CVS Health Ventures

Cobalt’s strategic approach adds value for entrepreneurs and co-investors who seek partners bringing more than just dollars to the mix. While we focus on generating superior financial returns, we’re equally passionate about supporting our portfolio companies with unique industry insights and direct access to healthcare leaders, stakeholders and subject matter experts through our affiliation with a leading regional health plan. A Flywheel of Value Creation Cobalt acts as a catalyst for strategic engagement between both the entrepreneurs and corporate partners we serve. Our investment model drives a flywheel of value creation by aligning the strategic priorities of payers and providers with achievement of key commercial milestones for our portfolio companies. Supporting this path for collaboration in both directions is an integral part of our investment process. We start at the earliest stages of evaluating any opportunity -- and continue to work as an active and engaged partner to execute on innovation long after the deal is done. For Entrepreneurs Cobalt supports business development and partnership opportunities for: Product development Pilots and use case implementation Business model and ROI validation Customer acquisition Follow-on investment and exits For Payers and At-Risk Providers Our portfolio companies drive strategic value by: Lowering total cost of care Improving experience, engagement and quality metrics Expanding access to care for members and patients Aligning payers and providers to value Enhancing business growth and administrative efficiencies Our Core Principles Our Team is passionate about forging strong partnerships that drive significant growth and value creation for our portfolio companies. We are committed to the following shared principles and values: We are both financial returns motivated and mission oriented. We believe we can do well by doing good. We are not passive investors. We act with a partnership mentality and seek to work with people who want to actively partner and collaborate with us. We are undeterred by the dysfunction of our healthcare system, and we are obsessed with trying to improve it for payers, providers and patients. We value honesty, integrity and transparency. We expect the same from our partners. We value and support the principles of diversity, equity and inclusion. We do serious and important work in support of incredibly talented entrepreneurs and professionals, but we will always strive to have fun while doing it.

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

At the foundation of each of our investments is a commitment to helping our portfolio companies grow so they can better serve employers of all size. Employers make significant investments to make health care more accessible and easier to navigate. Our portfolio companies bring innovations to market that meet some of employers’ most pressing health care needs, including care navigation, advanced primary care, fertility planning and advanced analytics. Here are some of our current key areas of focus: Drug Management: Prices for drugs – particularly in high-cost categories like oncology, obesity and cell gene therapy – are outpacing inflation. We seek investment opportunities that address drug spend and access, with a specific focus on high-cost drugs or conditions that are highly prevalent in employer-sponsored insurance populations. Data and Analytics: Employers need solutions that make the vast amount of available health care data actionable and tailored to their insured populations. As such, we consider investment opportunities that provide the necessary infrastructure and analytic capabilities to impact administrative efficiency or drive improvements in health care quality and price transparency. Small- and Medium-Sized Business (SMB) Solutions: Rising health care costs place a severe burden on SMBs. In fact, the smallest employers are facing the biggest hikes in premium costs. Employers with just 1-10 employees saw a 12% increase in average family plan premiums in 2022. To help navigate this challenge, we weigh investment opportunities that enable SMBs to provide more affordable, high-quality, and equitable health care to employees through new purchasing and coverage models. Behavioral Health: Fragmented solutions have proven ineffective in addressing the behavioral health needs of patients. To help drive change in this area, we’re considering investment opportunities that approach patient care holistically, with behavioral and medical spend linked to create a comprehensive and unified view of the patient. Women’s Health: Despite deep investments in this area from employers, too many gaps in health and access to care still exist. There are opportunities to solve for the discrete, largely unmet, needs of women in the workforce, including but not limited to maternity, menopause, and comprehensive women’s primary care.

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.

At Town Hall Ventures, we seek to partner with entrepreneurs who are as passionate as we are about changing our health care system. When we invest, we will make a substantial commitment of our time, network and resources to support entrepreneurs and their investors through the ups and downs of building successful companies. It’s why we choose to invest in fewer opportunities than most and only in the most impactful - focusing all of our energy working side-by-side with our partners to create and scale the breakthrough companies that will transform health care. Our Mission Using innovation to fix health inequities. Those fortunate enough to be born in the right zip code live longer and healthier lives than those in communities next door. Systemically, people who represent diverse racial, ethnic and gender identities, especially when combined with lower socioeconomic status, experience substantially worse health outcomes in the United States. These inequities in health - physical, mental and social determinants - result in individual, community and national struggles. When we provide great health care to the least fortunate, we are benefiting our entire societal fabric. We have an opportunity to shift investment away from nice-to-have ideas to proven solutions that improve care for populations that have long been underserved. Innovations aimed at improving care have been slow to come to areas that need it most, including: primary care, mental health, addiction, end-of-life care, kidney care, maternity and newborn health. The costs of ignoring these issues are carried by everyone. Enter the mission-driven entrepreneur. Over the past few years, innovative health care delivery approaches that serve Medicare populations have begun to emerge. Entrepreneurs have brought a new focus on reinvigorating primary care and pushing care into more comfortable settings. These models are just getting started, touching only 2% of the Medicare population today, but have tremendous potential to transform health for millions more. Thanks to an improved set of incentives, similar innovation is now coming to Medicaid. Entrepreneurs are beginning to focus on the needs of this population with the goal of dramatically improving health outcomes for patients and providing value to the hospitals, managed care plans, and State and Federal governments who care for them. Companies who create effective solutions to these challenges have the opportunity to improve the lives of 120 million Americans.

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.