Welltok, digital healthcare and wellness company gets Series E funding
Welltok, offering personalized population health digital solution has raised $75 M in a Series E funding. The company is well known in the digital health sector by developing SaaS-based consumer health products.
Recently, Welltok, who is one of the prominent enterprises and known for developing Software as a Service (SaaS) based consumer health products in the healthcare industry, declared that they have managed to raise $75 million from its new and existing investors in Series E2 funding. The company is planning to use the funds to attain the next stage of their development plans along with supporting the existing product development, expanding their presence in the new markets, and incorporating the attained assets and know-how.
Jeff Margolis, Chairman and CEO of Welltok threw some light on the company’s announcement.
According to him, “What continues to attract investors and customers is the depth and breadth of our platform and services, and our ability to deliver an unparalleled personalized experience for consumers on behalf of their sponsors.”
Jeff also added that no other company has the full spectrum of capabilities required to make big data small in a way that allows organizations to proactively manage the health of a population – one consumer at a time.
The main idea behind raising this new instalment of funds is to expand their involvement in digital health industry by adding hospital and health systems for customers since the getting hold of Tea Leaves Health.
Welltok also shared in a new media release that a few of new investors took part in second round of Series E2 funding, together with NF Trinity Capital, Future Fund Management Agency, ITOCHU, and Ziff Davis, Georgian Partners, Bessemer, and New Enterprise Associates.
Based on facts shared by Welltok CFO, Chris Power in an email, Tea Leaves Health (TLH) works with more than 400 hospitals and about 30% of the topmost health systems.
As a result, it will increase the significance of Welltok’s attendance in the hospital and health system market in a substantial way.
Chris further shared that since, with Tea Leaves already working with prominent hospital-based information systems, Welltok is planning to increase the significance and reach of those systems by forming a two-directional, long-term relationship with customers that will go beyond just professional setting.
To the present day, Welltok has managed to raise $250 million to fund its business. The most recent $75 million has been the second round of Series E funding. Previously, the company had raised $33.7 million in 2016.
Welltok’s primary focus is to comprehend and envisage individual needs of their target customers. They do it by analytically utilizing their consumer activation program to employ machine-learning techniques to data pertaining to healthcare and non-healthcare segments.
At that juncture, the consumers begin to connect with appropriate ROI-based programs, i.e. return of investment on various wellness and patient engagement programs, along with the resources that eventually stimulate and increase participation of consumers towards their health.
It helps the company in seeking the customers that are in all likelihood are approachable and are ready to take required steps.
Talking about recently raised $75 million, the company has said that it is planning to utilize some of those funds to continue with the development of its CafeWell software, one of the leading products of Welltok Company, which it sells to hospitals and another health centres, government and non-government health insurers, and other similar establishments.
At these health centres, Welltok tools help in enhancing the health of patients and workers by proposing them recommendations and recompenses for attaining certain goals.
Knowing the acquisition history of Welltok, it is also possible that the company will utilize some of the new capital funds into procuring more small-size companies.
Image credit: https://www.welltok.com/