Providence Ventures spins out, forms Allumia Ventures
Following a first close of its third fund, venture capital firm looks to bring on additional investors
RENTON, Wash., Jan. 7, 2025 – Health care venture capital firm Allumia Ventures, previously known as Providence Ventures, announced today it has spun off from Providence to become an independent venture capital firm following a first close of its third fund.
With a focus on digital health, tech-enabled health care services and MedTech, Allumia Ventures emerged in 2015 as a critical bridge between best-in-class health care solutions and the complex health care ecosystem. Originally managing funds exclusively for Providence, one of the largest and most diversified health systems in the United States, Allumia has since expanded its scope to include partnerships with mission-driven health care organizations.
“Allumia follows a disciplined investment strategy to deliver venture-class returns and support innovative growth for its partners,” said Allumia Managing Partner Jeff Stolte. “As part of Providence, we invested in health care-focused solutions that serve the organization’s Mission and aimed to solve the health sector’s most pressing challenges. This experience shaped our vision at Allumia, where we continue to prioritize investments that effect meaningful change and deliver substantial value to our partners and the communities they serve.”
Allumia will continue to work with Providence in its capacity as an Anchor Limited Partner (“Anchor”). Providence committed $150 million toward Allumia’s third fund over its life of ten years, underscoring Providence’s confidence in the firm. As with Allumia’s prior funds, Providence’s investment proceeds will contribute to the organization’s financial health and Mission. With Providence as an Anchor, Allumia will invite a small group of like-minded health care organizations as additional strategic partners to finalize the commitment to Allumia’s third fund.
“Providence’s investments have been and will continue to be focused on fostering innovation, enhancing health care access and addressing critical issues facing the health sector,” Providence Chief Financial Officer Greg Hoffman said. “Allumia branching out will allow the Fund to extend its reach, drive impactful investments that align with our Mission and support leading-edge health solutions."
Today, Allumia Ventures manages a portfolio that includes 28 investments and 10 successful exits. Led by Stolte and Partners Dan Galles and Branden Fini, Allumia positions itself as a financial and strategic partner, driving the adoption of new technologies and care models with a deep and targeted reach.
About Allumia Ventures
Allumia Ventures is a leading healthcare venture capital firm focused on identifying and investing in best-in-class commercial-stage healthcare companies that leverage technology to address the industry’s most pressing challenges.