111 West Capital Research
Investment Thesis
111° West Capital is a healthcare-focused venture capital firm founded in 2021 and led by medical physicians. The firm partners with commercial-stage enterprise software and fintech companies tackling healthcare's largest cost, quality, and access problems. Its founders draw on direct clinical and operating experience — co-founder Andrew Brooks is a physician and healthcare entrepreneur — which the firm positions as a differentiator in sourcing and diligencing digital health deals. The firm combines its investment team's healthcare domain expertise with an operator network to support portfolio companies from early traction through exit.
Sector Focus
The firm invests across two linked healthcare verticals:
- Medical devices, pharmaceuticals, biotech, and health analytics (earlier-stage bucket)
- Health IT, health and hospital services, AI-enabled healthcare software, payments/fintech, SaaS, and cybersecurity (later-stage bucket)
In practice, nearly all disclosed portfolio activity is enterprise software and AI applied to healthcare operations: payment integrity (Codoxo), medication management (Arine), staff safety/location intelligence (Canopy), medical coding workflow (KODE Health), and employee health benefits (Healia Health).
Stage Focus
111 West Capital runs two distinct investment programs under one roof:
- Early stage (led by Andrew Brooks and Michael Matly): sweet spot around $1.5M, range $100K–$5.0M, spanning pre-seed through Series A.
- Later stage (led by Daniel Tully): sweet spot around $10.0M, range $5.0M–$25.0M, spanning Series A through Series B, with average disclosed check sizes near $12.5M at Series A and $23.3M at Series B.
Check Size
Blended range across both programs: roughly $100K at the smallest early-stage checks up to $25M at the top of the later-stage program.
Lead Tendency
The firm both leads and co-leads. It led Arine's $29M Series B (2022) and Healia Health's $14M Series A (2026), and co-led Canopy's $22M Series B alongside ACME Capital (2026). It has also taken participant positions in larger syndicates, such as KODE Health's $27M Series B led by Noro-Moseley Partners (2025).
Recent Activity
The firm has been active through 2025–2026:
- July 2026: Led Healia Health's $14M Series A (part of an $18M round) alongside Y Combinator, First Round Capital, Pioneer Fund, GoAhead Ventures, and North Coast Ventures.
- January 2026: Co-led Canopy's $22M Series B with ACME Capital for the company's connected safety and location-intelligence platform.
- January 2025: Participated in KODE Health's $27M Series B led by Noro-Moseley Partners.
- 2026 activity also reportedly includes a position in Anonymous Health, a behavioral-health/addiction-recovery platform, per aggregator data (not independently source-confirmed for this write-up).
Portfolio Highlights
- Codoxo (codoxo.com) — generative AI for healthcare payment integrity and cost containment; 111 West Capital has followed on through Series C.
- Arine (arine.io) — medication intelligence platform managing 10M+ health plan members; 111 West Capital led the $29M Series B.
- Canopy (canopyworks.com) — connected safety and location-intelligence platform now protecting 300,000+ healthcare workers across 60 health systems; 111 West Capital co-led the $22M Series B.
- KODE Health (kodehealth.com) — on-demand medical coding marketplace connecting health systems with certified coders.
- Healia Health (healiahealth.com) — health-benefits platform for dual-income families, reimbursing out-of-pocket costs against a spouse's plan.
The firm states its investments have created over $9B in aggregate value for investors, though this figure is unverified beyond the firm's own materials.
Team
- Andrew Brooks, M.D. — Managing Partner and co-founder. Physician by training with prior healthcare operating and investing experience (also associated with Cardo Medical). Runs the early-stage program alongside Michael Matly.
- Michael Matly — Managing Partner, San Francisco. Co-runs the early-stage program ($100K–$5M checks) with Andrew Brooks, focused on medical devices, pharma, analytics, biotech, AI, and health IT.
- Daniel Tully — Principal, San Francisco. Leads the later-stage program ($5M–$25M checks) spanning AI, payments/fintech, health and hospital services, health IT, SaaS, and cybersecurity.
Decision Process
With a three-person named investment team split across two stage-specific programs, decisions appear to run through a small partnership rather than a formal investment committee; treated here as "partnership" with moderate confidence.
Founder Preferences
Public materials do not state explicit founder preferences, but the firm's clinician-led positioning and its portfolio pattern point toward operator-credible teams building commercial-stage, revenue-generating healthcare software — not pure research-stage biotech or hardware.
Geographic Focus
United States only, per third-party investor-profile aggregators. The firm's own site does not publish a headquarters address; secondary sources place its people/offices between San Francisco, CA and Santa Monica, CA, with a Wyoming (Jackson/Alpine) fund-registration address appearing in some aggregator records.
Co-Investment Partners
Frequently appears alongside Bessemer Venture Partners, IVP, Visionaire Ventures, B Capital Group, 10100, HealthQuest Capital, Y Combinator, First Round Capital, GoAhead Ventures, North Coast Ventures, Pioneer Fund, ACME Capital, MBX Capital, New Leaf Venture Partners, Katalyst Ventures, and Super Capital Group.
Data Gaps
The firm's own website (111westcapital.com) is a minimal landing page with no team, portfolio, or thesis content published directly — this research relies on third-party investor databases (NFX Signal, Tracxn, CB Insights, LinkedIn) and funding-announcement press coverage. AUM/fund size is not disclosed anywhere found. Headquarters location and a handful of portfolio company stages/domains carry only moderate confidence as a result.