How can a health system meaningfully improve a community’s health when many of the underlying causes of illness trace to social factors — economic disadvantage, lack of access to primary and specialty care, food insecurity, and more? Investing in startup businesses is one of the newest ways Penn is answering that call to serve the community’s health needs.
Penn Medicine and the ESG Initiative at the Wharton School created the Fund for Health with a $5 million initial investment in 2021. Philanthropists Josh Harris, managing partner of the Philadelphia 76ers, and his wife, Marjorie Harris, announced that they would invest up to an additional $1 million in companies funded by the program. Since inception, the Fund for Health has invested $1.6 million in early-stage businesses striving to strengthen the social determinants of health affecting underserved Philadelphians.
For the initiative, a diverse investment team of students from across the University of Pennsylvania including from the Wharton School and the Perelman School of Medicine is tasked with sourcing and conducting due diligence on early stage, for-profit companies set out to strengthen social determinants of health. The team of students has grown from an initial cohort of 6 to a total of 16 to date. Demand for the program is high, with over 70 applicants per year. Two of these student associates, third-year medical students Medha Sharma and Michael Karamardian, went on to co-found the PennHealthX Social Determinants of Health Accelerator program.
“We are proud of the collaboration with Penn Medicine which created the Fund for Health, which provides a hands-on opportunity for students to gain knowledge and experience in impact investing,” said Witold Henisz, vice dean and faculty director of the ESG Initiative.
“The challenge of achieving health equity is too important not to try every tool in our toolbox and put all of our great minds toward the task,” said Kevin B. Mahoney, CEO of the University of Pennsylvania Health System. “Making investments in innovative small businesses has the potential to make an impact in both the health and economic well-being of Philadelphians, and communities in need across the country.”
These companies have received investments from the Fund for Health to date:
Kinvolved, communications software to reduce absenteeism in underserved school districts.
Uptrust, a tool that helps keep people out of the criminal justice system by avoiding unnecessary technical violations, like missing court dates or probation appointments.
RecoveryLink, a telehealth and electronic records platform that improves recovery support services to people experiencing substance use and mental health disorders.
Lula, which provides a platform and support for small, often family-owned convenience stories and pharmacies to deliver to customers via apps like DoorDash, Grubhub, and Uber EATS.
Fabric Health, a Philadelphia-based startup that partners with health insurance companies to provide health screenings and preventive care through laundromats.
Stimulus, a Philadelphia-based service that helps business teams collaborate to choose the right suppliers and achieve their DEI purchasing goals.
Twentyeight Health, an online platform and telemedicine service designed to expand reproductive health care access for women from underserved communities.