The new fund is focused on connected consumers. Among its first investments is Tullman’s latest venture, Transcarent, a video-health care startup.
Tullman and Shapiro are longtime business partners who previously led Chicago-based health care-technology company Allscripts. 7wire is one of the few Chicago funds focused on early stage health care investments.
“It’s positive on a number of levels,” says John Flavin, CEO of Portal Innovations, a seed-stage investor and incubator for life-science startups in Fulton Market. “You have serial entrepreneurs doubling down on this marketplace, and you’re starting to see Chicago swing from a late-stage town to an early stage town. That’s crucial for the ecosystem here.”
Flavin said a record amount of money was invested in health care-investment funds last year. “Large funds that were only participating late in the game are now getting into earlier-stage rounds, which gives entrepreneurs more access to capital. They’re finding they have to get involved earlier or they don’t have an opportunity to participate in late-stage (financing) rounds.”
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