Milestone Day for Livongo – Stellar IPO
7Wire Ventures is excited to announce that one of our portfolio companies, Livongo Health (LVGO) NASDAQ has completed its Initial Public Offering, raising $355.2M at a valuation at ~$2.5B. Livongo’s IPO is a validation of our team’s operator-driven investing approach.
In 2013, we identified an opportunity for a new approach to chronic condition management, one that leveraged continuous monitoring, applied insights, and behavior change to bring clarity to self-management. With this belief, our 7Wire team invested in a technology company and provided funding for Livongo to build a platform that made it easier for people managing chronic conditions to stay healthy.
From the earliest stages, the 7Wire team provided capital, resources, and talent to advance Livongo along its path to success. In September 2014, Glen Tullman (7Wire co-founder and Managing Partner) joined as CEO. As 2018 concluded, Glen recruited Zane Burke, former Cerner President, to take over as CEO, allowing Glen to transition into the role of Executive Chairman. At the same time, Lee Shapiro (7Wire co-founder and Managing Partner), a long-serving Livongo Board member, joined to serve as Chief Financial Officer to help take the company public.
Today, Livongo is positioned to improve the experience, costs, and outcomes for millions. Livongo has more than 192,000 Members, solutions used by 20% of the Fortune 500, and leading payer and Pharmacy Benefit Manager partners. As it turns the page to its next stage of growth, Livongo plans to expand beyond diabetes, hypertension, and behavioral health and continue treating the whole person.
Livongo’s IPO serves as critical validation of our vision of healthcare that the future leaders of healthcare will leverage technology to create transformative value through health service innovation and consumer empowerment. We envision a world in which health information and technology empower Informed Connected Health Consumers to better manage their own health and help drive the transformation from sick care to well care to achieve better outcomes at a lower cost.
The entrepreneurial experience of the 7Wire Ventures team is the DNA of our fund. We deeply believe in prioritizing our portfolio companies, doing whatever is necessary to support growth. Stemming from our experience building Livongo, we are excited to continue this strategy of leveraging our team’s operating experience for current and new portfolio companies that align with our mission of consumer empowerment.