25M Health Research
Investment Thesis & Philosophy
25M Health (part of 25madison) is a venture capital fund and health-focused venture studio that invests in early-stage healthcare companies. Founded as a partnership between 25madison and LifePoint Health, a major health system operator, 25M Health combines venture capital resources with operational healthcare expertise and direct access to a $50B+ health system for pilot deployment and real-world validation.
The fund's core thesis is straightforward: invest in founders building transformative healthcare solutions with real-world validation opportunities through LifePoint Health's network. 25M Health is focused on AI-powered healthcare software, digital health solutions, healthcare IT, and tech-enabled care delivery models that can address fundamental inefficiencies in the healthcare system.
Fund Structure & Stage Focus
25M Health operates as a venture fund investing Pre-Seed through Series A in category-defining startups focused on B2B Software and Healthcare. The fund leverages 25madison's broader incubation platform and partnerships with leading health systems and private equity firms.
Stage Focus:
- Primary: Seed and Series A
- Secondary: Pre-Seed (selective)
- Typical fund participation: Lead or co-lead rounds
- Investment vehicle: SAFE agreements and equity
The firm conducts direct investments and has demonstrated strong deployment activity throughout 2025 and into 2026.
Check Size & Investment Tickets
Based on API data and portfolio analysis:
Typical Check Size Range:
- Minimum: $500K
- Maximum: $1M (reported in system)
- Sweet spot: $500K-$1M range
The fund's flexible check size allows participation in various round structures from pre-seed through larger seed rounds.
Lead Tendency & Decision Process
Lead Tendency: Both leads and participates
The fund demonstrates this balanced approach through its portfolio:
- Co-led healthcare infrastructure investments alongside General Catalyst (Kouper, $10M Seed, 2025)
- Participated in AI-powered healthcare solutions (Basalt Health, healthcare assistant)
- Led pre-seed investments in emerging healthcare verticals
Decision Process: Partnership model
With three active partners (Steven Price, Jaja Liao, John Daly) plus operating partners and industry specialists, the fund uses a partnership-driven approach where multiple team members source and vet deals. Partners specialize in different sectors with Jaja Liao bringing early-stage VC experience from Headline and growth strategy background from Clover Health.
Decision Timeline: 1-2 weeks (estimated based on fund size and activity level)
Recent Activity & Fund Status
Fund Status: Actively deploying
The firm demonstrates strong recent activity:
Recent Investments (2025-2026):
- January 2025: Keragon (Seed, low-code healthcare workflow integration platform)
- December 2025: Canopy (wearable safety technology for healthcare staff)
- Multiple 2025 investments in healthcare IT, digital health, and AI healthcare solutions
- Focus on category-defining companies with network effects and structural competitive advantages
The fund is in active deployment mode with approximately 6+ direct investments as of February 2026, demonstrating consistent investment velocity.
Portfolio Highlights & Notable Companies
25M Health has built a substantial healthcare-focused portfolio across multiple care delivery and healthcare IT segments:
Digital Health & Care Delivery:
- Basalt Health - AI-powered healthcare assistant
- Flourish - Virtual mental health care for teens and young adults with serious mental health conditions
- Handspring Health - Mental healthcare for all children
- Midi - Virtual care clinic for women 40+ created by specialists in menopause
- Swap Health - Chronic disease management and healthier living for low-income populations
- Thrive Mobile - Smartphone plan and software platform providing connectivity for Medicaid and dual-eligible patients
Healthcare Operations & IT:
- Kouper Health - Discharge case management software for hospitals (emerged with $10M funding from General Catalyst and 25madison)
- Clearpol - Compliance management platform for healthcare facilities
- M7 Health - Nurse scheduling optimization software
- Keragon - Low-code integration platform for automating healthcare workflows
- Canopy - Wearable personal safety technology and location services for healthcare staff
- Clear - Comprehensive pricing and payments platform for healthcare
Healthcare Specialist Solutions:
- FlyteHealth - Changing perception of obesity with innovative treatment approaches
- Eon - Natural language processing for radiology reports
