-stage firm with a dedicated healthcare practice alongside cybersecurity and enterprise tech. Comparable by stage, geography, and healthcare-tech thesis.
- First Ascent Ventures: Early-stage VC investing in technology-enabled services; co-led Andgo's Series A with Waterline. Comparable healthcare-services and workforce thesis.
Broad incumbents
- General Catalyst (Health): Large multi-stage VC with a significant Health/Biotech franchise. Competes with Waterline for healthcare deals at growth stages where check size and brand exceed Waterline's.
- Andreessen Horowitz (Bio + Health): Multi-stage venture firm with dedicated Bio/Health funds investing across digital health, bio, and healthcare AI. Larger incumbent that competes for the same founder pool at later stages.
- RA Capital Management: Healthcare-dedicated crossover and early-stage investor; co-led Ventricle Health with Waterline. Comparable healthcare focus with materially larger capital base.
- Bessemer Venture Partners: Multi-stage venture firm with a long-standing healthcare franchise. Co-investor on Bright Health alongside Waterline; broader mandate but overlapping deal universe.
- New Enterprise Associates (NEA): Large multi-stage VC with a substantial healthcare practice across healthtech, biotech, and services. Frequently co-invests with Waterline (e.g., Bright Health) and competes for late-stage healthcare rounds.
Market position
Strengths4 records
Weaknesses4 records
Competitive moat4 records
Key risks5 records
Key highlights6 records
Customer concentration
Waterline Ventures social profiles
Digital presenceWaterline Ventures financial estimates
Financial estimateRevenue estimate
Valuation estimate
Waterline Ventures leadership team
Management profileNumber of profiles
Profiles10 records
Waterline Ventures funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Waterline Ventures M&A and investment
M&A and investmentM&A
Investments42 records
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Waterline Ventures
What does Waterline Ventures do?
Waterline Ventures is a healthcare-focused venture capital firm that makes early-stage equity investments in technology and service-enabled technology companies across the healthcare space. Founded in 2014, the firm has deployed capital across 37 portfolio investments and realized 13 exits through acquisitions, secondary transactions, or IPOs. Its offering combines capital with operator support from a bench of healthcare CEOs, founders, and executives.
Is Waterline Ventures a public or private company?
Waterline Ventures is a private company. It is classified as founder individual operated bootstrapped and is currently operating.
When was Waterline Ventures founded?
Waterline Ventures was founded in 2014. It employs 1 to 10 people.
Where is Waterline Ventures based?
Waterline Ventures is headquartered in Cambridge, United States, in the North America region.
How does Waterline Ventures make money?
One revenue line is on record: venture fund economics.
Who are Waterline Ventures's main competitors?
Direct peers on record are Flare Capital Partners, 7wireVentures, Define Ventures, .406 Ventures and First Ascent Ventures. Broad incumbents are General Catalyst (Health), Andreessen Horowitz (Bio + Health), RA Capital Management, Bessemer Venture Partners and New Enterprise Associates (NEA).
Does Waterline Ventures have an API?
No public API is recorded for Waterline Ventures.
What industry is Waterline Ventures in?
Waterline Ventures's product category is Venture Capital. Its primary akta.pro industry code is FSANAIAB, Independent Venture Debt Funds / Platforms. Its NAICS code is 525990 and its SIC code is 6282.