# The Blue Venture Fund: portfolio, investments and team

> The Blue Venture Fund is a corporate vc based in United States. 44 investments on record, 3 in the last 12 months, latest Aug 2026.

Source: https://millionrounds.com/fund/bluecross-blueshield-venture-partners (Millionrounds; every figure on the page links to its filing or article)

United States · [Investor](https://millionrounds.com/investors)

# The Blue Venture Fund

Last cheque observed Aug 2026; 44 cheques on record.

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Deploying now New fund $370M, Aug 2025 Corporate VC

Seed Series A Series B Industry Agnostic Industry-agnostic Agnostic

Follow The Blue Venture Fund and see its new cheques in your feed. [Start following](https://millionrounds.com/login?join=1&why=follow&next=%2Ffund%2Fbluecross-blueshield-venture-partners)

Deploying now

**100%** of best year **3** **cheques in 12 months**, 44 on record

Since the last cheque **73** days **00** hrs **00** min **00** sec

Median round **$23M** Cheque size, as they say **$1.0M – $20M** Rounds led **2 of 44** Sole investor **4 rounds** Exits **3 from the portfolio** Mostly in **United States, 100%**

Pitch The Blue Venture Fund

## The Blue Venture Fund highlights

- 01 3 cheques in the last 12 months
- 02 Mostly Series A and Seed: 67% of its rounds
- 03 Sole investor in 4 rounds, median $4.0M
- 04 3 exits from the portfolio

## What they do

> The Blue Venture Fund is a one-of-a-kind partnership amongst participating Blue Cross Blue Shield companies looking to advance the healthcare industry. We invest in technology, services, and clinical sciences companies From their own website

- **Type:** Corporate VC (from a list, unverified)
- **Cheque size:** $1.0M – $20M as they say
- **Stages:** Seed Series A Series B Growth Pre-IPO
- **Sectors:** Industry Agnostic Industry-agnostic Agnostic
- **Based in:** Chicago, United States
- **Cold pitches:** Not stated

