Wellth has successfully raised $7.5 million over three funding rounds, focusing on improving care plan compliance for people with chronic diseases through behavioral economics. The platform incentivizes healthy behaviors, aiming to reduce healthcare costs and improve patient outcomes.
Keep reading to explore the intricacies of Wellth's fundraising journey and the investors backing this innovative platform.
What Is Wellth?
Wellth, founded in 2014, is a healthcare technology company based in Los Angeles. The company leverages behavioral science to improve care plan compliance for individuals with chronic diseases. Founders Alec Zopf and Matthew Loper lead a team of 51-200 employees.
Wellth's platform incentivizes healthy behaviors, aiming to enhance adherence to care plans and reduce healthcare costs. By using strategies from behavioral economics, the company helps patients maintain daily health routines.
With a mission to save the healthcare system billions, Wellth focuses on improving patient outcomes through daily engagement and rewards for healthy behaviors.
How Much Funding Has Wellth Raised?
- First Funding Round
- Amount Raised: $400,000
- Date: October 2014
- Motivation Behind the Round: To kickstart the company's operations and develop its initial platform.
- Second Funding Round
- Amount Raised: $2,000,000
- Date: May 2016
- Lead Investors: AXA Strategic Ventures
- Motivation Behind the Round: To handle full-scale commercial implementations and generate data on interventions in various disease states.
- Third Funding Round
- Amount Raised: $5,100,000
- Date: September 2018
- Lead Investors: AXA Venture Partners
- Motivation Behind the Round: To expand the team and meet increasing market demand, identifying new opportunities within various sectors.
Total Amount Raised: $7,500,000. Current Valuation: $50 million (~estimated).
Key Investors
- AXA Venture Partners
- Details: AXA Venture Partners is a venture capital firm investing in high-growth, technology-enabled companies. They have a global presence and focus on supporting innovative startups.
- Investment Focus Areas: Technology, digital health, fintech.
- Notable Investments: BioBeats, Medlanes, Happify Health.
- Boehringer Ingelheim Venture Fund
- Details: This is the corporate venture fund of Boehringer Ingelheim, one of the world's leading pharmaceutical companies. The fund focuses on innovative healthcare solutions.
- Investment Focus Areas: Healthcare, biotechnology, digital health.
- Notable Investments: Abalos Therapeutics, Cardior Pharmaceuticals, Gubra.
- New York Life Insurance Company
- Details: New York Life Insurance Company is one of the largest mutual life insurance companies in the United States. They offer a range of insurance and financial services.
- Investment Focus Areas: Insurance, financial services, health tech.
- Notable Investments: Gusto, Policygenius, Ladder.
- Partnership Fund for New York City
- Details: This fund invests in New York City-based startups to foster economic growth and innovation. It is backed by the city's business leaders.
- Investment Focus Areas: Technology, healthcare, financial services.
- Notable Investments: Zipari, Quartet Health, AiCure.
- Yabeo
- Details: Yabeo is a venture capital firm focusing on early-stage investments in the healthcare sector. They aim to support companies that bring innovative solutions to market.
- Investment Focus Areas: Healthcare, digital health, biotechnology.
- Notable Investments: Clue, Ada Health, Temedica.
What's Next for Wellth?
Wellth is poised to capitalize on significant opportunities in the health insurance, life insurance, health systems, and pharmaceutical sectors. By expanding its platform to address various chronic conditions, the company aims to improve patient health and reduce costs for insurers and health systems. The potential for growth is substantial, given the increasing market demand for solutions that enhance patient adherence and outcomes.
Future fundraising efforts are likely as Wellth continues to demonstrate success in its target markets. The company’s ability to generate data on interventions and improve health outcomes will attract further investment. However, challenges such as scalability, competition, and regulatory hurdles may arise as Wellth navigates its expansion.
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