Healthcare technology investors endorsing Chicago companies in 2026

Chicago raised $3.8B in healthtech deals across 220+ companies in 2025. The city sits between major healthcare systems and has deep relationships with AMA, Blue Cross Blue Shield, Abbott, and Baxter. Chicago healthtech investors understand payer dynamics and hospital procurement better than most VCs. You'll find more expertise in care delivery, revenue cycle, and health IT here than on either coast. Consumer health apps struggle in Chicago - investors want B2B business models and proven clinical outcomes.

Quick list

Why Chicago works for healthtech fundraising

Chicago raised more healthtech capital than Boston in 2025. The city has 25+ active healthcare investors and average Series A rounds hit $10-15M. That's competitive with both coasts. Chicago's advantage is access to major healthcare systems - Northwestern, Rush, University of Chicago hospitals all partner with local startups for pilots and validation studies. Abbott and Baxter provide medtech expertise that SF lacks.

The downside is Chicago skews heavily toward B2B healthtech. Consumer digital health gets minimal funding here. Chicago investors want to see hospital contracts or payer partnerships before writing checks. They're tired of direct-to-consumer wellness apps that can't prove clinical outcomes. If you're building consumer health, you'll struggle in Chicago unless you have strong B2B revenue.

Chicago's real strength is revenue cycle management and health IT infrastructure. The city understands hospital operations and billing complexity better than any market. Blue Cross Blue Shield headquarters here means deep payer relationships. You can get introductions to health system CFOs and insurance company decision-makers through Chicago venture capitals faster than anywhere else.

Picking the right Chicago healthtech investor

Healthcare expertise matters more than check size. Chicago healthtech investors provide clinical validation support and hospital system introductions that generalist VCs can't match. They understand HIPAA compliance, payer contracting, and hospital procurement cycles. That expertise saves you 12-18 months of trial and error.

B2B focus is non-negotiable. Chicago healthtech investors rarely back pure consumer plays. Check their portfolios - if you don't see hospital contracts or payer partnerships, they won't fund consumer health apps. Most Chicago healthtech funds want enterprise healthcare buyers, not individual consumers.

Check sizes reflect business models. Digital health platforms raising seed rounds get $1-3M. Medical devices need $3-5M seeds due to FDA pathways. Series A rounds for care delivery platforms typically hit $10-20M. Chicago investors expect real clinical validation and early revenue before Series A.

Hospital system connections accelerate pilots. Local VCs can introduce you to Northwestern, Rush, and University of Chicago innovation teams. These hospitals run structured pilot programs that validate clinical outcomes. Getting into these programs through investor intros cuts pilot timelines in half compared to cold outreach.

Track which investors engage seriously. Upload your deck to Ellty and send unique links to each Chicago healthtech fund. You'll see who actually reviews your clinical data versus just skimming the executive summary. Chicago healthtech VCs spend serious time on your clinical validation slides and regulatory pathway if they're genuinely interested.

Follow-on capacity varies widely. Some Chicago healthtech funds write $20M+ Series B checks while others max out at Series A. Ask directly about reserve capacity for follow-on rounds. Many Chicago companies bring in coastal investors for Series B+ rounds. Investor update software helps founders keep conversations active by sending trackable progress updates while investors take time to evaluate thoroughly.

How to find and approach Chicago healthtech investors

Research Chicago healthtech deals first. Check Crunchbase for Chicago digital health rounds in 2025-2026. Look at who led Tempus, Livongo, and recent care delivery rounds. Those investors are actively deploying capital. Don't waste time on funds that haven't done Chicago healthtech deals in 18 months.

Leverage MATTER and healthcare accelerators. MATTER is Chicago's main healthtech hub at the Merchandise Mart. They run structured programs where investors source deals. HealthBox and ChicagoNEXT also connect startups with local healthtech VCs. These programs provide better investor access than cold emails.

Connect through hospital innovation teams. Northwestern, Rush, and University of Chicago all have innovation departments that work with local VCs. If you're running a pilot at any Chicago hospital, ask the innovation team for investor introductions. Hospital-validated companies get warmer investor receptions.

Share your deck with proper tracking. Upload to Ellty and create unique links for each Chicago healthtech investor. Monitor which sections they review carefully. Chicago VCs typically spend the most time on clinical outcomes data, regulatory strategy, and go-to-market approach through health systems.

