Cobalt Ventures

From startups to more experienced companies, we offer investment capital joined with the expertise of an integrated health system and health plan. We actively partner with organizations to support their success and positively impact the communities we serve. We also actively partner with other like-minded health care organizations and strategic investors to collectively share expertise and drive scale. By leveraging our venture network, we will drive growth and value for portfolio companies while changing the future of health care. What we invest in:Companies and solutions aligned with our vision and strategic priorities Experienced, in-place management teams Well-developed, unique value propositions and business models Existing customers and revenue stream of $1M or more Solutions that amplify our clinical and operational expertise What we do not invest in:Class III medical devices Pharmaceuticals or biotech Pre-revenue companies* Solutions outside our mission, vision and values Other ways we work with emerging innovation companies to create value:Pool resources De-risk commercialization Collaboration agreements

At Flare Capital, we do more than simply provide capital for early stage and emerging healthcare technology companies. We partner with the most creative and passionate entrepreneurs aspiring to reinvent the business of healthcare. Together we work to build transformational companies that will profoundly improve the delivery and quality of healthcare while reducing costs. Our Team In 2014, Michael and Bill came together with the vision to build the leading dedicated healthcare technology venture capital firm. Both had started successful venture firms earlier in their careers and had a shared perspective on what the market now needed. As the “business of healthcare” is being transformed, there are significant opportunities to create important and enduring new healthcare technology companies. Given the complexity of this sector, a focused investment strategy with an experienced, committed team is required, and thus Flare Capital was launched. The firm is comprised of a number of proven healthcare technology investors with both deep industry knowledge and venture capital experience alongside accomplished operating executives of leading healthcare organizations. Our Executive Partners have substantial operating experience and our Industry Advisory Board includes many of the brightest healthcare minds with unique perspectives from across the industry. Together they provide critical insights and points of connectivity for our team at Flare Capital and are a tremendous resource for our entrepreneurs. Our Flare Scholars are professionals from preeminent healthcare companies and students from academic institutions across the country who scout interesting people and investment opportunities for us while learning about venture capital. Our Investors We have hand-assembled some of the most successful healthcare organizations, leading family offices, pension funds and investment companies as investors. At Flare Capital, we are privileged to partner with and have unparalleled access to leading innovative healthcare providers, payers, medical device companies, laboratory services provider, healthcare retailer, and one of the largest owners of healthcare campuses. Our investors have an enormous footprint in healthcare and are on the forefront of healthcare innovation. Our Approach We invest across the United States, recognizing that healthcare technology innovation is occurring in many cities around the country. While we consider ourselves principally early stage investors, we are full lifecycle investors. We partner with our entrepreneurs across the entire journey of company building. We are committed to our entrepreneurs and to being their first call, as we work closely and patiently through all strategic issues confronting our companies, maximizing their probability of success. In particular, we are very focused on assisting with recruiting and securing early customer validation and revenues. Starting and then scaling a successful healthcare technology company is hard. Careful and thoughtful financing strategies need to map to detailed product development timelines and other commercial milestones. We closely collaborate with our entrepreneurs to ensure that they have critical access to the best resources as the business scales. We relentlessly strive to be a true partner and to deliver extraordinary value to our entrepreneurs to enable them to build market leading, transformational businesses.

At McKesson Ventures, we help entrepreneurs in the healthcare technology and services space build and scale businesses that tackle some of the toughest challenges in healthcare. We look for people, like us, who are passionate about making a difference and rethinking what’s possible in healthcare. We have deep industry experience as investors and operators who have walked in your shoes. And, we have the insights and industry connections that come with being part of one of the largest healthcare companies in the world. We are highly respected and trusted by both the entrepreneurs and investors we work with – and look forward to continuing to partner with visionary leaders that have bold ideas. We are financially minded, first and foremost, investing in big markets, talented teams and great products. But we also bring the insights and connections that come with being part of McKesson, one of the country’s leading healthcare organizations. We help our portfolio companies access McKesson, as well as tap into our relationships with key stakeholders throughout the healthcare ecosystem including pharmacies, payors, providers and manufacturers. Our Values Venture firms don’t often talk about their values, but we do. We believe finding the right investors for your company is one of the most critical decisions an entrepreneur will make. We promise to be open and honest at every stage of our relationship. We are aware of what we know and what we don’t know – but most importantly, we know how to find the answers. We will be there for the ups, the downs and everything in between. We work hard to support you – bringing our network, experience and insights – because we are also passionate about making the healthcare system work better – for everyone. About McKesson McKesson has a long history of innovation and excellence within health care dating back to 1833 when it created the first national drug distribution system in the United States. Since then we’ve grown, evolving into one of the largest healthcare companies in the world with over $220 billion in revenue. While distribution is still at the core of what we do, we have become true partners with our customers leveraging technology, data and analytics to deliver the best care possible. We have a deep understanding of what it takes to scale innovation in healthcare and continually look for innovative ideas and partners to make healthcare more efficient, effective and human.

Our strategy leverages an extensive hospital system and health plan network of relationships to target attractive market segments, to identify and evaluate investment opportunities, and to support the growth of our portfolio companies. Current Areas of Focus:Administrative Automation Behavioral Health: HCIT & Services Data Security Digital Therapeutics Genomics: Applications & Analytics Patient Safety & Risk Monitoring Pharma Data & Analytics Platforms Social Determinants of Health Virtual Care Models Women’s Health: HCIT & Services

FCA invests in digital health and technology-enabled healthcare services companies across the seed to late-stage Series A stages. Criteria FCA Venture Partners' flagship fund invests $3-6m as the lead investor in Series A rounds or as a participant in Series B rounds, and our seed fund, FCA Health Innovations, invests $1-3m as a lead investor in seed rounds or as a participant in Series A rounds.