David Tominski
Chad Moore
Topeka, KS, Dec. 04, 2023 (GLOBE NEWSWIRE) — CareSource, a nationally recognized not-for-profit health plan, announced the launch of the CareSource Midwest Fund in partnership with Novy. CareSource is committing an initial investment of $2 million to the Fund, with opportunities for individual investments of up to $500,000 in select companies.
The CareSource Midwest Fund's primary goal is to empower Midwest-based startups. These startups are dedicated to enhancing healthcare outcomes, advancing health equity, and promoting positive social change. This investment is particularly targeted at underserved populations and individuals with complex health care needs.
“CareSource is committed to improving the health of Kansans for the long term,” said Chad Moore, president of CareSource Kansas. “Establishing the CareSource Midwest Fund means we can fuel innovation, create jobs and attract business across the state of Kansas while fostering solutions to address the toughest problems facing our communities.”
Novy is a venture studio that co-founds, develops and funds software companies in the Midwest, with a special focus on healthcare startups.
“This is a big step forward for the Kansas startup ecosystem, bringing more resources – not just capital, but the expertise of a national leader like CareSource – to entrepreneurs in the Midwest,” said David Tominsky, partner of New. “These investments will create new jobs and opportunities for Kansans, while also impacting the state's vulnerable populations.”
Novy will identify companies to present to the Fund manager. A committee comprised of CareSource representatives will approve investment decisions for the Fund, and other venture capital and investors will have the opportunity to co-invest with the CareSource Midwest Fund.
The CareSource Midwest Fund is just one of the initiatives CareSource has launched to support the health of Kansans. Along with its configuration CareSource HealthAllianceCareSource and the CareSource Foundation have invested more than $500,000 in Kansas to many community-based organizations through grant challengedirect community investment and sponsorship.
Companies interested in being considered for investment by the CareSource Midwest Fund can apply at novyventures.com/caresource or for more information, get in touch david@novyventures.com.
CareSource Kansas was founded to offer programs and products in the state of Kansas and opened an office in Topeka in 2021. Recently, CareSource announced the creation of CareSource HealthAlliance with a vision to bring a unique member-centered model to Medicaid members enrolled in KanCare. For more, visit HealthierKansas.com.
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About CareSource
CareSource has operated one of the largest Medicaid managed care programs in the US since its founding in 1989, now serving over 2.3 million members in multiple states. CareSource offers health insurance, including Medicaid, Marketplace and Medicare products. As a mission-driven organization, CareSource is transforming healthcare with innovative programs that address the social determinants of health, health equity, prevention and access to care.
About Novy, LLC
Founded in 2023, Novy is a Midwestern venture studio that provides capital, mentorship and executive talent to outstanding startup founders in healthcare and other industries. The studio focuses on technology companies and works closely with them from inception to Series A. For more, visit novyventures.com.
Attachments
CONTACT: Hannah Krafka CareSource 9377514862 Hannah.Krafka@caresource.com
