Headwater Ventures is an early-stage venture capital firm based in Minneapolis that backs preseed and seed teams building the infrastructure and intelligence of the healthcare software layer. The firm focuses on digital health and health IT, investing $100K–$500K in companies that make care administratively simpler, clinically safer, and financially clearer.
33% of their portfolio is in Healthcare. Their most common stage is seed (67% of deals). Average disclosed round size is $6.2M (across 6 rounds with reported amounts).
Portfolio
6
Fund Size
—
Top Stage
Seed
Last 12 Mo
0
Team
Portfolio Breakdown
Stage Distribution
Sector Distribution
Investment Activity
DealsAvg Round Size
Portfolio
6 investments
| Company | Round | Amount | Date |
|---|---|---|---|
 Saile | Pre-Seed | $2.2M | Jan 2026 |
 Affineon | Seed | $5M | Feb 2025 |
 Photon Health | Series A | $16M | Jul 2024 |
 Kintsugi | Seed | $8M | Aug 2021 |
 Spora Health | Seed | $3M | Aug 2021 |
 Spora | Seed | $3M | Aug 2021 |
Top Co-Investors
Techstars3 shared
Human Ventures2 shared
Refactor Capital2 shared
MaC Venture Capital2 shared
M132 shared
Benhamou Global Ventures1 shared
Anti Fund1 shared
Green Park & Golf Ventures1 shared
Deepwater Asset Management1 shared
Run Ventures1 shared
Matchstick Ventures1 shared
Acrew Capital1 shared
IT-Farm Corporation1 shared
On Deck Ventures1 shared
Watershed Ventures1 shared
Long Journey Ventures1 shared
Healthier Capital1 shared
Ritual Capital1 shared
BoxGroup1 shared
Floating Point1 shared
Last updated: 27 September 2026