HCF announces cornerstone investment in sportstech VC fund XT Ventures

Private health insurer HCF is the cornerstone investor for venture capital (VC) fund XT Ventures.

XT Ventures invests in a portfolio of companies in the sport, fitness, wellness and health sectors that leverage emerging technologies including Web3, blockchain, NFTs, the metaverse, AI, ML and 5G.

The initial $5 million investment was made through HCF’s corporate supported health tech accelerator program Catalyst, the first of its kind in the country, which has backed over 80 start-ups and scale-ups since its inception.

Catalyst looks to work with early-stage start-ups and not-for-profits with teams in health technology. The 10-week program is designed to help founders develop a viable business model, de-risk their journeys and introduce them to a network of entrepreneurs, according to the accelerator website.

According to HCF CEO Sheena Jack, “There’s a really strong link for HCF and our members in terms of preventative healthcare and the types of start-ups that XT Ventures will invest in to do really innovative things to help Australians improve their overall health and wellbeing.”
The strategic investment is critical to HCF’s business model in supporting the health sector said Jack.

“At HCF, the health of Australians is our priority. That’s why we are always looking at ways to foster innovation within the healthcare system; we need disruptors to push the boundaries and through this investment we’re able to support that growth.”

According to XT Ventures managing partner Craig Lambert, “The global pandemic has accelerated digital adoption particularly in the sport, fitness, wellness and health sectors, so the time is right for both the fund and our investors to shape the future in this space.

“HCF has a really deep pedigree in helping innovative start-ups. Together with HCF’s knowledge of the healthcare system we look forward to supporting innovations that can change the trajectory of the health of Australians.”