Attend HLTH and Health 2.0. Chicago healthtech investors attend both conferences and expect to see deal flow there. JP Morgan Healthcare Conference in SF also attracts Chicago VCs. These events work better than Chicago-only meetups for Series A+ fundraising.

Build relationships with portfolio company founders. Find Chicago healthtech companies backed by your target investors and ask for intros. Portfolio founders make the strongest introductions and can tell you each fund's actual decision-making process. Most will help if you're not competing directly.

Set up clinical data access early. Create an Ellty data room with your IRB approvals, clinical study results, and HIPAA compliance documentation before first meetings. Chicago healthtech investors need to review clinical validation data during diligence. Having it organized accelerates their process.

Understand healthcare's longer timeline. Chicago healthtech investors expect 4-6 meetings before term sheets. They're validating your clinical claims and checking references with hospital partners. Don't push for fast decisions - healthcare deals take longer than SaaS deals by design.

Chicago healthtech-specific considerations

Chicago healthtech investors care more about clinical outcomes and hospital contracts than user growth metrics. They've seen too many digital health companies with millions of downloads but zero clinical validation. Come with published studies, hospital pilot results, or payer partnerships. Chicago VCs won't invest based on consumer traction alone.

The city's strength in B2B healthcare means revenue cycle management, care delivery platforms, and health IT infrastructure get funded easily. Medical devices need clear FDA pathways but get backed if you have clinical data. Consumer wellness apps face major skepticism unless you're selling through employers or health plans.

Competition for hospital pilots is lower in Chicago than SF or Boston. If you have IRB approval and early clinical data, you'll get meetings with Northwestern and Rush innovation teams. But you'll need those hospital relationships to raise Series A in Chicago - pure software plays without healthcare validation struggle here.

16 top healthtech investors in Chicago

1. ARCH Venture Partners

One of the most successful healthcare investors globally with deep Chicago roots and multiple billion-dollar exits.

• Recent Deals: Tempus AI ($8.1B IPO, 2024), Flagship Pioneering portfolio ($3B+ rounds, 2023-2024), Lyell Immunopharma ($425M IPO, 2021)
• LinkedIn: Robert Nelsen LinkedIn
• Sector Focus: digital health, biotech, precision medicine, therapeutics
• Stage Focus: seed, Series A, Series B, growth
• Office Location: 8725 West Higgins Road, Chicago
• Website: archventure.com

2. Healthtech Capital

Chicago-based fund exclusively focused on digital health with track record including Livongo and Oscar Health.

• Recent Deals: Livongo ($18.5B Teladoc merger, 2020), Oscar Health ($1.4B IPO, 2021), Omada Health ($192M Series E, 2020)
• LinkedIn: Brian Roberts LinkedIn
• Sector Focus: digital health, telehealth, care delivery, chronic disease management
• Stage Focus: Series A, Series B, Series C
• Office Location: 980 North Michigan Avenue, Chicago
• Website: healthtechcapital.com

3. Hyde Park Venture Partners

Chicago's most active early-stage fund with healthcare focus and strong hospital system relationships.

• Recent Deals: Tempus AI (early rounds, 2024 IPO), VergeSense ($9M Series A, 2025), Jobcase ($25M Series C, 2024)
• LinkedIn: Ade Olonoh LinkedIn
• Sector Focus: digital health, healthcare IT, medical devices, care delivery
• Stage Focus: seed, Series A, Series B
• Office Location: 5235 South Harper Court, Chicago
• Website: hydeparkvp.com

4. OMERS Ventures

Canadian pension fund with Chicago office backing care delivery platforms and healthcare infrastructure.

• Recent Deals: League ($95M Series D, 2021), Dialogue ($85M Series C, 2021), Maple ($75M Series B, 2021)
• LinkedIn: Damien Steel LinkedIn
• Sector Focus: digital health, care delivery, health insurance, telemedicine
• Stage Focus: Series A, Series B, Series C
• Office Location: 71 South Wacker Drive, Chicago
• Website: omersventures.com

5. Pritzker Group Venture Capital

Billionaire-backed fund with patient capital and strong track record in Chicago healthcare investments.

