RH Capital is an impact first venture fund investing exclusively in women's health at Seed and Series A. It was created in 2019 as the wholly owned investment subsidiary of Rhia Ventures, a nonprofit that uses capital to improve reproductive and maternal health in the United States, and it grew out of an initiative philanthropist Dr. Ruth Shaber began with Rhia in 2017. The fund invests across devices, diagnostics, digital health, health services, therapeutics and consumer health, targeting maternal health, contraception, fertility, menopause, gynecological conditions, pelvic health and women's oncology. Every investment is screened against four impact pillars, transformative innovation, access, affordability and systemic change, with particular attention to historically underserved populations, and more than 90 percent of its portfolio companies have women or BIPOC founders. Fund I raised $5 million in 2019; the oversubscribed Fund II closed at $38.5 million in 2022, bringing combined assets to $43.5 million across more than 20 companies including Ovia Health and Nurx. On October 1, 2024 the investment team spun out of Rhia Ventures to form the independent firm Foreground Capital, which continues to manage RH Capital Funds I and II while raising a larger successor vehicle under the new name.
Portfolio company Ovia Health, a maternal and family health app maker, was acquired by Labcorp in 2021.