American Heart Association Ventures invests in mission-aligned companies to translate evidence-based science and technologies into sustainable products that improve cardiovascular and brain health. Pulse 2.0 interviewed American Heart Association Ventures managing partner Lisa Suennen to learn more.
Lisa Suennen’s Background
Could you tell me more about your background and how it uniquely positioned you for your current role? Suennen said:
“I began my career in health care in the late 1980s at a startup that was an integrated payer and provider focused on mental health and substance use disorder care. I joined in its earliest days—when revenue was under $10 million—and was fortunate to help guide its growth to an $800 million company, through an IPO and eventual exit. The company was founded on the belief that expanding access to high-quality care would improve outcomes and reduce costs, a principle we proved repeatedly. This formative experience shaped my perspective on the intersection of health care and health economics and has been central to my venture investing focus since the early 1990s.”
“The American Heart Association’s mission is deeply personal to me. Heart disease and brain health have profoundly affected my family, and I’ve personally been affected by a genetic heart condition (now cured). My leadership role at American Heart Association Ventures allows me to align decades of experience in health care and venture investing with a personal commitment to improving health outcomes—by helping fund solutions that advance heart and brain health and that align the incentives of patients, payers and providers whenever possible.”
Origin Story
What is the origin story for American Heart Association Ventures? Suennen shared:
“Our origin story began back in 2013 when American Heart Association CEO Nancy Brown and I began exploring how the Association could more rapidly translate research and clinical discoveries into actions that improve patient outcomes. I proposed the Association employ venture investing as a way to bridge that critical final mile—turning scientific breakthroughs into commercially available products and services that advance better care. Nancy invited me to consult on the idea, and over the next two years, I led a listening tour across the organization that ultimately led to building Cardeation Capital, the Association’s first venture fund.”
“Cardeation Capital’s success to date has paved the way for broader mission-aligned investing, including the launch of the Social Impact Funds in 2018 to support community-led solutions addressing the social drivers of health.”
“In 2024, American Heart Association Ventures was formally established when I joined full time to build a comprehensive venture platform. We launched the Go Red for Women Venture Fund to invest in market-driven solutions for heart, brain and related conditions that affect women differently, disproportionately or distinctively. Our venture incubator, Studio Red, creates and co-creates new companies to bring early-stage heart and brain ideas to commercial reality.”
“In a nutshell, through American Heart Association Ventures, we’re using venture capital as a strategic tool to accelerate health innovation and improve lives at scale.”
Significant Milestones
What have been some of the American Heart Association Ventures’ most significant milestones so far? Suennen cited:
“Since 2018, the Social Impact Funds have deployed over $34M to organizations across the U.S. that are working to improve health care access and quality, food security and economic empowerment. Our funding has resulted in improved health for over 12 million people. Of note, 5.5 million more people have access to impactful health services, 4.7 million have improved food security and 2.2M have greater financial health.”
“A key Studio Red milestone is the co-creation of Auxira Health together with MedStar Health and Abundant Ventures. A virtual cardiology company, Auxira relieves the burden of overworked cardiologists and improves patient access—a win-win model that raises access to excellent care while expanding health system capacity. We have also collaborated with MDisrupt to bring our expert members’ knowledge to companies and create opportunities for them to influence the future of innovation.”
“Most recently, the Go Red for Women Venture Fund made its first investment, leading Neura Health’s $11.4 million Series A funding round. Neura, a virtual neurology clinic, addresses conditions that disproportionately, and often differently, affect women—including migraine, concussion, dementia and stroke recovery. The company’s model responds to the care access gap in the U.S. by providing rapid telemedicine access for those suffering from neurological conditions who don’t require in-person treatment but do need clinical attention quickly.”
“And of course, our first venture fund, Cardeation Capital, has already had two successful exits (Bardy and Explorer Surgical) and has a stellar portfolio across its two funds: Cardeation and Cardeation II.”
AUM
Can you discuss total AUM or any other notable metrics? Suennen assessed:
“Today American Heart Association Ventures oversees approximately $200 million in assets. We create enterprise value through returns, revenue generation and fundraising income, all of which support the mission of the Association.”
Differentiation
What differentiates American Heart Association Ventures from other VC arms? Suennen emphasized:
“There are a couple of key differences. One is that we span an array of venture models—from social impact to broader commercial return-oriented investing. Some of our venture funds are supported by philanthropic capital coming from donors who want to see the strong science and clinical know-how at the Association get translated into furthering the mission. In these funds, any financial returns from a sale or other positive outcomes from portfolio companies are reinvested into the funds for additional entrepreneurial support, sponsoring ever-evolving rounds of innovation. This model of regenerative philanthropy has the potential to multiply donor dollars many times over. As more investments are made, we expect more returns to come back for reinvestment, creating a virtuous cycle of growth and positive change.”
“Other of our venture programs have more traditional venture funding streams, but all of them are built to advance the mission of the Heart Association and to utilize our many assets, capabilities and experts to make good business out of good medicine. We are vigilant about staying true to the organizations’ goals of improving heart and brain health for all people.”
Challenges Faced
What are some of the challenges that are unique to a nonprofit VC arm like yours? How do you overcome those? Suennen acknowledged:
“Navigating the rules that govern nonprofit organizations—particularly avoiding unintended benefit to for-profit entities—can be complex. Fortunately, we’ve established strong guardrails to ensure compliance while still enabling our team’s expertise to fuel innovation. Raising philanthropic support for venture funds is a unique endeavor. Resonating deeply with some, but not others, it requires a different approach than traditional venture fundraising. We’ve been fortunate to tell our story effectively and attract exceptional donors who believe in this model. As a relatively new organization, we’re still building awareness. But our approach closely mirrors that of a strategic venture fund—which is familiar to me and others on our team. Like any venture initiative, it comes with challenges, but also tremendous opportunity.”
Future Goals
What are some of your big-picture future goals for American Heart Association Ventures? Suennen concluded:
“Our goals are simple yet ambitious. We want to eliminate the root causes of cardiovascular and neurological conditions. We want to improve lives by ensuring all have access to high-quality health care and live in conditions that make it possible. Venture capital is one of many strategic levers we employ at the Association. We work diligently to translate the deep expertise of our staff and volunteers into meaningful, mission-aligned investments that generate greater health care value and better health outcomes. That’s our purpose, clear and unwavering.”
