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The Pisgah Fund is an early-stage venture capital fund based in Asheville, North Carolina, focused on investing in innovative healthcare companies. Founded to support long-term economic growth in Western North Carolina, the fund is managed by Hatteras Venture Partners, a well-established player in the healthcare investment space. The Pisgah Fund aims to back healthcare businesses that enhance care delivery and expand access, partnering with founders to build sustainable companies connected to the region.
Launched with a fund size of $50 million, the Pisgah Fund is strategically aligned with the Dogwood Health Trust, which committed $25 million to seed the fund. This partnership underscores the fund's dual mandate: to generate venture returns while driving economic growth and improved health outcomes across the 18-county region served by Dogwood Health Trust. The fund operates within the Hatteras Health Innovations platform, which engages healthcare systems, payers, and providers as strategic partners in innovation.
As of now, the Pisgah Fund has established itself as a key player in the early-stage healthcare investment landscape, focusing on companies that can produce jobs in Western North Carolina and deliver innovative health products and services. The fund's commitment to enhancing care delivery and expanding access to healthcare is evident in its investment strategy and portfolio.
The Pisgah Fund invests in early-stage healthcare technologies and services that demonstrate clear clinical or operational relevance. The fund seeks scalable business models with national market potential, strong founding teams, and a clear path to validation and commercialization. Its investment strategy emphasizes opportunities where strategic capital, operational insight, and deep healthcare relationships can significantly accelerate company development and value creation.
Targeting pre-seed, seed, and seed-plus stages, the Pisgah Fund focuses on sectors such as healthcare, digital health, health data, diagnostics, and pediatric health. The fund's thesis is to enhance care delivery and expand access to healthcare, particularly in Western North Carolina. The Pisgah Fund actively engages with healthcare systems, payers, and providers, leveraging these relationships to provide portfolio companies with access to strategic insights, clinical support, and pilot programs.
The Pisgah Fund's portfolio includes several notable companies that exemplify its focus on innovative healthcare solutions. Key portfolio companies include:
In addition to these current investments, the Pisgah Fund has been associated with notable exits, including G1 Therapeutics, which was acquired by Pharmacosmos, and Jumo Health, acquired by Falfurias, yielding approximately a 7x return. These exits highlight the fund's capability to identify and support high-potential healthcare ventures.
Lauren P Flickinger — Partner & Fund Manager. Lauren leads deal sourcing, diligence, and portfolio support for the Pisgah Fund. She is based in Asheville and manages the day-to-day operations of the fund.
Graham Smith — Associate. Graham supports the fund's investment activities and assists in portfolio management, contributing to the overall success of the Pisgah Fund.
John Crumpler — General Partner. John brings extensive experience in venture capital and healthcare investments, playing a key role in the fund's strategic direction.
Fred Goldwater — Venture Partner. Fred provides additional expertise and guidance, leveraging his background in healthcare to support the fund's investment strategy.
To pitch the Pisgah Fund, founders should visit their website at pisgahfund.com. The fund prefers detailed presentations that clearly outline the business model, market potential, and team qualifications. While specific check sizes are not publicly disclosed, the fund typically invests in early-stage companies at the pre-seed, seed, and seed-plus stages.
Founders are encouraged to provide insights into their technology's clinical or operational relevance, as well as any strategic partnerships that may enhance their business model. The Pisgah Fund values strong founding teams and scalable business models with national market potential.
Response times for pitches may vary, but founders should expect a thorough review process given the fund's focus on strategic investments in healthcare innovation.
In August 2025, Hatteras Venture Partners, the manager of the Pisgah Fund, closed two new healthcare-focused funds, raising over $200 million in LP commitments. This milestone reflects the strong backing and credibility of the Pisgah Fund within the healthcare investment community.
In 2024, notable exits from the Hatteras portfolio included G1 Therapeutics, which was acquired by Pharmacosmos, and Jumo Health, acquired by Falfurias, yielding approximately a 7x return. These exits demonstrate the fund's capability to identify and support high-potential healthcare ventures.
As of late 2025, the Pisgah Fund continues to actively engage with the healthcare ecosystem, leveraging its partnerships to enhance the development of its portfolio companies.
What are the investment criteria for the Pisgah Fund?
The Pisgah Fund focuses on early-stage healthcare technologies and services that demonstrate clear clinical or operational relevance. It seeks scalable business models with national market potential and strong founding teams.
How can I pitch to the Pisgah Fund?
What makes the Pisgah Fund different from other VCs?
The Pisgah Fund is unique in its strong regional focus on Western North Carolina, combined with its partnerships with HCA and Dogwood Health Trust. These relationships provide portfolio companies with strategic insights and operational support that are critical for navigating the healthcare landscape.
What is the geographic scope of the Pisgah Fund?
The Pisgah Fund primarily invests in companies located in or willing to relocate to the 18-county region served by Dogwood Health Trust in Western North Carolina.
What is the fund size and check size range?
The Pisgah Fund has a total fund size of $50 million. While specific check sizes are not publicly disclosed, the fund typically invests at the pre-seed, seed, and seed-plus stages.
What kind of post-investment support does the Pisgah Fund provide?
The Pisgah Fund offers portfolio companies access to strategic relationships, clinical insights, pilot programs, and operational support through its partnerships with HCA and Dogwood Health Trust, enhancing their ability to navigate real-world healthcare challenges.
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