## The record

Every round we can evidence, newest first **44 appearances**

- **2026** 2 rounds
- **Aug** **[Network Bio](https://millionrounds.com/company/network-bio)** US · Ventureburn **$50M** With 7 others
- **Feb** **[Big Health](https://millionrounds.com/company/big-health)** US · Gilde Healthcare **$24M** With 11 others
- **2025** 1 round
- **Nov** **[Nest Health](https://millionrounds.com/company/nest-health)** Series A · US · Firms' own news pages **$23M** *Led*
- **2019** 4 rounds
- **Nov** **[Wellframe](https://millionrounds.com/company/wellframe)** Series C · US · FinSMEs **$20M** *Led*
- **Nov** **[Healthify](https://millionrounds.com/company/healthify)** Series B · US · FinSMEs **$16M** With 4 others
- **May** **[Thrive](https://millionrounds.com/company/thrive)** Series A · US · FinSMEs **$110M** With 9 others
- **Mar** **[Physera](https://millionrounds.com/company/physera)** Series A · US · Mobihealthnews **$8.0M** With 5 others
- **2016** 2 rounds
- **Aug** **[ID Experts](https://millionrounds.com/company/id-experts)** US · FinSMEs **$28M** With 2 others
- **Jun** **[Solera Health](https://millionrounds.com/company/solera-health)** Series A · US · Finance **$4.0M** Sole investor
- **2015** 6 rounds
- **Dec** **[Contessa Health](https://millionrounds.com/company/contessa-health)** Series A · US **$3.5M** With 2 others
- **Nov** **[Solera Health, Inc.](https://millionrounds.com/company/solera-health-inc)** Series A · US **$3.0M** With 1 other
- **Oct** **[Allay](https://millionrounds.com/company/allay)** Seed · US **$3.4M** With 7 others
- **Sept** **[BeneStream](https://millionrounds.com/company/benestream)** Series A · US **$2.0M** With 1 other
- **Jul** **[Axial Healthcare](https://millionrounds.com/company/axial-healthcare)** Series A · US **$8.0M** With 2 others
- **Jun** **[AbilTo](https://millionrounds.com/company/abilto)** Series C · US **$12M** With 3 others
- **2014** 6 rounds
- **Sept** **[Lumiata](https://millionrounds.com/company/lumiata)** Series A · US **$6.0M** With 1 other
- **Sept** **[Axial Healthcare](https://millionrounds.com/company/axial-healthcare)** Series A · US **$1.8M** With 1 other
- **Jul** **[Aspire Health](https://millionrounds.com/company/aspire-health)** Series B · US **$5.5M** With 3 others
- **May** **[Essence Group Holdings](https://millionrounds.com/company/essence-group-holdings)** Growth · US **$71M** With 3 others
- **Mar** **[MedSave USA](https://millionrounds.com/company/medsave-usa)** US **Undisclosed** Sole investor
- **Mar** **[AbilTo](https://millionrounds.com/company/abilto)** Series B · US **$6.0M** With 2 others
- **2013** 13 rounds
- **Sept** **[Daymark Health](https://millionrounds.com/company/daymark-health)** Seed · medcitynews.com **$50K** With 2 others
- **Sept** **[Remedify](https://millionrounds.com/company/remedify)** Seed · US · medcitynews.com **$210K** With 3 others
- **Sept** **[eClinic Healthcare](https://millionrounds.com/company/eclinic-healthcare)** Seed · US · medcitynews.com **$50K** With 3 others
- **Sept** **[Clariture](https://millionrounds.com/company/clariture)** Seed · US **$50K** With 2 others
- **Sept** **[Atlas Health Technologies](https://millionrounds.com/company/atlas-health-technologies)** Seed · US · medcitynews.com **$50K** With 2 others
- **Sept** **[Axial Healthcare](https://millionrounds.com/company/axial-healthcare)** Seed · US · medcitynews.com **$50K** With 2 others
- **Sept** **[PRSM Healthcare](https://millionrounds.com/company/prsm-healthcare)** Seed · US · medcitynews.com **$50K** With 3 others
- **Sept** **[Gema Touch](https://millionrounds.com/company/gema-touch)** Seed · US · medcitynews.com **$50K** With 2 others
- **Sept** **[ZeOmega](https://millionrounds.com/company/zeomega)** Growth · US · finsmes.com **$22M** With 2 others
- **Aug** **[Change Healthcare](https://millionrounds.com/company/change-healthcare)** Series D · US · gigaom.com **$15M** With 7 others
- **Aug** **[InVivioLink](https://millionrounds.com/company/inviviolink)** Growth · US · sec.gov **$1.9M** Sole investor
- **Apr** **[NaviHealth](https://millionrounds.com/company/navihealth)** Seed · US · finance.yahoo.com **$4.1M** With 3 others
- **Apr** **[EveryMove](https://millionrounds.com/company/everymove)** Series A · US · geekwire.com **$3.5M** With 3 others
- **2012** 4 rounds
- **Dec** **[InVivioLink](https://millionrounds.com/company/inviviolink)** Series B · US · pevc.dowjones.com **$1.8M** With 1 other
- **Aug** **[Patientco](https://millionrounds.com/company/patientco)** Series A · US · finance.yahoo.com **$3.8M** With 1 other
- **May** **[EveryMove](https://millionrounds.com/company/everymove)** Series A · US · techcrunch.com **$2.6M** With 7 others
- **Jan** **[Change Healthcare](https://millionrounds.com/company/change-healthcare)** Series C · US · changehealthcare.com **$9.3M** With 3 others
- **2011** 1 round
- **Oct** **[Essence Group Holdings](https://millionrounds.com/company/essence-group-holdings)** Growth · US · finsmes.com **$9.0M** Sole investor
- **2010** 3 rounds
- **Oct** **[Nexidia](https://millionrounds.com/company/nexidia)** Series F · US · businesswire.com **$23M** With 7 others

An announcement gives the size of the round, not the size of this investor's cheque: the only rounds that imply a cheque are those where they were the sole named investor.

## The team

Named by the firm itself, on a filing, its Form ADV or its company registration **5 named**

BC **Blue Cross Blue Shield Association** Promoter i Filing they signed

BL **Brad Lubrand** Treasurer i Filing they signed

JB **John Banta** President and Managing Director i Filing they signed

JL **Juan Lopez** Chair of the Board i Filing they signed

SC **Sandra Clarke** Chair of the Board i Filing they signed

We also hold **9** people at this firm from the lists this database was built from: a weaker source than the filings, since a list does not say when a title ended. Login to see them.

## What they claim to have backed

From their own portfolio page (on their website)

**0** of 1 we have independently watched raise

Limber Health Closes

Weaker than a round we watched, stronger than a list somebody sold us. A firm is far less willing to put a company on its own site that it never funded.

## Exits from the portfolio

Companies it backed that were later bought or listed **3 in all**

**[NaviHealth](https://millionrounds.com/company/navihealth)** Bought by [Cardinal Health](https://millionrounds.com/fund/cardinal-health) **$410M** Aug 2015

**[Change Healthcare](https://millionrounds.com/company/change-healthcare)** Bought by Emdeon **$135M** Nov 2014

**[Initiate Systems](https://millionrounds.com/company/initiate-systems)** Bought by [IBM (International Business Machines)](https://millionrounds.com/fund/ibm-international-business-machines) **Undisclosed** Feb 2010

An exit counts when it came after the firm's first round in the company. From historical deal records.

