Define Ventures Appoints Carolyn Magill as Venture Partner

Rhea-AI Summary

Define Ventures, a major early-stage health tech venture capital firm, has appointed Carolyn Magill as venture partner. Magill brings 25 years of experience in healthcare, having served as CEO of Aetion and Remedy Partners, and held executive positions at Evolent Health and UnitedHealth Group.

Magill joins existing venture partners Bruce Broussard (former Humana CEO) and Frank Williams (Evolent Health co-founder) to support Define's portfolio companies. The firm, managing $800 million in assets, invests in seed to series B stage companies and has backed notable ventures like Hims & Hers.

Her expertise spans payer, provider, and pharmaceutical sectors, with particular focus on data and AI applications. At Aetion, she led a platform transforming real-world data into regulatory-grade evidence, while at Remedy Partners she oversaw bundled payments software and services.

Positive

• Strengthened leadership team with addition of experienced healthcare executive
• Strategic expertise across payer, provider, and pharmaceutical sectors
• Substantial $800M assets under management
• Track record of successful investments including NYSE-listed companies

Negative

• None.

The former Aetion and Remedy Partners CEO joins Define to further drive innovation across provider, payer, and pharmaceutical sectors

SAN FRANCISCO, March 11, 2025 /PRNewswire/ -- Define Ventures, one of the largest venture capital firms focused on early-stage health tech companies, today announced that Carolyn Magill, former CEO of Aetion, has joined the firm as venture partner. Magill, leveraging her 25 years of invaluable experience scaling companies and fostering innovation within payer, provider, and pharmaceutical organizations, will partner with Define founders to scale their companies and become category-defining companies.

Carolyn is a seasoned healthcare executive and two-time CEO, having held executive leadership positions across multiple corners of the ecosystem. Prior to joining Define, Carolyn was CEO of Aetion, whose platform transforms real-world data into regulatory-grade evidence for critical healthcare decisions. She also previously served as CEO of Remedy Partners, the premier bundled payments software and services company, and as Executive Vice President of Payer Strategy and Operations at Evolent Health, where she helped drive the company's progression from startup through IPO. She also held several leadership roles at UnitedHealth Group, including Chief Operating Officer of its Community and State plan in New Jersey.

"Carolyn's extensive experience across payer, provider, and pharmaceutical sectors makes her uniquely qualified to guide the next generation of health tech innovators," said Lynne Chou O'Keefe, founder and managing partner at Define Ventures. "Having had the privilege of partnering with Carolyn as an advisor for many years, we're confident her deep expertise, particularly in data and AI applications within the pharmaceutical landscape, will be invaluable to our partner companies."

"Define represents the best of venture — an incredible founder community and a team of experienced operators who truly understand what it takes to build in healthcare," said Magill. "Throughout my career, I've worked across many corners of healthcare, and joining Define allows me to bring that experience to the earliest stages of innovation, helping founders turn ideas into impact."

Carolyn's appointment complements Define Ventures' existing venture partners, Bruce Broussard, former CEO of Humana, and Frank Williams, co-founder and former CEO of Evolent Health, creating a powerful trio of industry leaders with comprehensive experience across payer, provider and pharmaceutical sectors. Together, they bring unparalleled strategic depth to Define's partner companies.

Define Ventures has $800 million in assets under management and partners with companies at the seed, series A and series B stages. The firm impacts leading health tech entrepreneurs with its high conviction approach, partnering with over two dozen companies including Hims & Hers (NYSE: HIMS), Unite Us and Cohere Health.
To learn more about Define Ventures, visit www.definevc.com.

About Define Ventures

Define Ventures is one of the largest funds focused on early-stage health tech companies. With $800 million AUM, we take a high conviction approach in partnering with companies in the earliest stages. We believe the future of healthcare will be defined by those who bring together a deep understanding of the healthcare ecosystem paired with a technology-driven mindset. Our team was built to this vision, bringing together founders and investors who built category-defining companies and delivered over $25 billion in exit value, including Livongo (NYSE: LVGO), Evolent (NYSE: EVH), and Hims & Hers (NYSE: HIMS).

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SOURCE Define Ventures

FAQ

What is Define Ventures' current assets under management?

Define Ventures manages $800 million in assets, focusing on seed, series A, and series B stage health tech companies.

Who are the current venture partners at Define Ventures?

Define Ventures' venture partners include Carolyn Magill, Bruce Broussard (former Humana CEO), and Frank Williams (Evolent Health co-founder).

What is Carolyn Magill's background in healthcare?

Magill has 25 years of healthcare experience, serving as CEO of Aetion and Remedy Partners, and holding executive positions at Evolent Health and UnitedHealth Group.

Which notable companies are in Define Ventures' portfolio?

Define Ventures has invested in companies including Hims & Hers (NYSE: HIMS), Unite Us, and Cohere Health.