Wall Street veteran Alan Patricof and wellness executive Abby Miller Levy launch VC fund Primetime Partners to invest in tech startups that cater to aging Americans
Almost every country in the developed world is experiencing a dramatic shift in the proportion of the Boomer population. While the demographics shift, the cost of infrastructure to care for this population is growing approximately five percent every year. In addition, 87 percent of adults aged 65 and older want to age in place, creating more demand for in-home care. Now, in light of COVID-19, there is an increased appetite from Older Adults to use digital services and platforms such as Zoom, FaceTime and e-commerce shopping, all of which make it easier to age in place.
Primetime Partners is a new seed and early‐stage venture capital firm on a mission to invest in startups that cater to aging Americans. Last week, Abby Miller Levy, a wellness executive and founder, and Alan Patricof, one of America’s most iconic investors, co-founder of Greycroft with $2B in AUM and founder of Apax Partners with $50B in AUM, announced the launch of Primetime Partners. Wall Street veteran Alan Patricof is a pro at spotting trends, including making early investments in AOL and Apple.
According to the announcement, the new venture capital firm will focus on seed and early-stage investments in products, services, technologies and experiences for the aging, including aging in place, financial security for retirees, care management, longevity health services, and enriching consumer experiences for this underserved population. In addition, the firm will invest in Older Adults who are forming new companies to capitalize on their experiences in earlier careers.
“It’s our responsibility and opportunity to build and invest in products, services and technologies for older adults — a sector that has long been ignored by venture capital money. In addition, the older adults we invest in have invaluable knowledge and experiences that can’t be overlooked, and they’re bringing brilliant ideas to the table. At age 85, I want to be the spokesperson for what’s possible and drive society forward,” said Patricof.
Abby Miller Levy, a health and wellness executive, operator and former founder leads Primetime as the Managing Partner. Prior to Primetime, Levy served as President of Thrive Global, a behavior change technology company, Senior VP of Strategy and Growth for SoulCycle and an advisor to numerous startups. Her expertise is in helping brands build deep relationships with consumers on a human level. Consequently, the Firm will invest in entrepreneurs who create solutions through a human-first lens to drive measurable impact on an Older Adult’s quality of life.
Primetime’s first fund will make initial seed and early-stage investments from $250,000 to $1 million. It will focus on products, services and experiences dedicated to adults aged 60+, a global population expected to double from current levels to 1.6 billion by 2050.
“Our society is woefully lacking the products and services to satisfactorily address the needs for this 25 percent of our population,” said Levy. “The older consumer has been largely overlooked, even though they control 60% of our country’s net worth, generate over half of all healthcare spend and are digitally active. We’re determined to shed a new light on this population and be the leading investment platform in the space.”
“My mom has always made huge sacrifices for me and our family,” said Kevin Durant, Co-Founder of Thirty Five Ventures with Business Partner Rich Kleiman and investor in Primetime Partners. “She’s the most energetic person I know – my rock and inspiration. This fund provides a unique opportunity to give back to her and previous generations that paved the way for us, by investing in companies and entrepreneurs focused on uplifting them.”
Commenting on the launch, Jeffrey Romoff, CEO of the University of Pittsburgh Medical Center, said: “Right now, we’re facing a healthcare crisis in America. 90% of 75+ people have physical limitations, and younger caregivers shoulder much of that responsibility while working part-time or full-time jobs. We’ve spent billions on Medicare, Medicaid, and commercial health, yet 60% of global adults suffer from multiple chronic conditions. The time is ripe to invest in new tools to serve this over-looked segment of the population, and the team at Primetime Partners dedicated to providing for caregivers and the Aging population.”