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Transformation Capital is a Boston-based venture capital firm founded in 2016 and rebranded in 2019, focusing on digital healthcare investments. The firm was established with the vision of revolutionizing healthcare through innovative solutions and strategic partnerships. Currently, Transformation Capital manages over $800 million in assets across multiple funds, with a strong emphasis on growth equity investments in digital health and technology-enabled healthcare services.
As of early 2026, the firm has made a total of 62 investments, with a notable portfolio that includes companies like Natera, Apixio, PlushCare, and DexCare. The firm operates primarily in North America and targets commercial-stage companies that have demonstrated proven traction in the healthcare sector. Transformation Capital's team comprises experienced professionals with deep industry expertise, enabling them to effectively support their portfolio companies.
Transformation Capital invests in digital health companies that enhance healthcare delivery and outcomes. Their investment strategy encompasses a range of stages, including pre-seed, seed, Series A, and growth equity, with a particular focus on commercial-stage companies. The firm typically writes checks ranging from $20 million to $100 million, targeting businesses that have already demonstrated traction in the market.
The firm seeks to partner with founders and management teams who understand the complexities of the healthcare system and are committed to developing innovative business models and technologies. Transformation Capital emphasizes efficiency and affordability in healthcare services, aiming to support companies that are poised to drive significant improvements in healthcare delivery.
Transformation Capital's portfolio includes a diverse array of companies focused on digital health and technology-enabled healthcare services. Notable portfolio companies include:
In addition to these companies, Transformation Capital has achieved notable exits with companies like Natera, Apixio, PlushCare, and DexCare, further demonstrating their effectiveness in identifying and supporting high-potential digital health ventures.
Todd Cozzens — Co-Founding Managing Partner. Prior to Transformation Capital, Todd built Marquette Medical, which went public and was sold to GE, and Picis, which was sold to UnitedHealth. He co-led digital health investing at Sequoia Capital before founding Transformation.
Jared Kesselheim, M.D. — Co-Founding Managing Partner. Jared was previously a partner and digital health vertical lead at Bain Capital Ventures. He holds an MD/MBA from Harvard and has practiced internal medicine at Massachusetts General Hospital.
Layla Behrouzian — Partner. Layla has extensive experience in healthcare investments and has been instrumental in supporting portfolio companies.
Nick Briguglio — Partner. Nick brings a strong background in technology and healthcare, focusing on identifying high-potential investment opportunities.
Raphael Cervantez — Partner. Raphael specializes in operational support for portfolio companies, leveraging his industry expertise to drive growth.
Jenna Ciotti — Partner. Jenna focuses on strategic partnerships and business development within the healthcare sector.
Todd Cozzens — Co-Founding Managing Partner. Todd has a proven track record in building successful healthcare companies and guiding startups through growth phases.
Mike Dixon — Partner. Mike has a strong background in healthcare technology and investment strategy.
Jared Kesselheim, M.D. — Co-Founding Managing Partner. Jared has a deep understanding of the healthcare landscape and focuses on digital health investments.
Akanksha Mehta — Partner. Akanksha specializes in healthcare services and technology investments.
Scott Rosen — Partner. Scott has extensive experience in healthcare operations and investment management.
Akhi Samant — Partner. Akhi focuses on identifying innovative healthcare solutions and supporting portfolio companies.
Vinay Shah — Partner. Vinay has a strong background in healthcare analytics and investment strategy.
Melanie Albanese — Partner. Melanie specializes in healthcare technology investments and operational support.
Robin Borg — Partner. Robin focuses on strategic partnerships and business development within the healthcare sector.
Robin Mercer — Partner. Robin has extensive experience in healthcare investments and operational support.
Julie Murchinson — Partner. Julie specializes in healthcare services and technology investments.
Tanya Wesley — Partner. Tanya focuses on identifying high-potential investment opportunities in digital health.
Bhooshi de Silva — Partner. Bhooshi has a strong background in healthcare technology and investment strategy.
Briana Blake — Partner. Briana specializes in healthcare services and operational support.
Kevin Brown — Partner. Kevin focuses on strategic partnerships and business development within the healthcare sector.
Ashley Kurpinsky — Partner. Ashley has extensive experience in healthcare investments and operational support.
Christine Murphy — Partner. Christine specializes in healthcare technology investments and strategic partnerships.
Jessica Pellegrini — Partner. Jessica focuses on identifying innovative healthcare solutions and supporting portfolio companies.
Karen Saldana — Partner. Karen has a strong background in healthcare analytics and investment strategy.
Amy Slizofski — Partner. Amy specializes in healthcare services and operational support.
Laurel Smith — Partner. Laurel focuses on identifying high-potential investment opportunities in digital health.
To pitch Transformation Capital, founders should send an email to contact@transformcap.com. It is important to include a comprehensive pitch deck that outlines the business model, market opportunity, and traction to date. Founders should expect a response within a few weeks, and warm introductions are preferred but not mandatory.
In February 2026, Transformation Capital announced four new investments, including Ketryx Series B, which raised $39 million, and CodaMetrix Series B, which raised $40 million. These investments reflect the firm's ongoing commitment to supporting innovative digital health companies.
Transformation Capital has achieved notable exits, including Natera, Apixio, PlushCare, and DexCare, showcasing their effectiveness in identifying and nurturing high-potential ventures within the digital health sector.
In 2020, Transformation Capital closed its second fund, Transformation Capital Fund II, at $500 million, which was oversubscribed, further solidifying its position as a key player in the digital health investment space.
What are Transformation Capital's investment criteria?
Transformation Capital focuses on investing in commercial-stage digital health companies that have proven traction. They look for innovative solutions that enhance healthcare delivery and outcomes, targeting businesses that understand the complexities of the healthcare system.
How can I pitch Transformation Capital?
Founders can reach out to Transformation Capital via email at contact@transformcap.com. It is advisable to include a detailed pitch deck that outlines the business model, market opportunity, and traction to date.
What makes Transformation Capital different from other investors?
Transformation Capital differentiates itself through its deep industry expertise and extensive network within the healthcare sector. They actively support their portfolio companies in navigating the complexities of the healthcare landscape, helping them innovate and scale effectively.
What is the geographic focus of Transformation Capital?
The firm primarily invests in North America, targeting digital health companies that operate within this region.
What is the typical check size for investments?
Transformation Capital typically invests between $20 million and $100 million in their portfolio companies, focusing on growth equity investments.
What is the firm's approach to post-investment involvement?
Transformation Capital is actively involved with its portfolio companies, providing mentorship, operational support, and access to their extensive network to help founders scale their businesses effectively.
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