$107M fund started by former BCBS execs aims to diversify health tech

A group of former Blue Cross Blue Shield executives have started an $107 million investment fund focused on supporting health tech startups helmed by women and entrepreneurs of color.

Seae Ventures is made up of three business partners who had started a health tech investment fund eight years ago at Blue Cross Blue Shield of Massachusetts, the Boston Globe reported June 7. The firm's two other partners include another former employee of that fund, called Zafree Investments.

Seae's just-closed first fund has $107 million from more than 30 investors, and about half of it has already been invested, with investments of $1 million to $5 million focused on equity projects — like a platform that helps women of color find culturally sensitive healthcare professionals, a startup that reroutes nonemergency 911 calls to a telehealth provider, and a firm that offers virtual cardiac rehabilitation, according to the article.

"We are really in the business of saving lives [and] bridging the digital divide between marginalized communities," Seae co-founder Tuoyo Louis told the Globe.

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