Lemhi Ventures

Lemhi Ventures was a prominent healthcare services venture capital firm based in Wayzata, United States, founded by a team of experienced innovators and executives, notably from Definity Health. The firm distinguished itself through a hands-on, operational approach, often partnering closely with its portfolio companies to drive growth and market disruption within the complex healthcare ecosystem. Their strategy focused on identifying and scaling companies that offered innovative solutions in healthcare services and technology.

Their investment strategy primarily targeted growth-stage companies, typically beyond the seed or early-stage venture rounds, that had demonstrated product-market fit and were poised for significant expansion. Lemhi Ventures successfully raised multiple funds to support this strategy, including Lemhi Ventures Fund III, which closed at $275 million in 2013, and Lemhi Ventures Fund IV, which secured $300 million in 2018. These substantial fund sizes enabled them to make significant capital commitments to companies aiming to transform healthcare delivery and payment models.

Based on their fund sizes and typical growth equity investment patterns in the healthcare sector, Lemhi Ventures' initial cheque sizes for new portfolio companies generally ranged from approximately $15 million to $50 million. This range reflected their focus on later-stage, capital-intensive healthcare ventures requiring substantial funding for scaling operations, market expansion, and strategic initiatives. While the firm's active investment period largely concluded after its last fund in 2018, its legacy includes a portfolio of companies that aimed to drive significant change within the healthcare industry.