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Lemhi Ventures

Venture capital

Jordan · Seed–Series A · 5 people tracked

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Investment thesis

Lemhi Ventures backs early-stage (seed and Series A) healthcare services companies led by entrepreneurs who think differently and pursue disruptive change. Its investment team of former founders, CEOs, and operators takes a hands-on, working-investor approach, believing venture capital is the engine of innovation in healthcare. The firm's current Fund III, 'The Ecosystem Fund,' aims to unite industry-leader LPs across the healthcare value chain, including health plans, providers, pharma/medical device, employers, and big-tech partners. Lemhi focuses on the financing and transactional foundations of care and how healthcare is delivered to and used by consumers. It prefers to lead rounds, deploys initial capital in the first 3-4 years, and will build companies itself when needed.

Source: firm website, verified Sep 20, 2026.

Stage
Seed–Series A
Check
$500K – $5M
HQ
Jordan, Minnesota, US
Leads rounds
Leads
Instruments
Equity
Founded
2006
AUM
$325M
Tracked investments
23
Acquisitions
11

Team · 5 people

from the firm's website & public directories

What they invest in

from 8 of 23 portfolio companies

Healthtech ×8Digital Health ×6AI & Machine Learning ×2InsurTech ×2Consumer ×1Medical Devices ×1Mental Health ×1Wellness & Fitness ×1

HQs:United States×9Italy×1

Investments · 23 tracked

founders shown can be your intro path

By year:2024 · 12019 · 12018 · 12016 · 12015 · 22012 · 12010 · 18 dated

Learn to Livelearntolive.comin𝕏Oct 2016SEC filingmedium confidence

Learn to Live offers online, evidence-based cognitive behavioral therapy (CBT) programs, live clinician coaching, crisis response, and mindfulness tools for common mental health issues such as anxiety, depression, and stress.

Digital HealthHealthtechMental HealthWellness & FitnessMinneapolis, US

Russell Morfitt(Executive Officer, Director)inDale Cook(Executive Officer, Director)inKyle Rolfing(Director)

BoardJohn Uribe(Director)Randall Burns(Director)

Board seatKyle Rolfing· per SEC Form D · $2M raise · filed Mar 2018

Co-investorsCorewell Health VenturesMatchstick Ventures

RetraceHealthinMay 2015

Aimed to make primary care convenient and affordable through video consultations and in-home medical services; ceased operations in 2017.

HealthtechMinneapolis, US

Thompson Aderinkomi(Executive Officer, Director)in

BoardLinda Hall(Director)Douglas Davenport(Director)

Board seatKyle Rolfing· per SEC Form D

Co-investorsMcKesson Ventures

Zipnosis Inczipnosis.comin𝕏Aug 2018SEC filingmedium confidence

Fabric (formerly Zipnosis) provides an end-to-end care access platform and virtual care services that combine conversational AI and physician-built clinical logic to automate patient intake, triage, routing, and clinical documentation.

AI & Machine LearningDigital HealthHealthtechMinneapolis, US

Jonathan D. Pearce(Executive Officer, Director, Promoter)inRichard Eric Bosler(Executive Officer)Rebecca L. Hafner-Fogarty(Executive Officer)Scott Booher(Executive Officer)Kevin Smith(Executive Officer)

BoardAl Wiegman(Director)

Board seatKyle Rolfing· per SEC Form D · $3M raise · filed Aug 2018

Co-investorsArthur VenturesAscension VenturesHyde Park Venture PartnersWaterline Ventures

Aegle Health Partnersaeglehealthpartners.comin

Minneapolis, US

BoardKyle Rolfing(Executive Officer)

Co-investorsEos Venture Partners LimitedSixThirty Ventures

Bindyourbind.comacquired by UnitedHealth Group

Surest offers an ACA-compliant, employer-sponsored health plan for employers with two or more employees, available on self-funded, fully insured, and level funded bases.

Digital HealthHealthtechInsurTech

Co-investorsAscension Ventures

Carolcarol.healthinacquired by OptumHealth

Carol is a subscription-based private digital medicine service offering virtual primary care through a mobile app, with a dedicated team of doctors available at all hours.

