Pennsylvania has become one of the most active hubs for healthcare innovation in the US.
The state is home to powerhouse institutions like the University of Pennsylvania, UPMC, Children’s Hospital of Philadelphia, and dozens of biotech research centers and medtech startups.
The question: Are there enough VC firms to back startups throughout different stages?
Of course!
If you're a founder building the next game-changing healthcare solution, there’s a strong (and growing) roster of VC firms here that are investing in healthcare.
Here’s a list of some of the top 7 VC firms in Pennsylvania that invest in healthcare startups.
Find Out The List of Top 7 VC Firms in Pennsylvania (Healthcare Special)
Here’s a table to sum up the list!
| Investor Name | Focused Sectors | Funding Stages | Notable Investments | Total Investments | Investment Range |
|---|---|---|---|---|---|
| First Round Capital | Tech startups (including healthcare) | Seed-stage | Uber, Square, Notion, Roblox, Warby Parker | 300+ | Up to $20M |
| BioAdvance | Life sciences (therapeutics, diagnostics, medical devices) | Seed and early-stage | Not publicly listed | 76 | $500K–$5M |
| Dreamit Ventures | Cybersecurity, digital health, urban tech | Pre-Seed to Series B | SeatGeek, Adaptly, LevelUp | 150+ | $500K–$1M |
| NewSpring Capital | Business services, healthcare, tech, manufacturing | Growth equity, buyouts, mezzanine debt | Mobiquity, SiteSpect, Vybe, ParkWhiz | 250+ | Up to $20M |
| Quaker Partners | Biotechnology, healthcare, life sciences | Early to late-stage | Not publicly listed | 60+ | $2.5M–$25M |
| Dorm Room Fund | Student-led startups across various industries | Pre-Seed and Seed | Brooklinen, FiscalNote, Grove | 300+ | $50K |
| MissionOG | Fintech, data, software (includes healthcare) | Growth-stage | Not publicly listed | 69+ | $5M–$10M |
| Safeguard Scientifics | Technology and life sciences companies | Growth-stage | Not publicly listed | Not disclosed | $5M–$25M |
First Round Capital
- Website: firstround.com
- Focused Sectors: Technology startups across various industries.
- Funding Stages: Seed-stage investments.
- Notable Investments: Uber, Square, Notion, Roblox, Warby Parker.
- Total Investments: Over 300 companies backed.
Funding startups for decades, First Round Capital is one of the most founder-friendly VC firms in the country. While they’re best known for their early bets on tech companies, First Round has also backed several healthcare startups that focus on solving problems.
For healthcare founders, First Round’s deep operational support is quite different than other VCs. Instead of just writing checks, First Round Capital is known for helping startups throughout their journey.
The First Round Network is a curated community of hundreds of top-tier founders, operators, and mentors. Many of whom have faced the same FDA hurdles, HIPAA headaches, and payer/provider complexities that healthcare startups deal with.
The investment range of First Round Capital can go up to $20M.
BioAdvance
- Website: bioadvance.com
- Focused Sectors: Life sciences, including therapeutics, diagnostics, and medical devices.
- Funding Stages: Seed and early-stage investments.
- Notable Investments: Specific notable investments not publicly listed.
- Total Investments: Invested in 76 companies over the last 21 years.
BioAdvance is a mission-driven, evergreen fund dedicated to funding early-stage life sciences ventures within the Mid-Atlantic region, particularly in Pennsylvania.
When funding businesses, investors look for startups that combine groundbreaking science with clear market viability. Their investments have included companies pioneering gene therapies, AI-driven drug discovery, and precision medicine solutions.
Moreover, BioAdvance primarily invests in Seed and Series A rounds. They focus on ventures that are at the cusp of significant growth but need capital to scale further.
The investment range of BioAdvance lies between $500K–$1.5M initially and can go up to $5M over a company's lifecycle.
Dreamit Ventures
- Website: dreamit.com
- Focused Sectors: Cybersecurity, digital health, and urban tech startups.
- Funding Stages: Pre-Seed to Series B investments.
- Notable Investments: SeatGeek, Adaptly, LevelUp.
- Total Investments: Over 150 companies backed.
Dreamit Ventures is a venture fund and accelerator program that specializes in scaling health tech startups with early traction.
