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The Venture Codex

Transformation Capital

699 Boylston Street, 2nd Floor, Boston, MA, 02116, United States

Overview

Healthcare investment management company.

Founded

2019

Deals ยท 12mo

6

Links

WebsiteLinkedInX (Twitter)

Stage focus

Series B
Series C

Geographic focus

United States

Sector focus

Finance
Financial Services
Health Care
Venture Capital

Investment portfolio

55rounds
NAMEDATESIZE
Solstice Health
May 2026Led
$21 MSeries A
Latent Health
Apr 2026Led
$80 MSeries A
Qualified Health
Mar 2026Participated
$125 MSeries B
Grow Therapy
Mar 2026Participated
$150 MSeries D
Alaffia Health
Feb 2026Led
$55 MSeries B
Tebra
Dec 2025Participated
$250 MOther Equity
Ketryx
Sep 2025Led
$39 MSeries B
Citizen Health
Aug 2025Participated
$30 MSeries A
Arbital Health
Jul 2025Participated
$31 MSeries B
Certify
Jun 2025Led
$40 MSeries B
Rad AI
Jan 2025Led
$60 MSeries C
Citizen Health
Nov 2024Led
$15 MSeed
Solstice Health
May 2026Led
$21 MSeries A
Latent Health
Apr 2026Led
$80 MSeries A
Qualified Health
Mar 2026Participated
$125 MSeries B
Grow Therapy
Mar 2026Participated
$150 MSeries D
Alaffia Health
Feb 2026Led
$55 MSeries B
Tebra
Dec 2025Participated
$250 MOther Equity
Ketryx
Sep 2025Led
$39 MSeries B
Citizen Health
Aug 2025Participated
$30 MSeries A
Arbital Health
Jul 2025Participated
$31 MSeries B
Certify
Jun 2025Led
$40 MSeries B
Rad AI
Jan 2025Led
$60 MSeries C
Citizen Health
Nov 2024Led
$15 MSeed
55
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Insights

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Deal Distribution

Transformation Capital: 55 funding rounds are recorded in the selected participation categories.All available history.
Transformation Capital: 55 funding rounds are recorded in the selected participation categories. All available history
Round typeLed dealsParticipated deals
Seed10
Series A61
Series B133
Series C+615
Other Equity55

Monthly Deal Activity

Transformation Capital: 55 deals are recorded across 78 months.All available history.
Transformation Capital: 55 deals are recorded across 78 months. All available history
MonthDeals
May '201
Jun '203
Jul '200
Aug '201
Sep '200
Oct '201
Nov '200
Dec '202
Jan '210
Feb '211
Mar '212
Apr '211
May '211
Jun '213
Jul '211
Aug '210
Sep '211
Oct '210
Nov '212
Dec '210
Jan '221
Feb '221
Mar '222
Apr '220
May '220
Jun '221
Jul '221
Aug '222
Sep '222
Oct '220
Nov '220
Dec '220
Jan '230
Feb '230
Mar '231
Apr '231
May '231
Jun '231
Jul '230
Aug '231
Sep '230
Oct '231
Nov '230
Dec '230
Jan '241
Feb '240
Mar '241
Apr '241
May '242
Jun '241
Jul '241
Aug '240
Sep '240
Oct '240
Nov '241
Dec '240
Jan '251
Feb '250
Mar '250
Apr '250
May '250
Jun '251
Jul '251
Aug '251
Sep '251
Oct '250
Nov '250
Dec '251
Jan '260
Feb '261
Mar '262
Apr '261
May '261
Jun '260
Jul '260
Aug '260
Sep '260
Oct '260

Sector Breakdown

Transformation Capital: Health & Life Sciences is the largest displayed sector by deal count (52 deals).All available history.

A deal can appear in multiple sectors, so sector totals may overlap. Capital represents disclosed total round sizes, not fund cheque sizes.

Transformation Capital: Health & Life Sciences is the largest displayed sector by deal count (52 deals). All available history
SectorDeals
Health & Life Sciences52
AI & Machine Learning19
Enterprise Software14
Professional Services4
Data, Analytics & IT3
Consumer & Lifestyle2
Fintech2
Government & Defense1
E-Commerce & Retail1
AR/VR1
Networks, Cloud & Communication1
Marketing & Advertising1
Social & Community Platforms1
Developer Tools1

Deal Size Distribution

Transformation Capital: 55 rounds have a disclosed size in the displayed size bands.All available history.

Undisclosed round sizes are excluded. Capital represents total round sizes, not fund cheque sizes.

Transformation Capital: 55 rounds have a disclosed size in the displayed size bands. All available history
Round size band (USD)Deals
<$5M0
$5M-$10M1
$10M-$25M12
$25M-$50M11
$50M-$100M21
$100M-$250M9
$250M-$500M1
$500M-$1B0
$1B+0

Deals By Geography

Transformation Capital: United States has the largest recorded deal count among the displayed regions (51 deals).All available history.

Top 3 of 3 regions; European countries are grouped as Europe.

Transformation Capital: United States has the largest recorded deal count among the displayed regions (51 deals). All available history
RegionDeals
United States51
100162
Europe2
Transformation Capital: 20 co-investors are shown, with General Catalyst sharing 8 recorded deals.All available history.

Co-Investors

Bubble size = shared deals

Click a bubble to open that fund in a new tab.

Shows up to 20 co-investors ranked by shared deals. Deals may be shared with multiple funds, so rows overlap. Capital is total round size, not fund cheque size.

Transformation Capital: 20 co-investors are shown, with General Catalyst sharing 8 recorded deals. All available history
Co-investorShared deals
General Catalyst8
Frist Cressey Ventures6
HLM Venture Partners5
SignalFire5
Casdin Capital4
Commonfund4
Menlo Ventures4
Optum Ventures4
Andreessen Horowitz3
Define Ventures3
Flex Capital3
Gaingels3
Goldman Sachs3
Google Ventures3
ICONIQ Growth3
Kaiser Permanente Ventures3
Khosla Ventures3
Sequoia Capital3
Silicon Valley Bank3
TCV3

Investment Strategy

Transformation Capital: Led accounts for 56% and participating for 44% of round participation.All available history.
Transformation Capital: Led accounts for 56% and participating for 44% of round participation. All available history
CategoryDeals (count)Share (%)
Led3156%
Participating2444%
Transformation Capital: Single-lead accounts for 84% and co-led for 16% of lead dynamics.All available history.
Transformation Capital: Single-lead accounts for 84% and co-led for 16% of lead dynamics. All available history
CategoryDeals (count)Share (%)
Single-lead2684%
Co-led516%

Team

Jared Kesselheim

Co-Founder & Managing Partner

Jenna Ciotti

Vice President

Julie Murchinson

Partner

Michael Dixon

Managing Partner

Todd Cozzens

Co-Founder & Managing Partner

Vinay Shah

Partner