Town Hall Ventures

The firm is led by four Managing Partners: Andy Slavitt, Natalie Davis, David Whelan, and Trevor Price. Slavitt, known for his role as Acting CMS Administrator during the Obama administration, provides public-sector healthcare regulatory insight; Davis brings policy and operational depth from the Centers for Medicare & Medicaid Services and UnitedHealth Group; Whelan's background spans government health innovation and venture; Price comes from healthcare operations and investing. Decisions on deal sourcing, diligence, and board representation are handled collectively by the partnership.

The firm concentrates on Medicaid, Medicare, and complex-care populations, but its portfolio includes companies serving those markets alongside broader health system transformation efforts. Cityblock Health focuses on Medicaid and low-income communities, while companies like Somatus and Strive Health target Medicare beneficiaries with chronic kidney disease. The common thread is technology targeting underserved or high-cost patient cohorts within value-based payment models rather than commercially insured, low-acuity populations typical of consumer digital health.

As Acting Administrator of CMS from 2015 to 2017, Slavitt oversaw the Affordable Care Act's health insurance exchanges, Medicaid expansion, and Medicare payment reform, including the shift toward value-based care. His operational exposure to how government health programs contract, reimburse, and regulate care delivery gives Town Hall a sourcing edge: the firm can evaluate whether a startup's business model aligns with actual CMS and state Medicaid incentives, regulatory frameworks, and contracting timelines, which are barriers for many generalist investors.

Town Hall invests primarily at Seed and Series A and B stages, occasionally participating in later growth rounds for existing portfolio companies. The firm leads or co-leads rounds, often alongside specialist healthcare investors rather than generalist venture firms. This early-stage focus is coupled with hands-on board involvement, leveraging the partners' networks within health plans, provider systems, and state agencies to help portfolio companies navigate reimbursement and regulatory hurdles.

Town Hall Ventures is a traditional venture capital firm that raises committed capital from external limited partners. Its inaugural 2018 fund closed at $115 million (per Fortune, October 2018) with backing from strategic healthcare LPs including multiple Blue Cross Blue Shield plans and major hospital systems, reflecting interest in public-sector-focused digital health from incumbent payers and providers. The firm has since raised additional funds, though specific subsequent vehicle sizes remain undisclosed.

The firm steers clear of digital health startups built exclusively for commercially insured, low-acuity populations — telehealth apps targeting young, healthy users without a payer-integrated reimbursement model, for example. It also avoids life sciences, biotech, and medical-device hardware, focusing entirely on care delivery infrastructure, software, and tech-enabled services where government payment policy is the primary value driver.

Sourcing relies heavily on the partnership's deep networks within CMS, state Medicaid agencies, health plans, and delivery systems — relationships cultivated during government service and prior healthcare operating roles. The firm also benefits from a specialized brand among founders building for public-payer markets: entrepreneurs in value-based Medicaid and Medicare care delivery frequently cite Town Hall's regulatory literacy as a reason for accepting the firm's capital over generalist venture offers.