NEW YORK, Sept. 30, 2021 /PRNewswire/ — AlleyCorp, the NYC firm dedicated to founding, funding, and building transformative companies across industries today announced the launch of the AlleyCorp Healthcare Fund, an early-stage venture capital fund and incubator dedicated to healthcare. This fund builds on AlleyCorp's momentum in digital health and responds to the growing need and opportunity, made all the more urgent by the pandemic, to enable higher-quality, lower-cost healthcare for all.
The AlleyCorp Healthcare Fund will continue AlleyCorp's pioneering approach of both founding companies and funding existing startups. The fund will deploy $100M in early-stage capital for incubations and investments over the next few years with a focus on NYC-based digital health startups. AlleyCorp also will strategically partner with companies across the country in healthcare subsectors like biotech and diagnostics. AlleyCorp's unique flexibility to create new companies and support existing ones is possible because the firm operates without any outside limited partners.
AlleyCorp has amassed deep expertise in tech services, ecommerce, and media since its inception in 2007. With this expertise, AlleyCorp has founded several of New York's most successful technology companies, including MongoDB, Gilt Groupe, Business Insider, and Zola. Recently, the AlleyCorp team has served as co-founder or first investor of 20 healthcare startups that have already gone on to raise around $500M in funding, including Nomad Health, Vori Health, Pearl Health, and Memora Health.
“This past year highlighted that there are so many parts of the healthcare system still to be improved with technology. AlleyCorp has had tremendous success to date in healthcare, and we feel compelled now to do even more,” said AlleyCorp founder and longtime entrepreneur Kevin Ryan. “We are proud to take on this work from New York City, which has emerged as the world's leading digital health hub.”
Chaired by Ryan, the AlleyCorp Healthcare Fund is physician-led with Brenton Fargnoli, M.D., serving as Managing Partner and Jeff De Flavio, M.D., as Partner & Entrepreneur-In-Residence. The team also includes medical students Omar Njie and Sherman Leung, as well as Jane Suh, formerly of Andreessen Horowitz. In addition to patient care, this team has founded or been early operators at leading digital health startups such as Flatiron Health, Nomad Health, Groups Recover Together, CityBlock Health, Clover Health, and PatientPing.
“Since my time at Flatiron Health, it has repeatedly stood out to me how melding the clinical perspective together with tech is both the great challenge and opportunity for healthcare technology startups,” said Fargnoli. “We are taking this core issue head-on with AlleyCorp's longstanding tech expertise and the dedicated healthcare team we've assembled. Ultimately, we tie everything we do back to the patient and practitioner experience.”
While AlleyCorp is industry-agnostic, it also has a dedicated Robotics Fund and Canada-focused fund in addition to Healthcare.
Founded by serial entrepreneur Kevin Ryan, AlleyCorp is a New York-based $500M+ evergreen venture fund that founds and invests in companies in New York and across the globe. AlleyCorp's work stretches across three principal categories: first, founding companies (having founded MongoDB, Gilt Groupe, Business Insider, Zola, Nomad Health, and many more); second, as an early-stage investor in technology companies (across pre-seed, seed, and series A); and third, as a limited partner and fund-of-funds (investing in 30+ top funds globally). For more information, please visit www.alleycorp.com.