CVS Health Launches $100 Million Venture Fund

Rhea-AI Summary

CVS Health has launched CVS Health Ventures, a corporate venture capital fund with an initial allocation of $100 million. The fund aims to invest in early-stage companies focused on enhancing accessibility and affordability in healthcare. CVS Health has previously made over 20 direct investments, yielding strong returns. The initiative aims to foster partnerships and accelerate innovation in digital healthcare, aligning with CVS's goal to provide better health experiences for consumers.

Positive

• Launch of CVS Health Ventures with $100 million for investments.
• Focus on technology-enabled innovation in digital health.
• History of successful investments, including Unite Us and LumiraDx.

Negative

• None.

WOONSOCKET, R.I., April 29, 2021 /PRNewswire/ -- CVS Health (NYSE: CVS) today announced the launch of CVS Health Ventures, a dedicated corporate venture capital fund that will invest in and partner with high-potential, early-stage companies focused on making health care more accessible, affordable, and simpler.

"Consumers deserve a better health experience, one that puts them at the center of cutting-edge, digitally enabled solutions," said Karen S. Lynch, President and CEO, CVS Health. "Forming CVS Health Ventures will build on our successful track record of scaling innovation and driving change in health care."

The fund will initially launch with $100 million allocated for investments and will focus on companies with the potential for technology-enabled innovation and disruption in digital health care that are anchored in CVS Health's core strategy. CVS Health Ventures will build relationships with early-stage companies via investment as well as by offering expertise and insights from CVS Health's unique perspective.

CVS Health has already made more than 20 direct investments through the CVS and Aetna businesses. These investments have delivered consistently strong returns and partnerships. Current investments include Unite Us, a technology platform that connects health care and social services providers, and LumiraDx, an innovative point-of-care diagnostic platform.

"We have deep experience investing in innovative companies," said Josh Flum, Executive Vice President, Enterprise Strategy & Business Development, CVS Health. "We will build on this experience by providing capital to our start-up and venture partners and helping them scale more rapidly through commercial relationships with our business units. This is an exciting opportunity to accelerate innovation and effectively bring new solutions to the consumer health space."

Additional information on CVS Health Ventures and its leadership team can be found at cvshealth.com/ventures.

About CVS Health
We are a diversified health services company with more than 300,000 employees united around a common purpose of helping people on their path to better health. In an increasingly connected and digital world, we are meeting people wherever they are and changing health care to meet their needs. Built on a foundation of unmatched community presence, our diversified model makes us an integral part of people's everyday health. From our innovative new services at HealthHUB^TM locations, to transformative programs that help manage chronic conditions, we are making health care more accessible, more affordable and simply better. Learn more about how we're transforming health at www.cvshealth.com.

Cautionary Statement Concerning Forward-Looking Statements
The Private Securities Litigation Reform Act of 1995 provides a safe harbor for forward-looking statements made by or on behalf of CVS Health Corporation. By their nature, all forward-looking statements are not guarantees of future performance or results and are subject to risks and uncertainties that are difficult to predict and/or quantify. Actual results may differ materially from those contemplated by the forward-looking statements due to risks and uncertainties described in our Securities and Exchange Commission ("SEC") filings, including those set forth in the Risk Factors section and under the heading "Cautionary Statement Concerning Forward Looking Statements" in our most recently filed Annual Report on Form 10-K. You are cautioned not to place undue reliance on CVS Health's forward looking statements. CVS Health's forward-looking statements are and will be based upon management's then-current views and assumptions regarding future events and operating performance, and are applicable only as of the dates of such statements. CVS Health does not assume any duty to update or revise forward-looking statements, whether as a result of new information, future events, uncertainties or otherwise.

Media Contact
Ethan Slavin
860-273-6095
SlavinE@cvshealth.com 

CVS Health Ventures Contact
Jason Hawbecker
401-770-8723
Jason.Hawbecker@cvshealth.com

Investor Relations Contact
Katie Durant
401-770-6442
Katherine.durant@cvshealth.com

 

View original content to download multimedia:http://www.prnewswire.com/news-releases/cvs-health-launches-100-million-venture-fund-301279691.html

SOURCE CVS Health