#473 – Richard Lungen, Co-Founder and General Partner at HC9 Ventures & Ken Goulet, President of KRG Advisors

HC9 Ventures: Guiding Healthcare Startups Through Strategic Capital and Industry Expertise

In a recent interview, HC9 Ventures co-founder Richard Lungen discussed his firm’s approach to healthcare venture capital, which extends beyond financial investment to provide emerging healthcare companies with strategic insights and industry connections. Driven by a seasoned team, HC9 Ventures is keenly focused on providing portfolio companies with resources that support commercialization, strengthen go-to-market strategies, and accelerate growth.

“We’re passionate about early-stage healthcare companies,” Lungen shared. “Young companies in this field don’t just need capital; they need actionable, strategic support to help bring their innovations to market in a sustainable way.”

Building an Unmatched Healthcare Ecosystem

One of HC9’s standout features is its impressive ecosystem of limited partners (LPs), which comprises over 130 healthcare industry veterans with experience across payer, provider, and lab sectors. This collective expertise allows HC9 to pair startups with the right advisors and partners, ensuring they receive tailored guidance for their specific challenges. Lungen explained, “Our LPs bring invaluable insights on everything from scaling operations to managing organizational challenges, giving startups more than just capital.”

Portfolio Companies Seeing Growth and Impact

HC9 Ventures has invested in a number of promising companies making strides in their fields. Lungen highlighted Forge Health, a behavioral health provider that has expanded from four to nearly 20 locations under HC9’s guidance, with a robust network of 160 clinicians. Similarly, Laguna Health, which focuses on using AI to streamline labor-intensive care management processes, recently secured partnerships with health plan provider Highmark and others.

In each case, HC9’s involvement goes beyond the boardroom. Lungen explained that the firm assists portfolio companies with everything from establishing advisory boards to engaging with health plans and payers on pricing and reimbursement discussions.

Strategic Approach to Investments and the Importance of ROI

In a highly competitive market, HC9 Ventures maintains a strong focus on due diligence, ensuring each investment aligns with the firm’s commitment to practical solutions that address real healthcare challenges. HC9 encourages its companies to establish a clear ROI early in their journey. “Healthcare organizations need to see a clear path to ROI,” Lungen noted. To this end, HC9 connects companies with actuarial experts who develop initial ROI models to streamline conversations with potential clients, an approach that helps accelerate sales cycles and build customer trust.

Ken Goulet, President at KRG Advisors, echoed this sentiment, adding, “Being referenceable and achieving real impact are essential for startups entering healthcare markets. The companies in HC9’s portfolio are succeeding because they prioritize real outcomes and build the foundation to prove them.”

Fund Two and What Lies Ahead for HC9

With Fund One nearly fully invested, HC9 Ventures has its sights set on the launch of Fund Two. Lungen shared plans to grow the fund’s size to further expand HC9’s support of early-stage healthcare companies, while staying committed to their strategic, high-impact investment model. Goulet expressed optimism about the continued demand for HC9’s approach, saying, “The momentum and reputation HC9 has built with both portfolio companies and LPs are strong. Fund Two will allow HC9 to make an even greater impact.”

As HC9 Ventures prepares for its next phase, its co-founder and partners are optimistic about the firm’s growing influence within healthcare. From its uniquely experienced LP network to its focus on ROI-driven, strategic investment, HC9 is setting a new standard in venture capital for the healthcare sector. The firm’s dedication to developing solutions that address genuine market needs has made it a sought-after partner for healthcare startups striving to make a meaningful impact.