Town Hall Ventures announced the raise of its fourth fund with $440 million in capital commitments.
The venture fund is focused on bringing innovative care to underserved communities, which often can’t access new care models until they’ve been widely deployed across the sector—if ever. THV and its partners will invest in AI-first companies that are focused on serving less-resourced communities.
THV has made sizable investments in companies that have aimed to do this, like Ambience Healthcare, Qualified Health, Strive Health and Thyme Care, among others. It has made a total of 42 investments in healthcare startups across launch, venture and growth stages.
THV was launched in 2018 by the former administrator of the Centers for Medicare and Medicaid Services, Andy Slavitt. It has a total of $1.3 billion assets under management.
"With Fund IV, we will accelerate our mission by backing founders and technologists who are using AI as a core capability to lower costs, improve outcomes, and expand access to high-quality care for tens of millions of people underserved by the healthcare system," Meera Mani, M.D., general partner of Town Hall Ventures, said in a statement.
The venture fund also announced two new executive appointments. Catherine Olexa-Meadors has joined THV as head of partnerships and growth, and Will Stokes, co-founder of Strive Health, has rejoined the firm to head up its company creation studio, Hatch.
THV touts that its portfolio companies now reach 1 in 5 Americans. It also believes in the thesis that generative AI will reshape the healthcare field, as its partners wrote in a June blog post. Many of its portfolio companies are leaning into generative AI for clinical documentation and patient outreach.