HCF has announced an investment in the first venture capital fund exclusively for start-ups in the sport, fitness, wellness and health sector. The health fund said the initial $5 million investment will be made through HCF Catalyst, described in the news release as Australia’s first corporate supported health tech accelerator.
“At HCF, the health of Australians is our priority. That’s why we are always looking at ways to foster innovation within the healthcare system,” said HCF CEO Sheena Jack.
The investment in XT Ventures, said the release, aims to improve the health of Australians through health-focused technology businesses. The release also said HCF Catalyst has a strong track record of supporting more than 80 health start-ups over the past six years.
Jack stressed the importance of disruptors in the healthcare system and said this investment is one way to support innovation in the sector.
“There’s a really strong link for HCF and our members in terms of preventative healthcare and the types of start-ups that XT Ventures will invest in to do really innovative things to help Australians improve their overall health and wellbeing,” said Jack.
Craig Lambert, managing partner at XT Ventures, said the venture capital fund was pleased to welcome Australia’s largest non-profit health insurer as its cornerstone investor.
“The global pandemic has accelerated digital adoption particularly in the sport, fitness, wellness and health sectors, so the time is right for both the fund and our investors to shape the future in this space,” Lambert said.
“HCF has a really deep pedigree in helping innovative start-ups. 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.”