ConsumerDigital HealthHealthtech

Co-investorsExceptional VenturesLumen VenturesMacquarie CapitalOIF Ventures

Harbor Healthharborhealth.comin𝕏Jan 2024 · $95.5M

Harbor Health is a healthcare provider and insurance company operating clinics across Texas that offers primary care, specialty care, and health coaching alongside integrated insurance coverage.

HealthtechInsurTechAustin, US

Sterling Claiborne Johnston(Chief Medical Officer)Jeffrey Fisher(Chief Financial Officer)Eric Scott(Vice President)inKara Rios(Chief Financial Officer)inClay Johnston(Founder)Tony Miller(Founder)

Co-investors8VCAlta PartnersCubit CapitalGeneral CatalystHealth2047 Capital Partners LLCMartin Ventures+2 more

Liazonliazon.comacquired by Towers Watson

Online private benefits exchange; acquired by Towers Watson for $215 million in November 2013

Co-investorsBain Capital VenturesBessemer Venture PartnersF-Prime CapitalSilversmith Capital PartnersSymphony Alpha Ventures

Mendota Healthmendotahealth.comin

Mendota Health operates wound care centers focused on treating chronic wounds and preventing amputations through clinical expertise and integrated care delivery.

Digital HealthHealthtechMedical Devices

Ms. Senger

BoardDr. Serena

PokitDokchangehealthcare.com𝕏acquired by Change Healthcare (Optum)

Change Healthcare (presented under the Optum brand) provides data, analytics, AI-based tools, consulting, pharmacy benefit management, and operations technology to address challenges across the healthcare system.

AI & Machine LearningDigital HealthHealthtechSan Mateo, US

Theodore Tanner(Director)Lisa M Maki(Executive Officer, Director)

BoardTony Miller(Director)inWilliam Stewart(Director)John Backus(Director)Jodi Hubler(Director)

Co-investorsHealthy VenturesMcKesson VenturesNew Ground Ventures

Reemo Healthreemohealth.comin

Turns a wearable device into a digital health intervention for long-term remote monitoring of patients at home.

Co-investorsInnova Memphis, Inc.Jumpstart Capital

Shareable InkinApr 2015

Built a mobile clinical documentation platform converting handwriting and natural inputs into structured data; acquired by Digital Reasoning in 2016.

Nashville, US

Hal Andrews(Executive Officer)

BoardJodi Hubler(Director)Tony Miller(Director)inPerry Chase(Director)

Other

Tracked investments with no reachable website or further public details — typically companies that wound down, renamed, or were absorbed.

ABILITY NetworkDestinationRxDigital ReasoningDigital Reasoning SystemsDNA DirectOneHealth Solutions Inc.PartnerPlanSourceRecondo TechnologySandlot SolutionsTransEngen Inc.

Rows marked “SEC filing” are inferred from directors named on the company's SEC Form D — public regulatory data, not a portfolio list published by the firm.

Exits · 11

11 acquisitions

ABILITY Networkacq. by Summit PartnersBindacq. by UnitedHealth GroupCarolacq. by OptumHealthDestinationRxacq. by ConnectureDRXDigital Reasoningacq. by SmarshDNA Directacq. by Medco Health SolutionsLiazonacq. by Towers WatsonOneHealth Solutions Inc.acq. by ViveraePlanSourceacq. by Vista Equity PartnersPokitDokacq. by Change Healthcare (Optum)Recondo Technologyacq. by Waystar Holding

Portfolio news

latest coverage across their companies

Frequently asked questions

How many investments has Lemhi Ventures made?
Lemhi Ventures has 23 tracked investments, 11 of which have exited.
What stage does Lemhi Ventures invest at?
Lemhi Ventures invests at the Seed, Series A stages.
What is Lemhi Ventures's typical check size?
Lemhi Ventures typically writes checks of $500K – $5M.
What sectors does Lemhi Ventures focus on?
Lemhi Ventures focuses on Biotech, Digital Health, Fintech, Healthtech, Medical Devices.
Where is Lemhi Ventures located?
Lemhi Ventures is headquartered in Jordan, US.
Does Lemhi Ventures lead rounds?
Yes, Lemhi Ventures leads investment rounds.
Who does Lemhi Ventures co-invest with?
Lemhi Ventures most often shares deals with Silversmith Capital Partners, 8VC, Ascension Ventures, among 20 tracked co-investors.

Images

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