Investing in Health | March 24, 2022

SteelSky Ventures raises $47 million to back women’s health ventures

Roodgally Senatus
ImpactAlpha Editor

Roodgally Senatus

ImpactAlpha, March 24 — Women founders in the U.S. received less than 2% of total venture capital invested last year. Women-led health ventures saw even less, says Maria Velissaris, who founded Atlanta-based SteelSky Ventures in 2017 to support women’s health founders tackling women’s health inequalities.

“SteelSky invests in companies that are improving the way women access and engage with our healthcare system,” Velissaris told ImpactAlpha. “Our goal is to increase the amount of innovation in the women’s health sector, and as a result, build better healthcare solutions for women around the world.”

Velissaris says SteelSky is the world’s largest venture capital fund focused on women’s healthcare, with a total of $72 million in assets under management.

Women’s health

SteelSky will write checks of $1-$3 million for up to 25 companies delivering medical devices, digital health and pharmacy services, and retail therapeutics.

Investors in the fund include Bank of America, JPMorgan Chase, Motley Fool Ventures and Blue Shield of California. Other investors include Eli Lilly and American Hospital Association, which at the start of this year backed Jumpstart Nova to invest in Black healthcare founders.

Portfolio companies

SteelSky has backed ConcertoCare, which is helping seniors age in place; Zipline, a drone-delivery company transporting medicine and medical products to rural communities; and Cabaya Care’s home-based maternal health services.

The venture firm says its portfolio companies have provided access to health services for 40 million people in underrepresented communities.