Return to search

Kresge Foundation and Michael Bloomberg back new Hangar fund

Hangar has raised $15 million for a new fund that "launches high-growth technology companies tackling problems governments cannot solve alone."

Hangar has raised $15 million for a new fund that “launches high-growth technology companies tackling problems governments cannot solve alone.” The fund’s limited partners include the Kresge Foundation endowment and Michael Bloomberg, majority owner of Bloomberg LP.

PRESS RELEASE

NEW YORK, AUGUST 19, 2020 — Hangar today announced that it has raised $15 million for an uncapped fund that launches high-growth technology companies tackling problems governments cannot solve alone. Limited partners in the fund include the Kresge Foundation endowment and Michael Bloomberg, majority owner of Bloomberg LP. The funding will enable Hangar to continue its ground-breaking work building and investing in new companies. Hangar has built four successful companies since 2018 and expects that the investment will enable it to launch an additional three companies annually.

“We’re at an unprecedented moment for our country, and our companies are addressing several significant challenges all at once, from combatting Covid-19, to rebuilding our economy, to reducing the cost of higher education, to addressing disparate outcomes in healthcare,” said Josh Mendelsohn, Managing Partner at Hangar. “At Hangar, we believe that new ideas and new technology can help address these challenges, while also presenting opportunities to build successful, high-growth businesses. We’re thrilled to have the support of our investors, as we accelerate our work to launch new companies to meet this critical moment.”

A spokesman for Michael Bloomberg said, “We’re pleased to support Hangar’s work to bring technology and innovation to the public sector. The Hangar team has proven expertise in data, analytics, and software that, when applied to public sector problems, will pay dividends for years to come.”

Hangar’s in-house team combines experts with decades of technology, business, policy, and political experience. Working with and at the edge of government, Hangar builds sustainable and highly-scalable new businesses around opportunities to help solve some of society’s most pressing and complex challenges. Among Hangar’s focus areas is the $2 trillion government IT market in the U.S., currently dominated by traditional contractors.

“Hangar has the right model and the right team for the right moment. There are so many areas–from healthcare to disaster planning–that are ripe for innovation and new technologies that help to improve the lives and well-being of people and help solve real problems,” said Brian O’Kelley, who participated in the funding round. “With a veteran team that blends deep Silicon Valley and policy experience, Hangar is already making an impact and I’m proud to be supporting their next phase.”

“Truly tough problems require new thinking and creative solutions,” said Ron Conway, an adviser to Hangar and mentor to its leadership team. “Hangar’s model is unique: identifying complex challenges and building new companies from the ground up to help solve them. With an impressive leadership team guiding the firm, we are poised to see a wave of innovation from their portfolio companies that is long overdue.”

Over the last year and a half, Hangar launched its first four portfolio companies:
Camber: Combines mobility data and analytics to improve operations across all levels of government, empower informed decision-making, and create equitable communities. Camber is currently the authoritative provider of mobility data insights to public health researchers, epidemiologists, and state governments tackling COVID-19.
Cornea: Leverages machine learning to provide critical, real-time insights that inform disaster planning and response and recovery at the state, federal, and international levels.
Outcome: Delivers a higher education financing platform that reduces the burden of student debt and aligns the interests of individual students, colleges, and universities to promote successful and sustainable educational outcomes.
Roster: Pairs specialized technology systems with dedicated community health workers to deliver effective and accessible value-based health care.

To learn more about Hangar, please visit www.hangar.is. For investment inquiries, please contact info@hangar.is.