Boomerang Ventures and CareSource forge strategic partnership to innovate health care

INDIANAPOLIS, Ind. & DAYTON, Ohio, Feb. 12, 2024 (GLOBE NEWSWIRE) -- In a move that signifies the strengthening health care innovation ecosystem in the U.S., Boomerang Ventures, an early-stage venture studio and venture capital fund specializing in connected health solutions, is excited to announce a strategic partnership with CareSource, a nationally recognized nonprofit managed care organization. This partnership marks a significant step for both organizations, with CareSource joining as a Limited Partner, underscoring its collective commitment to advancing health care access, quality and equity.

CareSource's capital commitment enables Boomerang’s VC Fund to increase its presence as a health technology venture capital fund, with investments ranging from $500K to $2M in early-stage health care startups. Additionally, this partnership facilitates Boomerang's expansion into new, key geographic markets. CareSource, as a limited partner, gains the opportunity to co-invest into strategically aligned companies addressing health care with cutting-edge technology.

This collaboration brings together Boomerang Ventures' investment acumen and CareSource’s managed care experience, significantly benefiting both entities. This unique partnership enables the two organizations to facilitate state-level engagement with early-stage companies, institutions and investors to identify and develop promising health solutions and technologies.

"Boomerang Ventures is thrilled to welcome CareSource as a strategic partner in our mission to transform health care through innovation. This investment enhances our ability to drive health care improvements and provides CareSource with unique access to our strategic network and game-changing technologies. Aligning with CareSource's interest in select markets, this partnership opens opportunities for portfolio expansion and cultivating business-building relationships," said Oscar Moralez, founder & managing partner of Boomerang Ventures.

Boomerang Ventures offers CareSource focused opportunities. CareSource will benefit from coordinated investments, regular updates and relationship management from a trusted source, with the potential for solid financial returns.

“Partnering with Boomerang opens up opportunities for startups to  bring new solutions to communities that can positively impact the health of those we serve, particularly underserved populations,” said Larry Smart, chief financial officer of CareSource. “This investment will fuel progress to better address  gaps in the health care system to improve health care access, quality and equity.”

The partnership also grants CareSource access to Boomerang's extensive network of health care professionals, providers, investors and other experts. Portfolio companies will have the opportunity to pilot technologies with providers to support meaningful impact.

To explore funding opportunities with Boomerang Ventures, visit Seeking Funding.

About Boomerang Ventures

Founded in 2019, Boomerang Ventures is a venture capital firm focused on early growth-stage connected health technology companies. Leveraging a combination studio and venture fund established in 2020 and 2022, respectively, Boomerang provides the collaborative direction, deep industry expertise, and continuum of support founders need to take their innovations from ideation to market. Boomerang believes that better patient care begins with identifying and solving the biggest challenges in health care. 

Boomerang Ventures is proudly and strategically based in Indianapolis, where the health care and entrepreneurial business climate is thriving and the community is ripe with opportunities. With a secure niche at the intersection of health technology, studio-fund synchronization, and the Midwest, Boomerang differentiates itself from the competition. 

Boomerang Ventures is Health care Innovation, Reimagined. For more information, visit boomerang.vc.

About CareSource

CareSource is a nonprofit, nationally recognized managed care organization with over 2.3 million members. Headquartered in Dayton, Ohio, since its founding in 1989, CareSource administers one of the largest Medicaid managed care plans in the U.S. The organization offers health insurance, including Medicaid, Health Insurance Marketplace and Medicare products. As a mission-driven organization, CareSource is transforming health care with innovative programs that address the social determinants of health, health equity, prevention, and access to care. For more information, visit www.caresource.com, follow @caresource on X, formally known as Twitter, or like CareSource on Facebook.

Attachments

• Larry Smart, chief financial officer at CareSource
• Oscar Moralez, founder and managing partner at Boomerang

Joseph Kelley
CareSource
5135098466
[email protected]

Audra Wait
Wait & Co.on behalf of Boomerang Ventures
615-504-8812
[email protected]

Source: CareSource