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It had raised just north of $175 million since 2011 in a series of successful funding rounds, but Series E2 builds on that in a major way.
Health and wellness software provider Welltok might not have been hurting for cash before today’s announcement. It had raised just north of $175 million since 2011 in a series of successful funding rounds. But Series E2, as it’s calling its most recent windfall, is its highest-grossing to date.
The round has yielded $75 million in additional cash, which will “carry Welltok through its next phase of growth,” according to a new statement. That will include continued product development, expansion into new market segments, and "integration of acquired assets and capabilities." In recent years, it has scooped up a handful of data firms (most recently, Tea Leaves Health) to build out its advanced analytics capabilities.
Welltok’s claim-to-fame is its CaféWell Health Optimization Platform, an enterprise population health software sutie that allows patients to track their progress towards wellness goals. Payers—including CMS—providers, and other large-scale, patient-facing healthcare entities (like pharmacy benefits managers) all employ the technology to track and incentivize better health habits among their populations in hopes of reducing costs and improving outcomes.
Jeff Margolis, the company’s chairman and CEO, said that the “depth and breadth” of the company’s technology attracts investors and consumers alike. "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," Margolis said.
Welltok also claims its privacy and security standards also make it appealing—last month, it won an award for “excellence in enterprise security,” and it maintains both HITRUST Certification and EU Privacy Shield compliance.
Several new investors participated in the Series E2 round, including Future Fund Management Agency, Ziff Davis, NF Trinity Capital (Hong Kong) Limited, and ITOCHU Corporation. “Additionally, the vast majority of existing investors demonstrated their continued enthusiasm for the Welltok vision,” the company’s statement says.