Providence Ventures raised $150 million for its second healthcare-focused venture capital and growth equity fund.
Providence Ventures II will inject capital into early- and growth-stage healthcare information technology, technology-enabled services, medical devices and healthcare services companies. It will provide portfolio companies with $5 million to $15 million in capital, with the firm having the option to lead financing rounds or join as a syndicate partner.
David Kereiakes and Rich Proscia joined the management team of Providence as partner and senior associate, respectively. Kereiakes hails from River Cities Capital Funds LP, while Proscia most recently worked at CVS.
The venture capital arm of Providence St. Joseph Health aims to enlarge its team with further hires in early 2019.