HCF invests $ 5 million in Australia’s first venture capitalist fund for health, wellness, sport and fitness start-ups

Private health insurer HCF has announced an AU $ 5 million (US $ 3.5 million) investment in XT Ventures, the nation’s first venture capitalist fund for start-ups in the health, wellness, sport and fitness sector.

The cornerstone investment – which will be made through HCF’s health tech accelerator program, Catalyst – will help XT Ventures support health-focused innovations.

Over six years, Catalyst has supported more than 80 of the country’s most pioneering start-ups and scale ups in the health space.

WHY IT MATTERS

“At HCF, the health of Australians is our priority. That’s why we’re always looking for ways to foster innovation within the healthcare system,” HCF CEO Sheena Jack said.

“We need to breakthrough the borders and through this investment we are able to support that growth. things to help Australians improve their overall health and wellbeing. ”

XT Ventures Managing Partner Craig Lambert said that the startup ecosystem which will increase opportunities in the health and well-being space.

“The global pandemic has accelerated digital adoption in the sport, fitness, well-being and health sectors, so the time is right for both the fund and our investors to shape the future in this space,” Mr Lambert said.

“HCF has a really deep pedigree in helping innovative startups. Together with HCF’s knowledge of the healthcare system we look forward to supporting innovations that can change the trajectory of the health of Australians.”

HCF is Australia’s largest not-for-profit health fund and covers more than 1.8 million members.

XT Ventures has focused on sport, fitness, wellness and health start-ups for the high growth potential combined with the benefits that innovation and technology can have on the health and wellbeing of Australians. It finds to invest in a sector poised to take advantage of emerging technologies, such as Web3, blockchain, NFTs, the metaverse, AI, IoT, machine learning and 5G.

THE LARGER CONTEXT

Digital health technologies are part of the drive to improve the health system, patients and insurers.

Australia has climbed 40 per cent in Australia.

The federal government claims over nine years out of 10 hours after the death of a medical doctor Dr Margaret Faux said last week the data has been drastically overinflated, with many people forced to pay out of pocket expenses above the Medicare rebate.

Only 35 per cent of specialist consultations were bulk-billed in 2020-21.

Meanwhile, the nation’s population of those aged 65 and over is projected to more than double by 2057.

Investing in health technologies is a global trend for insurers, with an investment in digital health, including “insights and analytics; and enablement. “

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