Oscar Moralez, founder and managing partner of Boomerang Ventures.

Unexpected fact: Warsaw, Indiana, population 16,000, is the orthopedic capital of the world. One hour west of Fort Wayne, Warsaw is home to more than 100 medical device companies, like Zimmer Biomet and Paragon Medical, working on the mechanics and processes that make hip implants and other sophisticated surgeries possible. . The medical device industry produces $19 billion in revenue, according to the Northeast Indiana Regional Partnership.

A lot of investors might not know about healthcare in the Midwest United States, says Oscar Moralez, founder of a new venture firm, Boomerang Ventures. An entrepreneur himself, Moralez was one of the founders of the Indianapolis-based Biostorage Technologies, which was sold in 2015 for $127 million. He’s also been leading the angel investing group VisionTech Angels, which has more than 130 accredited investors and invests in 5-7 companies each year.

Starting Boomerang, a venture studio, was a natural segue way, Moralez said. It provides the initial team advice and capital for 2-5 startups a year working in healthcare technology.

There’s been strong interest from limited partners that hail from larger VC markets—New York, Boston and Silicon Valley—in the economic growth of the the Midwest, he said.

Name: Boomerang VC Fund I

Location: Indianapolis, IN

Website: www.boomerang.vc

Size: Boomerang is raising a $30-$50 million fund.

What it is: A venture studio and fund focusing on the health technology in the Midwest. “The Midwest health tech ecosystem is significantly underserved yet rich with assets including world-class universities, research and intellectual property, medical schools, corporations, and healthcare organizations,” said Moralez. The studio has 2-5 companies at any given time, and includes fundraising in its support services.

What kinds of companies does it invest in?  Boomerang makes seed and series A investments in high-potential companies in the Midwest. It looks for companies in “connected health” sectors that are experiencing a paradigm shift in digital and care models, and where its team can drive outsized impact.

Leadership: Oscar Moralez, founder and managing partner, Dr. Eric Beier, partner and chief medical officer, Tony Petrucciani, partner and chief finance officer, and Dr. Josh Nickols, venture partner.

This story and others on New Builders Dispatch are made possible by a sponsorship from the Ewing Marion Kauffman Foundation. The Ewing Marion Kauffman Foundation is a private, nonpartisan foundation that provides access to opportunities that help people achieve financial stability, upward mobility, and economic prosperity – regardless of race, gender, or geography. The Kansas City, Mo.-based foundation uses its grantmaking, research, programs, and initiatives to support the start and growth of new businesses, a more prepared workforce, and stronger communities. For more information, visit www.kauffman.org and connect with www.twitter.com/kauffmanfdn and www.facebook.com/kauffmanfdn.