Program-Related Investments

CHCF Health Innovation Fund

The CHCF Health Innovation Fund makes program-related investments (PRI) in medical and health care technologies and services. CHCF will support entrepreneurs with business concepts that have the potential to significantly improve quality of care, lower the total cost of care, or improve access to care for low-income Californians.

CHCF Health Innovation Fund

The CHCF Health Innovation Fund pursues "program-related investments" (PRIs) in medical and health care technologies and services.

Program-related investments can be made to meet the needs of organizations that are developing market-based solutions to social problems. PRIs are foundation investments that take the form of low-cost loans, loan guarantees, or equity, rather than grants.

PRIs help extend the reach of CHCF's traditional grantmaking by providing organizations with a business or revenue model with capital to finance, sustain, and grow their programs and initiatives. They help organizations attract new financing from other investors, or build a credit record to qualify for commercial financing. Because PRI funds must be returned to CHCF, the money can be used again for other projects.

In addition to providing capital, the CHCF Health Innovation Fund can help with regulatory and reimbursement strategies, provide insight into health care financing and operations, and connect companies to demonstration sites in California.

For examples of funded projects and more information, see the CHCF Health Innovation Fund.


The CHCF Health Innovation Fund will consider both nonprofit and for-profit organizations and companies that meet the criteria for the program.

Investment Stage and Range

The CHCF Health Innovation Fund will consider these investment stages and ranges:

  • Existing product or service in active use with at least one customer
  • Demonstrated customer interest in California
  • Initial investment of $500,000 to $1,500,000
  • Capital-efficient business models

Investment Criteria

  • Significant Impact: Provide new or more timely access to 100,000 Californians and/or deliver $25M in annual cost savings to the California health care system
  • Strategic Alignment: Demonstrate a clear connection to CHCF's mission to dramatically improve quality of care, lower total cost of care, and/or improve access to care for low-income populations 
  • Experienced Management Team: Employ a CEO and management team with a proven track record or the ability to attract such a team
  • Scale and Sustainability: Leverage business models that show potential significant growth and scale

CHCF does not invest in companies primarily focused on healthy food, fitness, pharma, or biotech.

CHCF does not invest in medical devices that require Class II or Class III FDA approval. Those that require Class I approval should be within 12 months of approval and should have strong clinical data.

To Apply

Please submit:

  1. A brief description of the business concept, the market need and problem solved, how the organization will improve access to or lower the cost of care, and how the innovation will benefit the people of California.
  2. A business plan, including marketing and sales strategies, technology plan, organization and staffing plan, three- to five-year capital financial projections, and funding requirements.
  3. Resumes of the founders and management.

Submit your application for the CHCF Health Innovation Fund to Only complete applications will be reviewed. Your information will be kept confidential.

You will be informed within four to six weeks as to whether further review will be undertaken and what additional materials may be required. The full review and approval process can take three to six months, as all PRIs will undergo extensive due diligence and must be approved by the CHCF board of directors.

Remember that PRIs are financial obligations that require full compliance and repayment in accordance with the agreed-upon terms and conditions. The decision to approve and fund a PRI is solely within the discretion of the foundation. This information does not constitute a promise to fund.

For more information, contact CHCF staff will not accommodate requests for calls or meetings to discuss proposals that have not been submitted to this email address.