Transformation Capital is a growth equity firm focused solely on digital health and healthcare IT companies. Headquartered in Boston and founded in 2016, the firm closed its third fund at $800 million in 2022.
62% of their portfolio is in Healthcare. Deal activity increased 125% year-over-year (9 deals in the last 12 months). Average disclosed round size is $82.0M (across 51 rounds with reported amounts).
Portfolio
44
Fund Size
$800M
Top Stage
Series B
Last 12 Mo
6
Team
Portfolio Breakdown
Stage Distribution
Sector Distribution
Investment Activity
DealsAvg Round Size
Portfolio
56 investments
| Company | Round | Amount | Date |
|---|---|---|---|
 Latent Health | Series A | $80M | Apr 2026 |
| LLatent Health | Series A | — | Mar 2026 |
 Grow Therapy | Series D | $150M | Mar 2026 |
 Alaffia Health | Series B | $55M | Feb 2026 |
 Alaffia | Series B | $55M | Feb 2026 |
| GGrow Care, Inc. | Series D | $150M | Jan 2026 |
 Ketryx | Series B | $39M | Sep 2025 |
 Citizen Health | Series A | $30M | Aug 2025 |
 Citizen Health | Series A | $30M | Aug 2025 |
 Arbital Health | Series B | $31M | Jul 2025 |
 Certify | Series B | $40M | Jun 2025 |
 Local Infusion | Series B | — | Jun 2025 |
 Rad AI | Series C | $60M | Jan 2025 |
 Capital Rx | Series F | $252M | Jan 2025 |
| Citizen Health | Series A | $30M | Jan 2025 |
| TTMRW Life Sciences | Series D | $28M | Jul 2024 |
 SmarterDX | Series B | $50M | May 2024 |
| Grow Therapy | Series C | $88M | Apr 2024 |
| Arbital Health | Series A | $10M | Jan 2024 |
| Capital Rx | Growth | $50M | Oct 2023 |
 Lightforce Orthodontics | Series D | — | Aug 2023 |
 Dexcare | Series C | $75M | Jun 2023 |
 Memora Health | Series B | — | Apr 2023 |
 Plume Clinic | Series B | $24M | Aug 2022 |
 Annexus Health | Series B | $33M | Aug 2022 |
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Top Co-Investors
General Catalyst11 shared
Notion Capital11 shared
SignalFire8 shared
Frist Cressey Ventures7 shared
Menlo Ventures5 shared
Kaiser Permanente Ventures5 shared
GV4 shared
Sequoia Capital4 shared
TCV4 shared
Y Combinator4 shared
Flex Capital4 shared
Khosla Ventures4 shared
Lux Capital3 shared
Bessemer Venture Partners3 shared
Flare Capital Partners3 shared
Iconiq Capital, LLC3 shared
SemperVirens Venture Capital3 shared
8VC3 shared
Headline3 shared
HLM Investment Partners3 shared
Last updated: 8 September 2026