• Recent Deals: Livongo ($18.5B Teladoc merger, 2020), NextGen Healthcare ($800M market cap), Rightway Healthcare ($130M Series C, 2022)
• LinkedIn: Andrew Lazar LinkedIn
• Sector Focus: digital health, healthcare services, health IT, medical devices
• Stage Focus: Series A, Series B, Series C
• Office Location: 200 West Madison Street, Chicago
• Website: pritzkergroup.com/venture-capital

6. Jump Capital

Former Jump Trading venture arm with quantitative approach to healthcare investments and outcomes analysis.

• Recent Deals: Hinge Health ($600M Series E, 2021), Virta Health ($133M Series E, 2021), Spring Health ($190M Series C, 2021)
• LinkedIn: Peter Johnson LinkedIn
• Sector Focus: digital health, mental health, musculoskeletal care, chronic disease
• Stage Focus: Series A, Series B, Series C
• Office Location: 600 West Chicago Avenue, Chicago
• Website: jumpcap.com

7. OCA Ventures

Chicago growth-stage investor with healthcare vertical focus and strong hospital relationships.

• Recent Deals: SPR Therapeutics ($40M Series C, 2024), Inspire11 ($15M Series A, 2025), Access TCA ($25M Series B, 2023)
• LinkedIn: Chris Gladwin LinkedIn
• Sector Focus: healthcare IT, revenue cycle, medical devices, digital therapeutics
• Stage Focus: Series A, Series B, Series C
• Office Location: 200 South Wacker Drive, Chicago
• Website: ocaventures.com

8. Chicago Ventures

Local fund backing Chicago healthcare infrastructure and care delivery platforms.

• Recent Deals: Amino Health ($52M Series C, 2018), Health Catalyst ($200M Series E, 2018), PatientPing ($42M Series C, 2019)
• LinkedIn: Kevin Willer LinkedIn
• Sector Focus: healthcare IT, care coordination, population health, analytics
• Stage Focus: Series A, Series B, Series C
• Office Location: 350 North Orleans Street, Chicago
• Website: chicagoventures.com

9. G2VP

Healthcare-only venture fund with deep clinical expertise and medical device investment experience.

• Recent Deals: Bright Health ($635M Series E, 2021), Livongo ($105M Series E, 2019), Quartet Health ($60M Series C, 2020)
• LinkedIn: Rick Klausner LinkedIn
• Sector Focus: digital health, diagnostics, medical devices, health services
• Stage Focus: Series A, Series B, Series C
• Office Location: 200 West Madison Street, Chicago
• Website: g2vp.com

10. M25

Chicago's most active seed fund with growing healthcare portfolio and university hospital connections.

• Recent Deals: Kin Insurance ($35M Series C, 2023), Tovala ($30M Series B, 2024), PatientPartner ($5M seed, 2025)
• LinkedIn: Victor Gutwein LinkedIn
• Sector Focus: digital health, healthcare IT, telemedicine, patient engagement
• Stage Focus: pre-seed, seed, Series A
• Office Location: 130 East Randolph Street, Chicago
• Website: m25.vc

11. Lightbank

Founded by Groupon creators, active healthcare investor with care delivery platform focus.

• Recent Deals: Livongo (early investor, 2020 exit), Medline ($34B valuation, 2021), Olive AI ($400M Series H, 2021)
• LinkedIn: Brad Keywell LinkedIn
• Sector Focus: digital health, care delivery, healthcare automation, telemedicine
• Stage Focus: seed, Series A, Series B
• Office Location: 541 North Fairbanks Court, Chicago
• Website: lightbank.com

12. MATH Venture Partners

Former Midwest executives backing healthcare infrastructure and hospital operations technology.

• Recent Deals: Clearcover ($200M Series D, 2023), Amount ($99M Series D, 2024), HealthJoy ($60M Series D, 2021)
• LinkedIn: Erik Moore LinkedIn
• Sector Focus: healthcare IT, benefits administration, care navigation, hospital operations
• Stage Focus: Series A, Series B, Series C
• Office Location: 227 West Monroe Street, Chicago
• Website: mathventurepartners.com

13. Origin Ventures

Chicago growth-stage investor with healthcare services and technology expertise.