- Quantivly - Radiology operations platform for access, performance monitoring, and optimization
- Gratia - Compensation platform for health employers to attract and retain staff
- Ladder - Comprehensive holistic care for early childhood developmental delays, built with Boston Children's Hospital
- Novacy - Behavioral intelligence solution driving sales performance in healthcare
- TCARE - Solving caregiver burnout with intelligent technology
Adjacent Healthcare Enablement:
- Croissant - Real estate tech: get guaranteed resale value before buying
- Truehold - Home equity unlocking solution for aging populations
- Paxton - Regulatory compliance with advanced generative AI
- Offload - Modernizing oversize and overweight freight delivery
- Silkline - Connected supply base for healthcare and industrial operations
- Wilya - Flexible workforce optimization for factories and facilities
- Hut 8 - Next-generation energy infrastructure (portfolio diversification)
Investment Team & Leadership
Steven Price, Managing Partner, CEO
- Lifelong entrepreneur with multiple successful exits
- Founded companies in media, telecommunications, and business services
- Built businesses that became public companies (2 IPOs) and acquired by large corporations
- Focus areas: fintech, healthcare, health services, sustainability, B2B SaaS, supply chain tech
- Provides overall strategy and portfolio support for portfolio companies
Jaja Liao, Partner, Ventures
- Early-stage VC at Headline (formerly e.ventures) investing in healthcare, consumer, and SaaS
- Early employee at TikTok (10th US employee), grew platform from stealth to scale
- Growth strategy and operations experience at Clover Health
- Business development experience at Google and Rainfall Ventures
- Yale University (BA, Molecular Biology)
- Passionate about protecting democracy, freedom of speech, and human rights
- Looks for obsessive founders building products that customers are obsessed with
John Daly, Co-Founder, Member of Board of Directors
- Co-Founder of 25madison
- Chairman of Global Equity Capital Markets at Goldman Sachs
- Co-Head of Industrial and Natural Resources Financing Group at Goldman Sachs
- Manufacturing Engineer background at General Electric
- Brings deep finance and industrial expertise to the platform
Senior Leadership & Board:
- Gary Ginsberg (Co-Founder, Member, Board of Directors) - Former SVP & Global Head of Communications at SoftBank, EVP at Time Warner and News Corp, Founding Editor of George Magazine
- Merrill Anovick (General Partner) - Operational leader
- Grant Silow (General Partner) - Investment focus partner
- Fannie Chen (Chief Operating Officer) - Operations and fund management
- Matt Fremont-Smith (President) - Portfolio company oversight
- Kirk Posmantur (Chief Partnership Officer, Board Member, Founder) - PE firm partnerships
- Ryan Macy (Chief Technology Officer) - Technology strategy and AI initiatives
Senior Advisors & Board Members:
- Michael Lynton (Chairman, Warner Music Group; Chairman, Snap Inc.; CEO, Sony Entertainment)
- Jordan Levy (Managing Partner, SoftBank Capital NY; Founder, Seed Capital Partners)
- Aaron Sobel (Board Member; Partner, Private Equity, Apollo)
- Lance West (Board Member; Chairman & CEO, Centerbridge Partners Europe; Partner, Goldman Sachs)
- Bobby Tuohy (Director of Product, Flashpoint; Venture Partner, First In Ventures)
- Justine Lee (CEO, ClimateHaven; Former Partner and COO at 25madison; Former Head of Legal, Lyft)
Geographic Focus
Primary: United States
- Headquarters: New York, New York (817 Broadway, 7th Floor, New York, NY 10003)
- Secondary office: Miami, Florida (950 Peninsula Corporate Circle, Suite 1006, Boca Raton, FL 33487)
- National coverage across major healthcare hubs and markets with LifePoint Health presence
International: Selective presence
- Demonstrated willingness to invest outside US when founders and market opportunities align
Sector & Model Focus
25M Health invests across healthcare with emphasis on:
Industries:
- Digital health and telemedicine platforms
- Healthcare IT and workflow automation
- Healthcare operations software (nurse scheduling, discharge management, compliance)
- Specialty healthcare (obesity, mental health, menopause, geriatrics, pediatrics)
- Healthcare staffing and talent optimization
- Healthcare payments and pricing transparency
- Regulatory compliance and AI-powered healthcare solutions
- Care delivery models for underserved populations
- Healthcare-adjacent: aging in place, supply chain, energy infrastructure
Model Preferences:
- B2B SaaS with strong healthcare focus
