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§ Venture Capital · IL, USA
Venture capital firm investing in early-stage healthcare software and services startups, excluding devices and pharmaceuticals.
HC9 Ventures is a New York, United States-based venture capital firm that invests in Seed and Series A healthcare software and services startups. The firm focuses on transformative companies addressing industry challenges, excluding devices, pharmaceuticals, or high scientific risk ventures, and closed its first fund at $83 million in 2022. HC9 raises capital from limited partners who are exclusively healthcare executives and leaders, with Jory Capital, led by former UnitedHealth Group CEO Dave Wichmann, serving as an anchor investor. It partners closely with founders, leveraging LP expertise to support portfolio companies like Reema Health and Gather Health, and has made 10 investments to date. HC9 Ventures was founded in 2019 by General Partners Richard Lungen, Jon Gordon, and Charlie Falcone.
Key people at HC9 Ventures.
Key people at HC9 Ventures.
HC9 Ventures has 23 tracked investments across 14 companies. The latest tracked deal is $4.0M Seed in Ankored in September 2025.
HC9 Ventures is a U.S.-based venture capital firm focused on early-stage healthcare innovation, with a mission to partner with founders to scale and monetize emerging, value-added healthcare businesses by providing capital and deep industry expertise. The firm specializes in Seed and Series A investments, targeting companies that are building transformational healthcare technology and services—particularly in health tech, mental health, senior care, AI-driven care delivery, and related fintech enablers. HC9’s investment philosophy centers on the belief that outsized returns are generated at the earliest stages, when capital is combined with strategic guidance, operator experience, and access to a broad network of healthcare leaders and payers.
HC9 focuses on companies that improve access, affordability, and outcomes across care delivery, behavioral health, Medicare-aligned services, and AI-powered clinical tools. By backing founders at the inflection point between product-market fit and scalable growth, HC9 plays a catalytic role in the healthcare startup ecosystem, helping early-stage innovators navigate complex regulatory, reimbursement, and commercialization challenges. Its presence strengthens the pipeline of next-generation healthcare models that are increasingly data-driven, patient-centric, and tech-enabled.
Founded in 2019 and headquartered in Woodstock, Illinois, HC9 Ventures emerged from a clear conviction: that the future of healthcare will be shaped by early-stage innovators, but those founders need more than just capital—they need seasoned partners who understand the intricacies of the U.S. healthcare system. The firm was built by operators and investors with deep roots in healthcare, including former executives from major payers and providers, and has evolved into a dedicated early-stage VC focused exclusively on healthcare transformation.
HC9 launched its first institutional fund in 2022, raising $83 million to back Seed and Series A companies building the next generation of care models, digital health platforms, and enabling technologies. Over time, the firm has sharpened its focus on high-impact verticals such as mental health, senior care, and AI-augmented care delivery, while maintaining a disciplined, stage-specific approach. Its leadership team includes General Partner Charlie Falcone and Co-Founder Jon Gordon, supported by a team of principals and operating partners with extensive experience in scaling healthcare businesses across North America.
Operator-First, Healthcare-Native Approach- HC9’s team consists of former operators and executives with direct experience in payer, provider, and health tech organizations, giving them a nuanced understanding of commercialization, reimbursement, and regulatory hurdles.- They emphasize an “operator-first” mindset, offering hands-on support in product-market fit, go-to-market strategy, and commercial execution, not just board-level oversight.
Deep Industry Network & LP Alignment- HC9 works closely with its Limited Partners—many of whom are healthcare institutions, payers, and providers—to create strategic alignment and potential commercial pathways for portfolio companies.- This network enables portfolio companies to pilot, scale, and monetize solutions with real-world healthcare stakeholders, accelerating traction and de-risking growth.
Stage- and Sector-Focused Discipline- HC9 is highly focused on Seed and Series A, avoiding later-stage dilution and maintaining conviction in early inflection points.- The firm has developed a thematic lens around mental health, senior/Medicare-aligned care, conversational AI in care delivery, and health-focused fintech, allowing for repeatable pattern recognition and value creation.
Active Portfolio Support & Growth Enablement- Beyond capital, HC9 provides strategic guidance on pricing, payer strategy, care model design, and data infrastructure.- The firm has a dedicated Head of Growth and Strategy, signaling a commitment to helping companies scale efficiently and build durable, defensible businesses.
HC9 Ventures is positioned at the intersection of three powerful trends reshaping healthcare: the digitization of care delivery, the rise of value-based and home-based care models, and the integration of AI into clinical workflows. As the U.S. healthcare system continues to shift toward outcomes-based reimbursement, consumer-centric experiences, and cost containment, early-stage innovators are increasingly critical to driving change. HC9 backs the companies building the infrastructure for this new era—whether it’s mental health platforms expanding access, AI tools improving care team efficiency, or tech-enabled services for seniors on Medicare.
The timing is particularly favorable: regulatory tailwinds (e.g., telehealth expansion, mental health parity), payer and provider demand for scalable solutions, and growing investor appetite for healthcare innovation all work in HC9’s favor. By focusing on early-stage, high-leverage interventions, HC9 helps de-risk and accelerate the adoption of new care models, influencing how the broader ecosystem thinks about scalability, unit economics, and clinical impact in digital health. In doing so, the firm is not just funding startups—it’s helping to define the next generation of healthcare delivery.
Looking ahead, HC9 Ventures is well-positioned to deepen its influence as a go-to partner for healthcare founders at the Seed and Series A stages. As its first fund matures, the firm will likely focus on driving exits and generating strong returns, which will strengthen its ability to raise a larger successor fund and expand its thematic reach—potentially into adjacent areas like health-focused fintech, care coordination infrastructure, or AI-native clinical tools.
The next few years will also test HC9’s ability to translate its operator expertise and network into durable, category-leading companies in mental health, senior care, and AI-augmented care delivery. If successful, HC9 could emerge as a defining early-stage healthcare VC of the 2020s, known not just for returns, but for shaping the operating playbook for healthcare startups. For founders building transformational healthcare businesses, HC9 represents a rare blend of capital, credibility, and hands-on support—making it a compelling partner in the journey to build the future of care.
