- Wellness executive and founder Abby Levy and iconic investor and Alan Patricof have announced the launch of Primetime Partners.
Wellness executive and founder Abby Levy and iconic investor and Alan Patricof (co-founder of $2 billion AUM venture firm Greycroft and $50 billionaires AUM private equity firm Apax Partners) have announced the launch of Primetime Partners. Primetime Partners is going to focus on seed and early-stage investments in products, services, technologies and experiences for the aging such as aging in place, financial security for retirees, care management, and longevity health services. Plus the firm will invest in Older Adults who are launching new companies to capitalize on their experiences in earlier careers.
Abby Levy — a health and wellness executive, operator, and former founder — is leading Primetime as the Managing Partner. Before Primetime, Levy served as President of Thrive Global (a behavior change technology company) Senior VP of Strategy and Growth for SoulCycle, and an advisor to numerous startups.
Primetime’s first fund will make initial seed and early-stage investments between $250,000 to $1 million. And it will focus on products, services and experiences dedicated to adults aged 60+, a global population expected to double from the current levels to 1.6 billion by 2050.
Nearly every country in the developed world has been experiencing a major shift in the proportion of the Boomer population. And as the demographics shift, the cost of infrastructure to care for this population is growing approximately 5% every year. Plus 87% of adults aged 65 and older want to age in place thus creating more demand for in-home care.
Due to the COVID-19 pandemic, there is an increase in demand from Older Adults to use digital services and platforms like Zoom, FaceTime, and e-commerce shopping — all of which make it easier to age in place.
Welltower Inc. CEO Tom DeRosa will act as an Advisor to Primetime. And under DeRosa’s leadership, Welltower has grown to a global leader of senior living and ambulatory care real estate. Plus Welltower has agreed to provide Primetime Partners with introductions to its network of operators for purposes of market research, product testing and pilot research.
Primetime also has a deep bench of notable advisors including Dr. Linda Fried (Dean of Columbia School of Public Health), Annie Lamont (Managing Partner of Oak HC/FT), Aaron Martin (EVP and Chief Digital Officer of Providence St. Joseph Health), Trevor Price (CEO of Oxeon Holdings), Mitch Rothschild (Chairman of Sapphire Digital), Trent Stamp (CEO of The Eisner Foundation), Bill Stapleton (CEO of Health Plan One) and Rachel Winokur (Chief Business Officer of Bright Health).
KEY QUOTES:
“It’s our responsibility and opportunity to build and invest in products, services and technologies for older adults — a sector that has long been ignored by venture capital money. In addition, the older adults we invest in have invaluable knowledge and experiences that can’t be overlooked, and they’re bringing brilliant ideas to the table. At age 85, I want to be the spokesperson for what’s possible and drive society forward.”
— Alan Patricof
“Our society is woefully lacking the products and services to satisfactorily address the needs for this 25 percent of our population. The older consumer has been largely overlooked, even though they control 60% of our country’s net worth, generate over half of all healthcare spend and are digitally active. We’re determined to shed a new light on this population and be the leading investment platform in the space.”
— Abby Levy
“My mom has always made huge sacrifices for me and our family. She’s the most energetic person I know – my rock and inspiration. This fund provides a unique opportunity to give back to her and previous generations that paved the way for us, by investing in companies and entrepreneurs focused on uplifting them.”
— Kevin Durant, Co-Founder of Thirty Five Ventures (with Business Partner Rich Kleiman and investor in Primetime Partners)
“Right now, we’re facing a healthcare crisis in America. 90% of 75+ people have physical limitations, and younger caregivers shoulder much of that responsibility while working part-time or full-time jobs. We’ve spent billions on Medicare, Medicaid, and commercial health, yet 60% of global adults suffer from multiple chronic conditions. The time is ripe to invest in new tools to serve this over-looked segment of the population, and the team at Primetime Partners dedicated to providing for caregivers and the Aging population.”