Unlike traditional accelerators, Dreamit targets companies that have already launched products, secured pilot programs, or generated initial revenue. Their mission is to help these startups accelerate customer acquisition and fundraising efforts through a structured, high-impact program.
Dreamit is selective, focusing on startups that meet specific criteria such as:
- Early Traction: Companies should have a deployed product with evidence of market validation.
- Scalability: Startups must demonstrate a clear path to scaling operations and revenue.
- Strong Team: A balanced team with both technical and business expertise is essential.
During the program of over two weeks, startups meet with 15–25 senior executives from health systems, payers, and pharmaceutical companies to build partnerships and gain feedback.
The average check sizes are around $500,000 to $1M.
NewSpring Capital
- Website: newspringcapital.com
- Focused Sectors: Business services, healthcare, technology, and manufacturing.
- Funding Stages: Growth equity, control buyouts, mezzanine debt.
- Notable Investments: Mobiquity, SiteSpect, Vybe, ParkWhiz.
- Total Investments: Over 250 investments
NewSpring Capital is a prominent private equity firm that partners with innovative companies poised for significant growth. With over two decades of experience, NewSpring has a dedicated healthcare strategy, NewSpring Health Capital, which focuses on investing in companies that are transforming the delivery of healthcare services.
To secure an investment, NewSpring prefers startups that use technology to enhance healthcare delivery and increase operational efficiency.
Plus, they also target companies that have annual revenues between $10 million and $100 million, demonstrating a proven business model and market traction.
The investment range of NewSpring Capital can range up to $20M.
Dorm Room Fund
- Website: dormroomfund.com
- Focused Sectors: Student-led startups across various industries.
- Funding Stages: Pre-Seed and Seed-stage investments.
- Notable Investments: Brooklinen, FiscalNote, Grove.
- Total Investments: Over 300 companies backed.
Dorm Room Fund (DRF) is a student-run venture capital firm that backs student entrepreneurs at the earliest stages of company building.
Established in 2012 by First Round Capital, DRF has since become an independent entity, supporting over 300 startups that have collectively raised more than $4 billion in follow-on capital.
DRF focuses on identifying and supporting student-led ventures with high growth potential. The investors need at least one founder who must be a current student (undergraduate, graduate, or PhD) at a U.S.-based institution.
Plus, companies at the idea stage or with a minimum viable product (MVP) are encouraged to apply. DRF does not require a fully developed product for consideration.
The investment range of the Dorm Room Fund is around $50,000.
MissionOG
- Website: missionog.com
- Focused Sectors: Fintech, data, and software companies.
- Funding Stages: Growth-stage investments.
- Notable Investments: Specific notable investments not publicly listed.
- Total Investments: Over 69 companies backed.
MissionOG is a growth equity firm that partners with high-growth B2B technology companies.
Founded in 2012, the firm supports healthcare companies in scaling their businesses. Although it’s not exclusively focused on healthcare, MissionOG invests in sectors that intersect with healthcare, such as data analytics and software platforms.
Investors prefer tech-based startups with revenue models that benefit business customers. The startups should also have a track record of achievements defined by customer success, not just continuous financing.
The firm typically invests between $5 million and $10 million, with the capacity for significant follow-on capital in later rounds when necessary.
Safeguard Scientifics
- Website: safeguard.com
- Focused Sectors: Technology and life sciences companies.
- Funding Stages: Growth-stage investments.
- Notable Investments: not publicly listed.
- Total Investments: not publicly disclosed.
Safeguard Scientifics is a seasoned venture capital and growth equity firm with a legacy spanning over six decades. The firm specializes in providing capital and operational support to growth-stage companies.
Safeguard targets businesses that use cutting-edge technologies such as artificial intelligence, machine learning, and predictive analytics to address healthcare challenges. Startups should also have clear pathways to expand their market presence and operational capabilities.
The firm typically invests between $5 million and $25 million over the course of its partnership with a company, often seeking ownership stakes between 20% and 50% with board representation.
Wrap-Up:
As we’ve seen, Pennsylvania is home to a diverse range of venture capital firms that are eager to back the next wave of innovation in the healthcare sector.
You could be a founder working on the next groundbreaking medical device or transforming healthcare IT, these VCs are ready to help take your startup to the next level.
All it takes is the right timing, the right pitch, and finding the right fit.
