Investors / United States / Transformation Capital
Transformation Capital
Venture capital · Boston, MA, United States · North America
Transformation Capital is a digital healthcare investment firm that backs founders and management teams building companies to make healthcare more efficient, accessible, and accountable. It closed Fund IV at $850M and provides capital, operating experience, and a network of healthcare leaders to its portfolio companies.
Invests inHealthcare & Biotech
In its own wordsdigital healthhealthcarehealth techcare deliveryworkforcevalue-based care
Your fit with Transformation Capital
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See how your round matches what it backs, point by point.
Or find every investor that fitsTransformation Capital lists 50 checked portfolio companies on its own site and is named in 12 funding rounds, 6 of them as lead. Its most frequent entry is Series A, 33% of the companies with a known first round. Its largest themes are Healthcare & Biotech (73%), AI & Machine Learning (10%) and Fintech (5%). 89% of its companies are based in United States. It invests most often alongside Kaiser Permanente Ventures, Khosla Ventures and Town Hall Ventures.
Counts come from funding rounds that name Transformation Capital, complete from mid-2025: earlier rounds appear only when they were reported later. Round amounts and full round histories are on Fundup AI.
Round figures show recent activity, not Transformation Capital's whole history. Rounds on record name 12 companies; its own site lists 50. Funding rounds are complete from mid-2025, so counts and the yearly trend undercount a firm that invested before then. The portfolio, themes and places come from its own site and are not affected.
Entry stage
share of companies by the stage of its first roundTransformation Capital does not state its stages on its site, so only what it does is shown.
Show as a table
| Value | |
|---|---|
| Pre-seed | 0% |
| Seed | 0% |
| Series A | 33% |
| Series B | 33% |
| Growth | 33% |
Activity by year
rounds it joined, last 10 yearsShow as a table
| Total | Rounds it led | |
|---|---|---|
| '17 | 0 | 0 |
| '18 | 0 | 0 |
| '19 | 0 | 0 |
| '20 | 0 | 0 |
| '21 | 0 | 0 |
| '22 | 0 | 0 |
| '23 | 0 | 0 |
| '24 | 0 | 0 |
| '25 | 5 | 1 |
| '26 | 7 | 5 |
Investor profile
percentile among all firmsShow as a table
| Measure | Percentile of all firms | Value |
|---|---|---|
| Portfolio size | 84th | 50 companies |
| Recent activity | 93th | 8 rounds in 12 months |
| Early stage | 54th | 0% of entries at pre-seed or seed |
| Evidence | 87th | 16% of companies confirmed by a round |
| Sector focus | 92th | 73% in its largest sector |
| Reach | 70th | 4 countries |
Investment themes
share of its checked companiesThis firmAll checked companies
Show as a table
| This firm | All checked companies | |
|---|---|---|
| Healthcare & Biotech | 73% | 15% |
| AI & Machine Learning | 10% | 18% |
| Fintech | 5% | 12% |
| Cybersecurity | 5% | 4% |
| Enterprise Software | 3% | 8% |
| Consumer | 2% | 3% |
| Space & Defense | 2% | 3% |
| Education | 2% | 7% |
Invests most often with
firms sharing its portfolio companiesShow as a table
| Share | |
|---|---|
| Kaiser Permanente Ventures | 4 |
| Khosla Ventures | 4 |
| Town Hall Ventures | 4 |
| Y Combinator | 4 |
| City Light | 3 |
| MemorialCare Innovation Fund | 3 |
| Oak HC/FT | 3 |
| Optum Ventures | 3 |
Its portfolio companies
where they are based, and what their own sites showSite status
- Site answers4794%
- No longer answers00%
- Points to another company36%
- Parked or sold domain00%
A site that stops answering three checks in a row is counted as no longer answering; that is not proof of closure. A site that points to another company is often an acquisition.
Co-investor network
who it backs companies with, and who they back togetherAll co-investors or Compare portfolios with Kaiser Permanente Ventures
Compare Transformation Capital head to head
portfolio size, rounds, entry stages, themes and the companies both backThree or more firms at once: portfolio overlap.
