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Utah Life Sciences News & Events

Utah Based MMV Launches Second Healthcare Fund

July 15, 2021

MMV, a Salt Lake City-based seed-stage venture capital firm, announced the first close of its second fund, MMVII. The fund will be managed by Managing Partners Branden Rosenhan, MD, Saumitra Thakur, MD and General Partner and COO Katelin Roberts.

“95% of our first fund investors have joined us in MMVII, many stepping up their commitments. We also welcome a new set of limited partners whom we believe will add value both in capital and in talent to our portfolio companies when needed. We are humbled and grateful for their support,” said Rosenhan.

MMV’s first fund performance places it among top seed VCs. The companies have helped patients with deafness hear better for cheaper, have liberated patients with epilepsy from burdensome recording devices, and have given relief to patients facing respiratory failure during an unprecedented pandemic. “The opportunities within healthcare remain as strong as ever. There are increasing pressures to address rising healthcare costs with innovation. We look forward to partnering with the next generation of founders who focus on the patient experience in addition to reducing costs and improving quality,” commented Rosenhan.

Roberts adds: “We are proud to build our firm in a city that’s quickly becoming a diverse, national biotech hub. 75% of our first fund companies were based in the BioHive and we look forward to more investments in Utah and being a resource for founders and partners within this thriving ecosystem.”

“This second round is a significant development for Utah’s life sciences innovators,” said Kelvyn Cullimore, president and CEO of BioUtah. “BioHive is humming with promising startups, but without capital, bringing their new products to market, can be a long, hard road. Med Mountain Ventures, as a local source of funding, will help spur the growth of our industry in the state.”

The MMV team has grown from within by promoting Thakur to Managing Partner, and has also recruited Roberts as General Partner and COO. Thakur notes, “Teaming is a process. The fact that all of us come from different walks of life makes us much better at making informed bets in an evolving healthcare system. Where there’s friction, there’s light.” This focus on diversity of thought and background extends into the portfolio. Whereas other funds struggle to support diverse teams, over 40% of the founding teams in MMV’s first fund have one female founder and 35% of the teams have one BIPOC founder.

MMVII announces its initial investments into Options MD and Ceresti Health. Options MD is an AI-powered platform that connects patients with treatment-resistant depression to clinics that can offer advanced therapies. The Options MD co-founders shared, “MMV’s leadership team not only brings investment acumen, but also entrepreneurial expertise. That’s why we were so excited to partner with them. The MMV team already feels like an extension of our own.”

Ceresti Health identifies patients with dementia most at risk for adverse outcomes and up-skills their caregivers to prevent hospitalizations. “We believe Ceresti has potential to radically improve the lives of patients while also greatly reducing costs in the medical system,” said Roberts.

MMV’s initial raising activities have already attracted attention from successful entrepreneurs and investors. The team is actively accepting pitches from founders and fundraising.

Learn more about MMV and contact the team at www.mmv.vc.