Eli Lilly and Company (NYSE: LLY) made a $30m limited partner investment in Unseen Capital Health Fund LP, a newly-formed venture fund created by racially diverse and historically underrepresented business leaders.
The new fund is intended to identify, fund and support underrepresented founders of early-stage healthcare companies and those building solutions for marginalized communities.
Unseen Capital is now active and investing, and with Lilly’s investment, is on its way to achieving its target of $100m.
People from African American and other minority communities are frequently “unseen” by the U.S. healthcare system. Likewise, diverse business founders who understand and live the healthcare concerns of these communities are often “unseen” or overlooked by traditional institutions that allocate capital.
The Unseen Capital Health Fund intends to address these challenges by investing in up to 50 early-stage healthcare companies operated by underrepresented founders. These founders many times have developed insights and connections into the challenges presented by the traditional healthcare system, particularly at the intersection of digital health and social determinants of health.