Define Ventures Fund III and Opportunities Fund

Define Ventures
3 min readApr 18, 2023

We are excited to announce we have closed on $460MM across two funds, Fund III and Opportunities Fund, to redefine the healthcare ecosystem. With this fundraise, Define Ventures is the largest early-stage venture firm solely focusing on digital health companies based in Silicon Valley.

In this ever evolving, dynamic world, the healthcare industry now finds itself at an important inflection point, especially after the last few years showed us that necessity can be one of the greatest drivers of innovation. While we are living in one of the most challenging times, digital platforms have largely displaced paper, telehealth has established itself firmly in the delivery ecosystem, value-based care is progressing, and new models of care continue to evolve and improve the patient experience. Add to this, the new promise of new technologies like generative AI, and the future of healthcare continues to evolve at a revolutionary pace. At Define Ventures, we can think of no greater mission to work with entrepreneurs from incubations, Seed, Series A, and Series B stages to drive these changes in the healthcare ecosystem.

Behind this mission, we are driven by our core values:

Defining Healthcare

We have a bold vision of the future of healthcare from building category leading digital health companies in both enterprise and consumer models. With deep healthcare operating experience and Silicon Valley influences, we uniquely see the convergence of enterprise and consumer models driving innovation in healthcare for the next decade.

In pursuit of this vision, we have partnered with entrepreneurs at the forefront of building a system more personalized healthcare experience like Folx and HIMS. We are working with companies like Unite Us and Crescendo that are pushing the horizon of health insights and actionability. And as we need more integrated, risk based and hybrid care models, companies like Upstream and Lightship are taking a platform approach to innovate parts of the healthcare system that have drastically needed change for many years. And, there are multiple others, yet our work is just getting started.

Define Partnership

Making great investments is only the beginning. Given the complexities of the healthcare system, we believe entrepreneurs deserve partners who specialize in digital health expertise and knowledge from business development to people strategy to help them build during these dynamic market environments.

We work with our vast network of strategic partners from leading provider, payer, retailer, employers, life science ecosystem players to incubate and partner with our companies. Our strategic advisors span the best of consumer tech leaders like Ashley Yuki, Co-Head of Product at Instagram to healthcare industry veterans like Brook Byers, cofounder of Kleiner Perkins and Beth Bierbower, former segment President of Humana.

Define Leadership

Finally, we believe that leadership is defined by clarity of vision, collaboration, diverse perspectives, unrelenting operating attitude, and guided by a principled approach. We hold ourselves to these attributes and partner with entrepreneurs who exude these as well. In challenging times, we need to be more focused and collaborative, while operating faster toward a clear vision of creating meaningful impact in healthcare.

We are grateful to our partners from our entrepreneurs, healthcare ecosystem partners, to LPs in working with us in this vision of the future for healthcare. Human health is at the fundamental core of life. The last few years have only underscored how important the healthcare system is to helping people live to their full potential, so we look forward to continuing to work with exceptional visionaries with the tenacity in these times to build their vision into a reality for all.

Lynne Chou O’Keefe

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