TGH Ventures Research
Overview
TGH Ventures (formerly TGH InnoVentures) is the corporate venture capital arm and innovation center of Tampa General Hospital, one of the largest academic health systems in the United States. It is based in Tampa, Florida, in the Tampa Medical & Research District, where the TGH Innovation Center hosts clinicians, researchers, operators and startups. The firm launched in 2020 as TGH InnoVentures with an innovation lab, an accelerator program and a direct investing arm.
Investment Thesis
TGH Ventures invests in high-impact healthcare companies that advance care delivery, improve access and affordability, and create value across the health system. Its pitch is more than capital: founders can test, refine and validate their products on Tampa General's clinical frontlines, with access to clinical insight, operational perspective and a strategic network. It describes itself as hands-on, agile and not tied to one specialty.
Stage Focus
Early stage through growth. Press shows participation in Series A extensions (Bioliberty) and a co-led $35M growth equity round (Spark Pediatrics, September 2026). The fund also runs startup pitch competitions, including the Specialty Care pitch tournament at HLTH 2025.
Check Size
Not disclosed on the website. The fund was expanded to $25M in January 2026, which implies small to mid-sized checks. No range is stated, so none is submitted.
Lead Tendency
Both. It co-led the Spark Pediatrics growth round with the Florida Opportunity Fund and joined Bioliberty's Series A extension as a new investor.
Recent Activity
- Sep 2026: Co-led a $35M growth equity investment in Spark Pediatrics with the Florida Opportunity Fund.
- Nov 2026: Joined Bioliberty's $3.3M Series A extension, bringing the round to $13.5M.
- Jan 2026: Expanded its fund to $25M and widened its focus to include medical devices, working with clinician partners.
- Dec 2025: Hosted the Specialty Care startup pitch tournament at HLTH 2025; Switchboard Health won.
- Tampa Bay Business Journal reported in March 2025 that about 10 companies had been backed since launch.
Portfolio Highlights
The firm's website does not list portfolio companies by name; the portfolio page has only an intro paragraph. Companies below come from press and PitchBook: Spark Pediatrics, Bioliberty, Medallion and ModifyHealth. Further companies likely exist (about 10 as of March 2025).
Team
- Rachel Feinman: Managing Director of TGH Ventures and SVP of Innovation at Tampa General Hospital; board member of Florida Venture Forum.
- Anthony Zlaket: healthcare venture capital at TGH Ventures.
- Jason Swoboda: member of the TGH Ventures team, shown with the others on the About page.
The website team page lists no names in text, so titles beyond Feinman's are not confirmed.
Decision Process
A corporate venture arm inside a health system; decisions are likely made by the small team with hospital leadership input. The process is not published.
Founder Preferences
Founders building solutions that improve access, affordability and outcomes, and who want to pilot inside a large hospital system. Tampa Bay ties are valued (community impact in Tampa Bay and beyond), but the firm invests outside Florida too (Spark in Houston expansion, Bioliberty).
Geographic Focus
Tampa Bay and Florida first, with a national reach. It is a US-focused healthcare investor and also convenes the invite-only TGH NEXT Summit during TGH Innovation Week.