What If Ventures

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.

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.

As part of our investment approach, we developed a structured evaluation process, the “FemHealth Framework.” The first element (re)imagines women’s health as conditions appearing only in women, mostly in women, and differently in women. This concept from the FemHealth Framework (© 2019 FemHealth Ventures) was first published in 2019 and is increasingly thought of as a new lens through which to view women’s health. At FemHealth Ventures, we are excited about the increasing adoption of this broader definition of women’s health and the exciting new treatments it will engender. Only in Women Some conditions appear only in women. Examples include: endometriosis polycystic ovarian syndrome cervical cancer Mostly in Women Some conditions appear mostly in women. Examples include: breast cancer lupus multiple sclerosis Differently in Women Some conditions appear differently in women. Examples include: heart disease diabetes asthma Every cell has a sex A universe of possibilities is opened in women’s health when we start with the most basic building block: our cells. Each of the 30 trillion cells in a woman’s body has a different chromosomal makeup than a man. For example, a skin cell from a woman will have XX chromosomes, but a skin cell from a man will have XY chromosomes. This difference between women and men holds true throughout every single cell in the body. As a result, even the same disease can present differently in women versus men and require distinct treatment paradigms. Women’s health is more than “bikini medicine.” The term “bikini medicine” generally refers to conditions treated by obstetricians or gynecologists. We’ve (re)imagined women’s health as a broad spectrum of conditions that can impact the whole body, ranging from ovarian cancer, to autoimmune disease, to cardiovascular disease, and everything in between. A multitude of possibilities for innovation in women’s health exist. And we are here to help bring them to life.

Amgen Ventures has made >70 INVESTMENTS placing >$400M of the $625M Amgen has committed to support healthcare innovation and interconnectivity at all stages. Amgen Ventures offers us a unique conduit to identify and support key innovators in healthcare at early stages of translational sciences by providing investment capital and access to Amgen’s vast experience in developing leading drugs. AREAS OF INVESTMENTTHERAPEUTICS: Identify promising pipeline assets in Amgen’s therapeutic areas: oncology, immune- oncology, cardiovascular, inflammation, bone health, nephrology, metabolic disorders, and neuroscience. DRUG DISCOVERY & EMERGING TECHNOLOGIES: Improve the discovery process with new technologies including cell therapies, gene-editing and gene-therapies, regenerative medicine, and drug delivery. DIGITAL HEALTHCARE SERVICES, INFORMATION & ANALYTICS: Enhance Amgen medicines by improving real world outcomes and delivering greater value to healthcare systems, doctors, and patients.

We invest to‍ keep people healthy. We invest in companies to drive the shift from traditional sickcare to modern healthcare. People are not destined to become sick as they age. We believe humans can live longer and make the best of all their years. That's why we invest in companies that keep people and our environment healthy. Today, 1 out of 2 people in the world live with a chronic disease. This tragic reality is also the source of more than 80% of all healthcare costs globally. We believe the world can do better. It’s time to break the order of things. We refuse to wait until people get sick to only then be treated. We want to help people maintain and nourish their most precious resources - physical and psychological health. We’re at the front lines of this transformation by investing in pioneering early-stage companies in the US and Europe. We want to build a healthcare system that cares when it matters most. We want people to savor the joyful simplicity of optimal functioning.

We build and invest in companies that positively impact human health with smart solutions, breakthrough science and technology. Our focus is on innovation in digital healthcare, connected medical devices, and life sciences We focus on therapeutic and preventive technology solutions addressing unmet needs in some of the most vulnerable segments of society: women, children and the elderly. Digital transformation will continue to shape our lives and has the potential to transform care. We aim to build and support Digital Health & Life Sciences companies working to make healthcare smarter, using data to improve care and outcomes, and reinventing the patient journey. Our vision for the future of healthcare guides our investment strategy. A data driven digital transformation will shape the future of healthcare. The traditional biopharma model will evolve into an integrated model, where prevention, precision cure, and care management will coexist in a highly personalized patient-centric solution. Our goal is to support the creation of life transforming care products and therapies. We believe the future of healthcare lies in supporting the next-generation of founders and teams who will lead us there. What do we look for?Innovation and groundbreaking opportunities in our sectors of focus: digital health, life sciences, tech-enabled care delivery, and connected devices Innovative treatments for Central Nervous System (CNS) disorders, in particular neurodevelopmental disorders, mental health and epilepsy Founders and teams with domain expertise who seek collaborative investment partners Investments that span development and commercial phases, with a focus on early stage opportunities (Pre-Seed to Series A). Our investment approachOur investment approach combines direct investments in early-stage companies with venture creation from bold ideas in global innovation hubs Our goal is to enable talented entrepreneurs to scale more quickly and effectively through access to our capital, enterprise capabilities and consumer touchpoints, while offering expertise and insights from Angelini’s unique perspective. We invest primarily across Europe, North America and Israel, recognizing that healthcare technology innovation is occurring in many cities around the world. We have committed €300M for investments and company creation in digital health and life sciences. What do we commit to you?Active and involved healthcare investors who operate with integrity, approachability, and transparency A team of passionate healthcare and venture capital experts diverse in demographic and experience A track record of success and experience navigating the ups and downs of early-stage company building Access to a world-class advisory board to leverage C-level experience, expertise, and leadership in healthcare