Equitage Ventures Readies New $47.3m Tech Investment Fund With Senior Living Industry Backing

A group of senior living and healthcare stakeholders including Solera Senior Living CEO Adam Kaplan have spun up a new investment fund meant to help grow innovative tech for operators.

Venture capital firm Equitage Ventures this week announced the final close of a new $47.3 million fund, its first ever. The company’s aim with the fund is to be “more than capital” by helping to advise and shape the senior and healthcare tech companies and entrepreneurs it plans to invest in. Initially the fund will target smaller, tech companies in which to invest and grow.

Backing Equitage is an investment team that includes Adam Kaplan along with Russell Hirsch, a co-founder at Generator Ventures; and Daniel Kaplan, an investor who also worked with Generator Ventures.

“We wake up every morning passionate about transforming senior care … through this broad-based, digital health approach, investing in technology and technology-enabled services,” Hirsch told Senior Housing News.

The fund is unique in that it includes investments from a group of limited partners across the continuum of care. Though Equitage declined to name specific limited partners, Daniel Kaplan said the list includes leaders of at least three prominent U.S. senior living operators, a publicly traded healthcare technology company, a publicly traded healthcare real estate investment trust (REIT) and a multi-billion-dollar Japanese conglomerate.

Equitage also is taking guidance from a group of advisors that includes Formation Capital and Senior Living Transformation Company Founder Arnie Whitman along with Proximal Health Co-Founder Sara Ratner, DispatchHealth Chief Revenue Officer Jennifer Meyer and former e4health CEO Matthew Zubiller

The fund comes at a time when senior living and other health care-adjacent companies are awash in a sea of potentially useful technology. But with so many companies to choose from, choosing the right partner is fraught with risk.

Setting Equitage Ventures’ fund apart from other similar ones is the fact that the company plans to conduct diligence with and invest in small companies that represent “best entrepreneurs” in the field, according to Hirsch.

Looking ahead to the rest of 2025, Equitage’s leaders see a “healthy pipeline” of companies to invest in.

Separating wheat from chaff in tech

With its new fund, Equitage is seeking to find companies that will make an impact in senior living and other related industries. That can be a tough task for senior living operators, who have myriad companies and products to choose from when implementing new technology.

Equitage’s biggest strength lies in the experience of its investment team and advisors. Adam Kaplan has spent many years weighing and implementing new tech in his role at Solera Senior Living, including for the kind of value-based care models he thinks will help lead the industry into the future. Additionally, Hirsch has a 34-year career in venture capital in biotechnology and medical devices and eight years of senior living investments, while Daniel Kaplan has invested in “age tech” companies including IntelyCare, Vesta Healthcare, and Vynca Care for the last decade.

The company can use the experience of its backers, advisors and limited partners to its advantage, according to Daniel Kaplan. As the company seeks out investment partners, it will do so “with the voice of the customer being the voice in our ear,” he said. In other words, the company will invest in tech with the eyes of a senior living or health care operator.

Adam Kaplan added that through its investments, Equitage will help companies in senior housing and care make better sense of a “very noisy landscape” for senior living technology.

“You’re constantly getting cold calls from entrepreneurs or business development personnel that are telling you that their product is the best, it’s going to solve all your problems,” he said. “And it’s just very difficult for most of senior living, whether it’s an operating company or an investment company, to navigate through that.”

Senior living operations are also getting more demanding, and Adam Kaplan said it’s “no longer good enough” to simply stabilize occupancy, they must also improve results. As such, he sees a “real need” for companies to “successfully identify which [tech] entrepreneurs are building viable companies, to counsel them and to provide sound governance to them, to scale those companies successfully.”

“You need process improvements, you need staffing efficiencies, you need care revenue capture, and you need new revenue streams,” he said. “And you’re not going to be able to achieve that unless you have capital flowing to back good, talented entrepreneurs and to structure the right council around the table again to help them scale successfully.”

While Equitage hasn’t yet announced any new partners for its fund, it is working to invest in a company that “leverages behavioral science and economics to influence the number of Medicare Advantage members,” Hirsch said. Other early investment targets might include documentation companies in both home health and skilled nursing, care management and compliance support in senior living and a software as a service (SaaS) company.

Looking ahead, over the next several years, the fund is focusing on investing its existing dollars. Once 70% of the fund has been deployed, it will begin working on its next fund.

“We started something, and we’re not finished,” Daniel said. “We’re really at the starting line now.”

Fund arrives as senior living tech takes off

In 2025, the senior living industry is undergoing a tech transformation fueled by the need to grow and evolve for a new group of customers, the baby boomers. Some companies are building value-based care models and using AI-powered processes to collect the data to power those programs, for example.

Companies with services that use payment sources like Medicare Advantage, which recently had its capitation rates increased to 5.06% from 2.23%, are growing in 2025, making this an opportune time for Equitage’s fund, Daniel Kaplan said. The Centers for Medicaid and Medicare Services (CMS) also has set a goal that all Medicare fee-for-service beneficiaries will be in an accountable care organization by 2030. But coordinating that care and collecting health data will require more tech sophistication.

“I think that acquiring older adults and their families through digital channels for more digital first products, whether it be apps, services or software, is going to be a much more investable and real trend as we get closer to 2030 and beyond,” he said. “We’d like to see some more products added there too.”

Equitage is on the lookout for companies that have a range of services for residents and their community operators, such as products that aid financial technology for older adults, sell long-term insurance in a new way or create a new social media platform for older adults.

“The system is maturing to be able to effectively invest in opportunities in this space, and that’s the great thing,” Hirsch said. “We want to be partners with entrepreneurs, LPs and with other funds that have interest in this space.”

Because of the size of the fund and the expertise of investors in it, there’s “always going to be room for us at the table,” according to Hirsch.

The post Equitage Ventures Readies New $47.3M Tech Investment Fund With Senior Living Industry Backing appeared first on Senior Housing News.