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Penington Ventures is a venture capital firm founded by Richard A. Penington in Beverly Hills, Michigan. Established in 2014 after the sale of Summit Health to Quest Diagnostics, the firm specializes in Healthcare and Information Technology. Penington Ventures provides capital investment, advisory engagements, and governance through board representation. The firm has a strong focus on supporting companies that demonstrate potential for hypergrowth and possess proven business models.
Currently, Penington Ventures manages a portfolio of nine companies, with a particular emphasis on healthcare services, medical devices, pharmaceuticals, biotechnology, and technology sectors. The firm operates with a hands-on approach, leveraging Richard Penington's extensive experience in the healthcare sector to guide portfolio companies through operational challenges and growth phases. Penington Ventures has established itself as a key player in the venture capital landscape, particularly in the United States.
Penington Ventures invests primarily in the healthcare and technology sectors, including healthcare services, medical devices, pharmaceuticals, biotechnology, and software services. The firm targets opportunities that involve emerging technologies and unique ideas capable of disrupting existing markets. Investments typically range from $250,000 to $10 million, with an average check size of $1.5 million. Penington Ventures seeks companies that have a minimum annual revenue of $1 million and positive EBITDA.
The firm looks for entrepreneurial teams with a strong operational foundation and a clear framework for proof of concept. Penington Ventures emphasizes the importance of intellectual property, compelling value propositions, and validated go-to-market strategies. Their investment thesis is centered around identifying market opportunities with hyper-growth potential, ensuring that portfolio companies are well-positioned for success.
Penington Ventures has invested in a diverse range of companies, focusing on innovative solutions in healthcare and technology. Notable portfolio companies include:
Richard A. Penington: Chairman of Penington Ventures, Richard founded and led Summit Health, which was acquired by Quest Diagnostics in 2014. He has extensive experience in the healthcare sector, having previously worked with IBM and Accenture. Richard holds a BS and MS in Industrial Engineering from Purdue University and an MBA from Harvard Business School.
To pitch Penington Ventures, founders should visit the Penington Ventures Contact Page to submit their proposals. It is recommended to include a comprehensive overview of the business, including the market opportunity, business model, and team qualifications. Founders should expect a response time that varies based on the volume of inquiries, but a well-structured pitch will likely facilitate a quicker review.
Warm introductions are preferred, as they can enhance the likelihood of a favorable reception. The firm appreciates detailed decks that clearly outline the startup's value proposition, competitive landscape, and growth strategy.
In 2024, Penington Ventures' portfolio company LumiraDx was acquired by Roche, marking a significant exit for the firm. This acquisition highlights the firm's focus on investing in companies with strong growth potential in the healthcare sector.
Additionally, Penington Ventures continues to actively seek new investment opportunities within the healthcare and technology sectors, emphasizing its commitment to supporting innovative companies that can disrupt traditional markets.
What investment criteria does Penington Ventures use?
Penington Ventures looks for companies that demonstrate potential for hypergrowth, have a proven business model, and possess a framework for proof of concept. They prioritize opportunities involving emerging technology and unique ideas that can disrupt the market.
How can I pitch to Penington Ventures?
Founders can submit proposals or request preliminary consultations through the Penington Ventures Contact Page. It is advisable to include detailed information about the business model, market opportunity, and team capabilities in the pitch.
What is the typical check size for investments?
Penington Ventures typically invests between $250,000 and $10 million, with an average investment of $1.5 million.
What sectors does Penington Ventures focus on?
The firm primarily invests in healthcare services, medical devices, pharmaceuticals, biotechnology, and technology sectors, particularly those that leverage software and services.
What level of involvement does Penington Ventures have post-investment?
Penington Ventures emphasizes hands-on involvement, providing operational guidance, strategic insights, and governance through board representation to its portfolio companies.
What geographic areas does Penington Ventures focus on?
Penington Ventures primarily invests in companies based in the United States, with no strict geographic mandate disclosed.
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