Venture & Growth Equity · Healthcare Technology & Services

Capital and conviction for the companies healthcare actually runs on.

Fountain Health Partners is an operator-led fund backing revenue-generating, technology & tech-enabled healthcare services companies that sell into health systems and payors.

Investing from the frontlines of healthcare
01
Selective
Concentrated by design
02
Revenue-generating
Past first traction
03
Systems & payors
Where we've operated
04
Operator-led
Built, not just backed
What we back

Healthcare doesn't lack innovation. It lacks adoption.

Technology and Services

Where technology meets services

We back technology and services companies, not hardware, not molecules, not science risk. Margins that compound as the business scales.

Proven demand

Companies the market already pays for

Real customers, signed contracts, recurring revenue. We invest after a company has earned its first traction and hit the wall that comes next.

Mission-critical buyers

Selling where we know the room

The hardest part of a healthcare company isn't the product — it's getting a system or payor to buy, deploy, and keep paying. That's the channel we've lived in.

Why Fountain

We've sat on the other side of the table.

The Fountain team helped build, scale, and exit companies across multiple healthcare verticals — from inside the health system and health plan channels.

We invest the way we operated: close to the buyer, disciplined on risk, and useful after the wire. Our diligence comes from a background in transaction services and investment banking; our conviction comes from having done the work.

Strategy

Invest in adoption, not just invention.

The hardest part of building a healthcare company isn't the product — it's getting a health system or payor to buy it, deploy it, and keep paying for it. That gap is where Fountain invests.

What we look for

We invest in proven demand, not promising decks.

  • ARevenue-generating, with real customers and signed contracts
  • BTechnology and services — AI leverage on a service business
  • CSells into health systems or payors — with validation from diligence through contracting, drawing on our strategic buyer network
  • DA capital-efficient path, not a capital-intensive one
  • EA team that's earned its first traction and is ready for what's next
What we don't do

Saying no clearly is how we say yes with conviction.

  • —No FDA, device, pharma, or biotech risk
  • —No pre-revenue or science-risk companies
  • —No capital-intensive, balance-sheet-heavy models

A narrow mandate is a feature. It keeps our diligence sharp and our portfolio coherent.

Our approach

Few companies, known deeply.

We commit to a small number of companies and stay close to each one — through sourcing, diligence, and the operating work that comes after. We'd rather know a handful of businesses deeply than spread thin across many.

01

Source

Through the network we've built across a decade — operators and clinicians, other firms and funds, founders, and family offices — inside the health system and health plan channels.

02

Diligence

Institutional rigor from a transaction services and banking background. We pressure-test the things that actually break healthcare deals — contracting, reimbursement, concentration, and channel. And we diligence alongside our actual health plan and system partners: understanding the real problem, testing whether the asset solves it, and confirming it creates value.

03

Build

We stay close after investing: buyer introductions, commercial strategy, and the operating help we wished we'd had.

Portfolio

The companies we back.

Technology and services businesses at the center of how care is bought, built, and delivered — selling into the health systems and payors we know best.

J2 Health
Payors · Network Management · SaaS

J2 Health gives health plans the data, tools, and automation to build and manage provider networks — turning network adequacy, compliance reporting, and provider outreach into a single, faster workflow. Built by former health plan strategists, it sells directly into payors, squarely in Fountain's channel.

New York, NY j2health.com ↗
Team

Investors who've done the operating.

A small, senior team — built from inside the buyer universe of healthcare, operations, and private equity — with the deals that move the industry.

Co-Founder & General Partner

Joey Campanelli

Joey is an operator at heart who built his career by solving complex problems, scaling organizations, and empowering high-performing teams. His experience spans hands-on operating roles and growth initiatives that shaped his belief that durable companies are built through discipline, humility, and exceptional people. Transitioning into investing, he brings a rare execution-focused lens, grounding decisions not just in financial outcomes, but in an understanding of culture, operations, and the leadership required to drive sustainable growth. He gravitates toward entrepreneurs and operators who share his passion for building, and he strives to be the kind of partner who elevates a team rather than directing it. Known for his authenticity, curiosity, and people-first approach, his investing philosophy is guided by the idea that great organizations are built collaboratively. He focuses on helping leaders unlock potential, scale responsibly, and create long-term value rooted in purpose and integrity.

Co-Founder & Partner

Jack Euston

Jack is a healthcare investor with deep roots in M&A. He spent the early part of his career advising healthcare services and technology companies on strategic transactions, market positioning, and exits — a career banker turned investor who brings a highly analytical, market-driven perspective. His strength lies in understanding how markets move, how exits are created, and how to structure partnerships that align operators, strategics, and financial sponsors. An expansive network across healthcare — from founders to corporate strategics to private equity — lets him source opportunities and support portfolio companies with precision. He pairs disciplined transaction expertise with humility and a collaborative, long-term approach rooted in respect for the operators who bring companies to life.

Backing & advisory
Nueterra Capital
Strategic backer. Jeremy Tasset, Chief Executive Officer.
John Couris
Advisory Board. President & Chief Executive Officer, Florida Health Sciences Center.
Ken Burdick
Advisory Board. Former executive of UnitedHealth Group, WellCare, and Centene.
Contact

Let's start a conversation.

Most of what we do begins with an introduction. If we share a contact, that's the best way in — and if not, reach out directly.

For prospective investors

Limited partners

We're building a concentrated fund with a small group of aligned partners — family offices, hospital and payor executives, physician groups, former founders, and investors who know healthcare. We're happy to share our materials and walk through the strategy.

Email us →
For founders & companies

Building something

If you run a revenue-generating healthcare technology or services company selling into systems or payors, we'd like to hear from you — even if it's early for a conversation.

Introduce your company →
Email
joey@fountainhp.com
jack@fountainhp.com
Location
Boston & Kansas City
Focus
Healthcare Technology & Services