Recent portfolio activity
when companies last raised with Transformation Capital| Date | Company | Stage |
|---|---|---|
| 15 Oct 2026 | Series C+ Led | |
| 28 May 2026 | Series A Led | |
| 27 May 2026 | Series A Led | |
| 25 Mar 2026 | Series B | |
| 18 Mar 2026 | Series A Led | |
| 3 Mar 2026 | Series C+ | |
| 3 Feb 2026 | Series B Led | |
| 17 Dec 2025 | Series C+ |
Round details for Transformation Capital
Amounts, full round histories and every co-investor in Transformation Capital's rounds are on Fundup AI. VCinfo covers investors and their portfolios.
Portfolio
50 companies checked against their own sites| Company | What it does | Themes | First round with it | Evidence |
|---|---|---|---|---|
| Abby Care empowers families to deliver exceptional care at home using AI-powered technology and clinical oversight. | Healthcare & Biotech | Oct 2026Series C+ | Page + round | |
| AgentAI provides medical billing services using automated agents and human billers to handle claims and revenue cycle management for healthcare practices. | Healthcare & BiotechFintech | Portfolio page | ||
Healthcare & BiotechAI & Machine Learning | Portfolio page | |||
| Alaffia provides AI-powered solutions for health plans to cut wasted spending and streamline claims review processes. | Healthcare & Biotech | Feb 2026Series B | Funding round | |
| Alaffia produces and sells beauty and personal care products, such as soaps, body washes, and lotions, with a focus on fair trade and natural ingredients. | ConsumerHealthcare & Biotech | Portfolio page | ||
| Annexus Health is a technology platform that streamlines the complex work of financial assistance cycle management for healthcare providers and patients. | Healthcare & Biotech | Portfolio page | ||
| Arbital Health provides value-based care solutions and actuarial services to healthcare providers and payers. | Healthcare & Biotech | Jul 2025Series B | Page + round | |
| The company provides travel, invoice, and expense management software | FintechEnterprise Software | Portfolio page | ||
| Citizen Health builds technology to support patients with rare diseases. | Healthcare & Biotech | Aug 2025Series A | Page + round | |
| CodaMetrix develops and provides autonomous medical coding solutions for health systems | Healthcare & Biotech | Portfolio page | ||
| Datavant securely connects, protects, and activates health data across the healthcare ecosystem through a data collaboration platform. | Healthcare & Biotech | Portfolio page | ||
| DexCare connects patients to care across fragmented healthcare systems, helping providers fill capacity and reduce waits. | Healthcare & Biotech | Portfolio page | ||
| Olive creates production-ready business intelligence tools in minutes, connected to a company's data. | AI & Machine LearningEnterprise Software | Portfolio page | ||
| Grow Therapy provides online and in-person therapy sessions, often covered by insurance, with a network of licensed therapists. | Healthcare & Biotech | Mar 2026Series C+ | Page + round | |
| Headspace Health provides mental health care services to organizations and individuals. | Healthcare & Biotech | Portfolio page | ||
| Health Catalyst helps healthcare organizations achieve improvement across clinical, financial, and operational outcomes using analytics and technology. | Healthcare & Biotech | Portfolio page | ||
| IntelyCare provides opportunities for nursing professionals and manages scheduling and requesting of nursing staff for healthcare organizations. | Healthcare & Biotech | Portfolio page | ||
| Jeenie provides 24/7 instant access to trusted interpreters in hundreds of languages | EducationHealthcare & Biotech | Portfolio page | ||
| The company provides opioid addiction treatment, including medication and group therapy, to help individuals recover from addiction. | Healthcare & Biotech | Portfolio page | ||
| Judi Health provides pharmacy and medical benefit management solutions | Healthcare & Biotech | Sept 2025Series C+ | Page + round |
About this data
site last read 5 Nov 2026- Site
- transformcap.com
- Last read
- 5 Nov 2026
- Watching since
- 5 Nov 2026
- Rounds since
- 29 Jul 2025
- Companies checked
- 50
Rates come from what VCinfo has observed since observation_start. Firms tend to remove companies that closed, so early rates understate reality. A company leaving a portfolio page does not mean it closed or exited. An unreachable site means our checks failed, nothing more.
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