Another former Kleiner partner launches a fund; this time it’s Lynne Chou O’Keefe with Define Ventures
Kleiner Perkins is known for many things. Among them, increasingly, is the growing number of people who’ve logged hour at the project house, then disturb out on their own to hang their own shingles.
The latest among them: Lynne Chou O’Keefe, who joined Kleiner Perkins in 2013 as a partner in its life sciences group, where she focused on digital state and connected maneuvers. Today, Chou O’Keefe is taking the wraps off a brand-new house, Define Ventures, and announcing a introduction store with $87 million in uppercase commitments.
We’d first written about the fund back in October, when we investigated an SEC filing for it. As we reported then, Chou O’Keefe spent six years with Abbott Vascular, a divide of the healthcare giant Abbott, as a global produce administrator and later as a global marketing director. She also logged a couple of years with Guidant( which form part of Boston Scientific and Abbott Labs) and, before that, toiled in undertaking with Apax Partners.
That SEC filing registered a target of $ 65 million. But Chou O’Keefe, with whom we chatted on Friday, suggested that interest in the fund was even greater than imagined, thanks in part to investors she got to know through her project as a former board member of Livongo, a now publicly traded fellowship that monitors and instructs cases with chronic diseases like diabetes.
Unsurprisingly, she says benefactors are also excited about her brand-new conglomerate, proposing they’d been looking for a house that doesn’t exactly dabble in digital health but that focuses plainly on it, as does Define Ventures.
” A pile of founders have said,’ It’s so nice not to have to explain the space to you .’ Having true partnerships is something they’ve needed and something you can do with a sector-focused fund .”
Define may be announcing its final store close today, but the house, which is interested in telemedicine startups and squads focused on chronic disease management, amongst other, has been actively investing in startups over the last year.
Among its speculations even further: HIMS, the direct-to-consumer digital health and wellness corporation focused on beings; Tia, a startup that plans to open membership-only women’s health clinics across the country, after opening its first locale in New York last March; Verana Health, a clinical data startup that initially focused on ophthalmology but has been expanding into other areas; Unite Us, a attend coordination software maker that appears to connect social services with healthcare; and Lightship, a startup that’s working to find and connect patients with the companies that need them for their clinical trials.
Though the lone general partner, Chou O’Keefe isn’t running the fund single-handedly. Helping her is principal Chirag Shah, who was most recently a vice president with Imagine Health, a Utah-based company that constructs custom units of healthcare providers for supervisors with large concentrations of employees in a single geography. He has also toiled as a senior director at the publicly traded company Castlight Health and as an associate with The Carlyle Group.
The two had countless mutual joinings, says Chou O’Keefe, adding that they plan to invest in between 15 and 18 startups altogether from their debut store, writing checks that range from $750,000 on the earlier surface to upwards of$ 6 million.
Whether Define proves smart-alecky to focus more narrowly on digital health will take time to know, but certainly, there’s growing interest in virtual healthcare across the board. Harmonizing to one research outfit, Grand View Research, the world digital health sell sizing is expected to reach $500 billion by 2025, expanding at a deepen annual growth rate of approximately 27% between now and then.
In the meantime, Chou O’Keefe becomes part of a group of former Kleiner investors who are now in charge of their destiny. Among other Kleiner alums who’ve since co-founded their own supermarkets is Beth Seidenberg of Westlake Village Biopartners, Chi-Hua Chien of Goodwater Capital, Trae Vassallo of Defy, Mary Meeker of Bond and Aileen Lee of Cowboy Ventures, to identify really a handful.
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