Announces Raise of $150MM Fund
Grants Fifth Annual Global Health Innovation Award for Female-Founded MedTech Companies
BOSTON, Oct. 25, 2022 /PRNewswire/ — TEAMFund, a 501(c)(3) Public Charity and a For-Profit Impact Fund whose mission is to enhance patient access to medical technology in low-resource settings, announced at The AdvaMed MedTech Conference, the release of their fourth Annual Impact Report. Despite the continued global impact of the COVID-19 pandemic, their seven portfolio companies (Jana Care, Forus Health, Tricog Health, MediBuddy, EchoNous, Vezeeta, and Qure.ai), provided 18.3MM+ new patient services and contributed to the needs of 11.5MM+ new unique patients in FY 2021 alone.
Examples of other highlights from the Report:
*Cumulatively, there were 50.2MM patient services, and 35.3MM unique patients;
*In FY 2021, 63% of patients were in India, 12% in Africa; and
*13,000 new providers were trained in FY 2021, with more than 50,000 trained cumulatively.
As another announcement, based on the success of their $30MM Fund I, TEAMFund reported that it will begin fundraising for Fund II, with a target of $150MM. In describing Fund II, Yousuf Mazhar, TEAMFund’s Managing Partner said, “While maintaining Fund I’s mission, Fund II’s aperture will be enlarged to include health inequities in underserved settings globally. Simply because more/better healthcare may be offered to some or even many in a particular country, does not guarantee that same access for all.”
As a final announcement, TEAMFund identified Butterfly Learnings, located in Thane, India and founded by Dr. Sonam Kothari, as the fifth winner of TEAMFund’s Annual Global Health Innovator Award. This award is granted to female-founded medical technology companies focused on low-resource, underserved settings. Butterfly Learnings has developed a digital therapeutic platform to care for Indian children with neurodevelopmental/ mental health conditions. The company intends to use the award to provide services in India to patients and their families who cannot otherwise afford care. More information can be found on the company’s website, www.butterflylearning.com.
TEAMFund (Transforming Equity and Access in MedTech), is an organization that combines a non-profit with an impact fund limited partnership, both having a shared aim to expand access to affordable, appropriate, and sustainable medical technologies that address unmet health needs in low-resource, underserved settings across the globe. TEAMFund is co-founded and co-chaired by Timothy Ring, former Chairman and CEO of C.R. Bard, and Kathryn Gleason, former senior partner at Morgan Lewis. TEAMFund counts among its supporters over 20 MedTech and healthcare companies worldwide.
SOURCE TEAMFund Health