Foundry Group

Foundry Group is a Boulder-based venture firm best known for backing technology companies broadly, with healthcare exposure concentrated in digital health and health IT software. The fund is not a healthcare specialist — it is a generalist tech investor with a Mountain West orientation that selectively engages with healthcare software companies that fit its broader thesis. AI is not explicitly called out; expect the firm to evaluate digital health deals primarily as software businesses, applying the same lenses it uses for SaaS and platforms.

Foundry invests at Series A, Series B, and growth stages with check sizes between $5M and $25M. That positions the fund to lead or co-lead software-shaped digital health rounds where revenue, retention, and product velocity are the key metrics.

Founders should approach Foundry Group when they are building a digital health or health IT software company that looks and behaves like a high-quality SaaS business — strong gross margins, clear product-led or efficient sales motion, and meaningful early traction. Devices, biotech, services-heavy care delivery models, and clinical-evidence-dependent companies are unlikely to be the right fit. Because the firm is generalist, founders will not get healthcare-specialist partner expertise, but they will get a fund that has shaped many software companies into category leaders. Bring a software-first pitch and be prepared to argue why your healthcare go-to-market does not become the bottleneck on growth.