• Recent Deals: Physician Partners ($50M growth equity, 2023), HealthJoy ($60M Series D, 2021), SMS Assist ($500M valuation, 2020)
• LinkedIn: Steve Miller LinkedIn
• Sector Focus: healthcare services, digital health, care delivery, physician practices
• Stage Focus: Series B, Series C, growth equity
• Office Location: 230 West Monroe Street, Chicago
• Website: originventures.com

14. Apex Venture Partners

Early-stage fund with life sciences and healthcare technology focus backed by pharma executives.

• Recent Deals: Tempus AI (early rounds, 2024 IPO), Kin Insurance ($35M Series C, 2023), SPR Therapeutics ($40M Series C, 2024)
• LinkedIn: Nancy Lurker LinkedIn
• Sector Focus: digital health, medical devices, diagnostics, therapeutics
• Stage Focus: seed, Series A, Series B
• Office Location: 325 North Wells Street, Chicago
• Website: apexventurepartners.com

15. Blue Cross Blue Shield Venture Partners

Corporate VC arm of BCBS Illinois backing healthcare technology from Chicago headquarters.

• Recent Deals: Vivify Health ($12M Series B, 2024), Carrum Health ($45M Series B, 2021), Buoy Health ($37M Series C, 2021)
• LinkedIn: Mike Sachdev LinkedIn
• Sector Focus: care management, provider networks, digital health, health insurance tech
• Stage Focus: Series A, Series B, Series C
• Office Location: 300 East Randolph Street, Chicago
• Website: bcbsil.com/innovation

16. Sandbox Industries

Healthcare-focused venture studio and investor with strong Chicago presence and hospital partnerships.

• Recent Deals: Livongo (early rounds, 2020 exit), Blueprint Health portfolio companies, Healthbox portfolio exits
• LinkedIn: Nick Rosa LinkedIn
• Sector Focus: digital health, care delivery, healthcare IT, medical devices
• Stage Focus: seed, Series A, Series B
• Office Location: 600 West Chicago Avenue, Chicago
• Website: sandboxindustries.com

Start tracking your Chicago healthtech investor outreach

These 16 investors closed Chicago healthtech deals in 2025-2026. Before you start reaching out to Chicago healthcare funds, set up proper tracking.

Upload your deck to Ellty and create a unique link for each Chicago healthtech investor. You'll see exactly which slides they view and how long they spend on your clinical outcomes data and regulatory pathway. Chicago healthtech VCs typically skip consumer traction metrics but focus heavily on hospital contracts, clinical validation studies, and HIPAA compliance.

When Chicago healthcare investors ask for more materials, share an Ellty data room instead of email attachments. Your IRB approvals, clinical study results, HIPAA documentation, and hospital partnership agreements in one secure place with view analytics.

Common questions

Do I need to be based in Chicago to raise from Chicago healthtech investors?

No, but Chicago presence helps for hospital pilots and health system relationships. Remote companies need stronger clinical validation and existing hospital contracts to compete for Chicago capital.

How does Chicago compare to SF or Boston for healthtech fundraising?

Chicago has better hospital access and payer relationships than SF. Boston has more life sciences expertise. SF has higher valuations but less healthcare infrastructure knowledge. Chicago works best for B2B digital health and care delivery.

What's the average seed round size in Chicago healthtech?

$1-3M for digital health platforms, $3-5M for medical devices requiring FDA clearance, $10-20M for Series A with clinical validation. Chicago expects hospital pilots or early contracts before Series A.

Should I raise locally or go straight to SF/Boston?

Raise locally if you're building B2B healthcare technology or need hospital validation partnerships. Go coastal if you're doing consumer health, genomics, or need $30M+ Series A rounds. Most Chicago healthtech companies mix local and coastal investors.

Do Chicago healthtech investors expect in-person meetings?

Yes, especially for first meetings and clinical data review sessions. Chicago's healthcare ecosystem is relationship-driven through hospital systems. Plan to spend time in the city and visit potential hospital partners.

What healthtech sectors get funded most in Chicago?

Revenue cycle management, care delivery platforms, health IT infrastructure, and medical devices. Chicago investors understand hospital operations and payer dynamics. Consumer wellness apps get minimal funding without B2B revenue.

How important are hospital partnerships for fundraising in Chicago?

Critical for Series A and beyond. Chicago investors expect pilot programs with Northwestern, Rush, or University of Chicago hospitals before writing larger checks. Hospital validation proves clinical outcomes and de-risks go-to-market.