New fund on file

**$370M**

raised in Aug 2025

From its SEC filing, not a journalist: a firm that has just raised has money to deploy.

## The cheque

Seed Series A Series B

Median round joined **$23M** the round, not its cheque Alone, median **$4.0M**

Led 2 of 44 rounds **5%**

- **Said size:** $1.0M – $20M
- **Sole investor:** 4 rounds
- **Last cheque:** Aug 2026
- **Exits:** 3 from the portfolio

Rounds by stage said on their site

- Series A said *14*
- Seed said *10*
- Series B said *4*
- Series C *4*
- Growth said *4*
- Pre-IPO said *-*

Cheques by month Led Joined

Nov 2023 Oct 2026

Often in the room with

- [Sandbox Industries](https://millionrounds.com/fund/sandbox-industries) 22
- [HCA](https://millionrounds.com/fund/hca-healthcare) 8
- [Healthbox](https://millionrounds.com/fund/healthbox) 8
- [406 Ventures](https://millionrounds.com/fund/406-ventures) 4
- [HLM Investment Partners](https://millionrounds.com/fund/hlm-investment-partners) 4
- [Ascension Ventures](https://millionrounds.com/fund/ascension-ventures) 2

**Pitching The Blue Venture Fund?** Put them on your fundraising board with this record on the card, and follow them to hear when they write a new cheque.

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## Who they invest alongside

The investors most often in the same rounds as The Blue Venture Fund. A count of rooms they were both in, not a relationship either has claimed.

[**Sandbox Industries** Corporate VC **22** rounds together](https://millionrounds.com/fund/sandbox-industries)[**HCA** VC firm **8** rounds together](https://millionrounds.com/fund/hca-healthcare)[**Healthbox** Accelerator **8** rounds together](https://millionrounds.com/fund/healthbox)[**406 Ventures** VC firm **4** rounds together](https://millionrounds.com/fund/406-ventures)[**HLM Investment Partners** VC firm **4** rounds together](https://millionrounds.com/fund/hlm-investment-partners)[**Ascension Ventures** Corporate VC **2** rounds together](https://millionrounds.com/fund/ascension-ventures)[**Blue Cross** VC firm **2** rounds together](https://millionrounds.com/fund/blue-cross)[**Blue Shield of Nebraska** VC firm **2** rounds together](https://millionrounds.com/fund/blue-shield-of-nebraska)[**Camden Partners** Private equity **2** rounds together](https://millionrounds.com/fund/camden-partners)[**Clayton Associates** VC firm **2** rounds together](https://millionrounds.com/fund/clayton-associates)[**Long River Ventures** VC firm **2** rounds together](https://millionrounds.com/fund/long-river-ventures)[**Mitsui & Co** Corporate VC **2** rounds together](https://millionrounds.com/fund/mitsui-and-co)

## Recently backed

The latest companies The Blue Venture Fund put money into.

[**Network Bio** $50M · Aug 2026](https://millionrounds.com/company/network-bio)[**Nest Health** $23M · Nov 2025](https://millionrounds.com/company/nest-health)[**Wellframe** $20M · Nov 2019](https://millionrounds.com/company/wellframe)[**Healthify** $16M · Nov 2019](https://millionrounds.com/company/healthify)[**Physera** $8.0M · Mar 2019](https://millionrounds.com/company/physera)[**Solera Health** $4.0M · Jun 2016](https://millionrounds.com/company/solera-health)

## Quick answers about The Blue Venture Fund

### What does The Blue Venture Fund invest in?

The Blue Venture Fund invests most often at Series A and Seed (67% of the rounds on record), in sectors such as Industry Agnostic, Industry-agnostic and Agnostic.

### How active is The Blue Venture Fund?

44 investments on record, 3 of them in the last 12 months, and it led 2. The most recent was in Aug 2026.

### What has The Blue Venture Fund invested in recently?

Its most recent investments on record: Network Bio (Undisclosed round, Aug 2026), Big Health (Undisclosed round, Feb 2026) and Nest Health (Series A, Nov 2025).

### How big are The Blue Venture Fund's cheques?

The median round it joins is $23M. It says it writes cheques of $1.0M to $20M.

### Does The Blue Venture Fund lead rounds?

Sometimes: it led 2 of its 44 investments on record (5%).

### Where does The Blue Venture Fund invest?

Most of the companies it backs are in the United States (100%).

### Is The Blue Venture Fund investing now?

Yes: it is actively investing, with 3 investments in the last 12 months.

### Who does The Blue Venture Fund invest alongside?

Most often Sandbox Industries (22 rounds together), HCA (8 rounds together) and Healthbox (8 rounds together).

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