- Healthcare IT and workflow automation
- Care delivery and telemedicine platforms
- AI and ML applied to healthcare problems
- Vertical SaaS for healthcare specific workflows
- Tech-enabled services with recurring revenue
Anti-Thesis: The fund explicitly focuses on healthcare solutions that:
- Address real operational inefficiencies in healthcare systems
- Have validation paths through LifePoint Health and partners
- Serve healthcare professionals and patients with clear ROI
- Avoid purely consumer-driven healthcare entertainment
- Focus on sustainable, scalable business models
Founder Preferences & Sourcing
25M Health seeks founders with:
- Obsession - Building products that customers are obsessed with
- Healthcare insight - Deep domain expertise and understanding of healthcare operations
- Technical rigor - Strong technical teams building defensible solutions
- Founder experience - Prior startup experience highly valued
- Validation mindset - Openness to real-world validation through LifePoint partnership
- Impact focus - Desire to improve healthcare outcomes and efficiency
Notable Sourcing Patterns:
- Healthcare operator networks (LifePoint Health partnership)
- Previous founder and operator relationships
- Industry conferences and healthcare innovation forums
- Venture investor networks (Headline, Rainfall Ventures, Google/TikTok alumni networks)
- Direct founder applications
Application: Founders can apply via apply.25madison.com or through direct founder introduction.
Engagement & Support Model
Typical Involvement: Active advisor + operational support
25M Health positions itself as:
- Operational partner - Leveraging 25madison's incubation studio experience
- Healthcare connection provider - Direct access to LifePoint Health's network and customer opportunities
- Strategic advisor - Guidance on scaling healthcare businesses
- Network access - Connections to healthcare leaders, PE partners, and operational expertise
- Growth support - Assistance with product-market fit, pricing strategy, and healthcare partnerships
Unique Offering - LifePoint Health Partnership: Unique advantage providing:
- Direct access to $50B+ health system for pilot deployment
- Real-world validation opportunities
- Operational expertise from LifePoint Health executives
- Pathway to larger healthcare partnerships
- Understanding of health system economics and decision-making
Fund Economics
Fund Size & Composition:
- 25madison overall has raised $60M+ to date (as of 2021 announcement)
- 25M Health is one division of 25madison platform
- Actively deploying capital with strong investment velocity
Fund Status: Currently investing from operational capital with portfolio focus on healthcare category leaders
Decision Process & Engagement Timeline
How They Work:
- Application via apply.25madison.com or warm introduction
- Partnership evaluation and due diligence (1-2 weeks estimated)
- SAFE or priced equity negotiation
- Post-investment: operational support and LifePoint Health partnership activation
- Series A support: strategic guidance and investor introductions
Typical Timeline: 1-2 weeks from application to decision
Warm Introduction: Not required (especially for compelling founders)
Competitive Positioning
25M Health differentiates through:
- Healthcare system partnership - Unique access to LifePoint Health's $50B+ infrastructure
- Operational expertise - 25madison's incubation studio and portfolio company operations experience
- Expert team - Partners with deep healthcare and tech backgrounds
- Real-world validation - Pilot and deployment opportunities through LifePoint partnership
- Multi-stage support - Incubation through Series A and beyond
- Strategic partner network - Distribution partnerships with PE firms and healthcare organizations
- Track record - Building category-defining healthcare companies
Unique Positioning
25M Health operates at the intersection of:
- Healthcare system integration - Backed by major health system with real deployment opportunities
- Applied AI focus - Strong emphasis on AI solutions for healthcare operations and patient care
- Operational playbook - Incubation studio model provides ongoing operating experience
- Healthcare expertise - Multiple partners with healthcare backgrounds and deep relationships
- Proven track record - Building companies that improve healthcare operations and patient outcomes
The firm represents a modern approach to healthcare venture investing: founder-friendly, operationally focused, and committed to backing founders building meaningful healthcare solutions with real-world validation pathways.