Bupa, a British-founded global non-profit health insurance fund, has made a significant move towards supporting Australian healthcare startups with the launch of Bupa Ventures, a $20m venture capital fund.
The establishment of Bupa Ventures aims to provide early-stage investment opportunities, ranging from Seed to Series A funding rounds, for startups operating across diverse sectors within the healthcare industry, according to InsurTech Insights.
The primary focus of the fund will be on areas such as predictive and preventative healthcare, genomics, home care, and remote monitoring.
By targeting these key domains, Bupa Ventures aims to foster a more personalised and integrated healthcare ecosystem, addressing the evolving needs of patients and healthcare providers.
In addition to financial support, startups backed by Bupa Ventures will gain access to Bupa’s extensive resources and global customer base, facilitating their expansion into new markets and territories.
Nick Stone, CEO of Bupa APAC, clarified that entering the realm of venture capital aligns with Bupa’s organic growth strategy and its commitment to fostering innovation. In addition to actively scouting for investment prospects, entrepreneurs are encouraged to submit their proposals for review via the Bupa Ventures website.
Moreover, he emphasised the significant impact that startups backed by the fund will have on revolutionising the healthcare landscape. By catalysing innovations in the sector, these startups are poised to drive substantive progress that positively influences both Bupa’s clientele and the broader community.
Nick Stone, CEO of Bupa APAC, stated, “Startups are agile and move quickly to solve problems that meet customer needs, supported by new technologies and design.
“We know we need to do more to modernise healthcare, we all have a role to play in delivering healthcare that is more personalised and less fragmented which places the patient at the centre.
“Our teams across Bupa APAC are already working hand-in-hand with innovative startups to help us achieve our sustainability goals through our eco-Disruptive program; while simultaneously we have been growing our skills in artificial intelligence through hackathons and in-house learning academies.”
“We plan to give startups supported by Bupa Ventures working access to Bupa teams and resources so they can expand their offering into Bupa’s global customer-base which extends across five continents.”
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