W Health Ventures targets $70 million Fund II to build healthcare startups
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US venture capital firm W Health Ventures is looking to raise $70 million, or about Rs 610 crore, for its second India-focused fund to back healthcare startups in the country.The fund will support the development of eight to ten seed and early-stage healthcare companies over the next four years, in partnership with 2070 Health, a healthcare venture studio, W Health Ventures managing partner Pankaj Jethwani told ET.W Health plans to invest Rs 26-40 crore ($3-5 million) per company, with additional capital reserved for follow-ons, he added.Its company-creation model offers infrastructure, capital, and operational know-how from the incubation stage.'The company creation model is particularly suited for healthcare due to the sector's inherent challenges, such as its slow pace of change, heavy regulation, and complexity,' Jethwani said. 'This approach helps founders overcome bottlenecks by leveraging the fund's data, relationships, playbooks, and teams to build companies from zero to one.'Fund II will focus on two core themes: single-specialty care delivery platforms and AI-enabled business-to-business (B2B) healthcare services.The first theme will back startups offering high-quality, efficient care in specific medical specialities.The second will target B2B companies catering to the growing demand from US-based healthcare firms for technology solutions powered by India's clinical and engineering talent pool. These startups are expected to use automation and artificial intelligence (AI) to drive operational efficiency for international clients.'AI is no longer optional when building a company, including in healthcare, though it doesn't always have to be the primary product,' Jethwani said. 'The technology is crucial for embedding convenience and high-quality care at every step.'W Health has already begun deploying capital from the new fund.Its first investment from Fund II was in EverHope Oncology, which raised $10 million in a seed round. W Health led the round in partnership with Narayana Health and 2070 Health, as reported by ET.W Health's first fund of around $50 million backed startups such as AI-enabled mental health platform Wysa; Elevate Now, a medical weight-loss programme; and Kins, a US-based virtual and home-based physical therapy platform. Its other investments included startups in paediatric care and pain management.Founded in 2019, W Health has backed companies across various healthcare domains, including digital health, chronic disease management, and mental health.India has seen a rise in sector-specific venture capital funds that focus on defined themes such as healthtech, deeptech, cleantech, and consumer tech. Examples include Java Capital, which backs deeptech and climate tech startups; Avaana Capital, focused on consumer, food and agritech; and Delhi-based Sauce VC, which invests in consumer brands.
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