- United States
- Canada
- United Kingdom
- Digital health
- Healthcare IT
- Care delivery
- Payer & provider technology
- Employer health benefits
- Clinical software
About
Transformation Capital is a Boston-based growth-stage investor focused entirely on healthcare technology. It partners with digital health companies that have moved past early validation and are scaling commercially. Its team brings operating and commercial experience specific to US healthcare systems.
Transformation Capital invests at Series B and later in digital health, on the thesis that healthcare's hardest problem is commercial scaling rather than product invention. It targets companies with proven clinical and revenue traction that need growth capital and healthcare-specific commercial expertise to reach enterprise buyers such as payers, providers and employers.
Founded in 2016 as Leerink Transformation Partners by Todd Cozzens and Jared Kesselheim alongside SVB Leerink, then spun out independent in 2019 with $313M across 12 companies when Mike Dixon joined. Cozzens took Marquette Medical public before its $800M sale to GE, founded and sold Picis to UnitedHealth Group, then co-led digital health at Sequoia; he sits on the Natera board. Kesselheim is Harvard/MGH-trained and led healthcare investing at Bain Capital Ventures for eight years. Dixon spent a decade at Sequoia and previously Fidelity. Kevin Brown, formerly CFO of Leerink Capital, remains the operational leader. Manages $800M+ across five funds, 76 investments and 12 exits, writing $20–100M cheques into commercial-stage companies.