TEAMFund Closes $30M Impact Fund To Invest In Medical Tech Startups Improving Patient Access In Low-Resource Settings

TEAMFund (“Transforming Equity and Access for MedTech”) — a novel hybrid organization combining a Non-Profit with a For-Profit Fund investing in medical technology companies that improve patient access in low-resource settings, today announced the closing of its $30M inaugural fund. The Fund is led by longtime MedTech investor, Yousuf Mazhar, and Tim Ring, former Chairman, and CEO of C.R. Bard. TEAMFund was the inspiration of Ms. Kathryn Gleason, a former Senior Partner at Morgan Lewis, along with Tim Ring. TeamFUND incorporates a hybrid model of funding that combines a charity with an impact fund limited partnership could foster market discipline and help advance the most promising, viable, and self-sustaining innovations.

For the billions of people who live in poverty, in those parts of the world that are most resource-constrained, infectious and non-communicable diseases, and a whole host of other medical complications, are a constant threat. Women and children are among the hardest hit. Too many die too soon or get sick, because they either are unable to afford the right medical care or because the right medical technologies have not been adapted to suit their settings.

Low-cost medical technologies, adapted to the needs of low resource settings, could prevent millions of deaths, especially those among mothers and children, and slow the growing scourge of non-communicable diseases, such as cancer, diabetes, and heart disease. While many innovative ideas have been developed to address these problems, the innovations are not reaching the populations that need them the most, because of pathway knowledge, funding, and numerous other business challenges.

“Low-resource geographies are often limited in health services, providers, and access to affordable medical technologies needed to address the growing burdens in global health. TEAMFund seeks to address this by identifying innovative technologies and then supporting those companies both financially and through the deployment of its more than 55 MedTech Advisors to help them scale, become sustainable, and maximize impact. This has truly become an industry-wide MedTech collaboration:  more than 14 MedTech and Pharma companies and an additional 14 former MedTech CEOs have contributed to, or invested in, the Non-Profit or the Fund. We can’t begin to express our deep gratitude to the many companies, Foundations, and individuals who have provided support and advisory experience, and we look forward to continuing to steward this unprecedented MedTech sector initiative on behalf of all of our partners in this effort,” Ring and Gleason said in a joint statement.

Investment Thesis

TEAMFund invests in commercial-stage companies addressing non-communicable diseases in low-resource settings, with an initial geographic focus in India and Sub- Saharan Africa. Medical technology veterans and global health leaders want to contribute not just by donating or investing, but also by providing mentorship and leading the way to real solutions. By bringing together leadership, knowledge, and funding, TeamFUND seeks to nurture innovations and get them to the world’s most economically challenged populations.

“The companies we invest in can be located anywhere as long as they have a commercial footprint in those geographies,” said Managing Partner, Mazhar. “We particularly target those companies with digital health/AI innovations, which we believe will greatly enhance clinician/healthcare worker capability to help combat the severe shortages of doctors, nurses, and other healthcare personnel in these regions. We also believe the convergence of Tech and MedTech not only enhances patient access in low-resource settings, but also can serve as platform technologies in developed markets seeking to improve efficiencies and lowering costs.”

TEAMFund has a 10-year horizon and expects to have 8-10 portfolio companies in the Fund with up to 5 years to commit the capital. To date, the Fund has investments in Forus Health (AI/ophthalmology), Jana Care (digital health/POC diagnostics), and Tricog (AI/cardiovascular). The Fund is targeting both impact and market returns. Establishing an impact thesis and impact monitoring are essential components of each investment, and portfolio companies commit to reporting impact achievements as a condition to receiving a TEAMFund investment. – HIT

Share this:

Related Post

Stay Updated on Medical Equipment and Devices industry.
Receive our Daily Newsletter.