FarmboxRx Founder Joins HLM Investment Partners, Bringing Entrepreneurial Expertise to Healthcare Startups

Ashley Tyrner-Dolce, the founder of FarmboxRx, has joined HLM Investment Partners as an operating partner, leveraging her experience in scaling a healthcare startup to mentor new founders. This move comes after the successful acquisition of FarmboxRx by Pyx Health for nearly $50 million in June, marking a significant milestone in the food-as-engagement sector of healthcare.

From Bootstrapped Startup to Industry Innovator

FarmboxRx, founded by Tyrner-Dolce in 2014, pioneered the concept of food-as-engagement in healthcare. Initially facing challenges in raising capital due to the novelty of its approach, the company persevered to become a profitable venture, reaching $55 million in annual revenue and partnering with over 90 national health plans.

"We created the category of food-as-engagement in healthcare. We were the first company to go to market and get a health plan to cover the box of food," Tyrner-Dolce explained. The company's success was built on a model that not only delivered fresh produce to members but also provided education and engagement tools to promote preventive care and lifestyle improvements.

Mentorship and Investment in Healthcare Innovation

At HLM Investment Partners, a Boston-based healthcare venture investment firm with $455 million in assets under management, Tyrner-Dolce aims to share her unique perspective as an entrepreneur who bootstrapped, scaled, and successfully exited a healthcare startup.

"I think I can really mentor entrepreneurs around that path," Tyrner-Dolce stated, emphasizing the importance of relationship building and understanding the complexities of the Medicare and Medicaid markets. Her role will involve helping founders shape their go-to-market strategies and advising on product development and team building in the evolving healthcare landscape.

The Future of Healthcare Technology and AI

Tyrner-Dolce sees significant opportunities for startups in the healthcare sector, particularly with the advent of artificial intelligence. "We're in this gold rush, if you will, within AI. It's still in its infant stage and there is so much that can be built and done in a lot less time in the AI world," she noted.

She also highlighted the openness of the Centers for Medicare & Medicaid Services to innovation, predicting substantial changes in healthcare systems over the next five to ten years due to AI advancements. This technological shift, coupled with the need for healthcare solutions that provide multiple benefits, presents a fertile ground for new ventures in the industry.