- AlleyCorp — an NYC-based firm dedicated to founding, funding, and building transformative companies across industries — recently announced the launch of the AlleyCorp Healthcare Fund. These are the details.
AlleyCorp — an NYC-based firm dedicated to founding, funding, and building transformative companies across industries — recently announced the launch of the AlleyCorp Healthcare Fund. The AlleyCorp Healthcare Fund is an early-stage venture capital fund and incubator dedicated to healthcare. And 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 is going to continue AlleyCorp’s pioneering approach of both founding companies and funding existing startups. And the fund will deploy $100 million in early-stage capital for incubations and investments over the next few years with a focus on NYC-based digital health startups. Plus AlleyCorp also will strategically partner with companies across the country in healthcare subsectors like biotech and diagnostics. AlleyCorp’s flexibility to create new companies and support existing ones is possible because the firm operates without any outside limited partners.
AlleyCorp amassed deep expertise in tech services, ecommerce, and media since its inception in 2007. And 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.
Chaired by AlleyCorp founder Kevin 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. And the team also includes medical students Omar Njie and Sherman Leung, as well as Jane Suh, formerly of Andreessen Horowitz. Along with 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.
“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. We are proud to take on this work from New York City, which has emerged as the world’s leading digital health hub.”
— AlleyCorp founder Kevin Ryan
“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.”
— Brenton Fargnoli, M.D.