Welltok, developer of the CaféWell Health Optimization Platform, announced it closed on $25 million of a planned $37 million funding round led by Bessemer Venture Partners (BVP). Welltok will close out the round later this year with a select group of innovative organizations from across the healthcare industry. The new funds will be used to further accelerate the company’s impressive growth to-date and expand into new market segments as the industry moves to a more consumer-centric approach model.
The technology company is fundamentally transforming the way payers, health systems, ACOs and other population health managers partner with consumers to optimize their health and get rewarded through their online CaféWell platform. According to results from their Health Optimization Index, 40 percent of consumers cited lacking motivation as a barrier to achieving optimal health, and more than 85 percent of individuals believe healthcare companies should offer consumers reward programs for being healthy.
CaféWell Health Optimization Platform
CaféWell organizes the growing spectrum of health and condition management programs, apps, communities and tracking devices and then creates an actionable Personal Health Itinerary™ for each consumer based on their health status, benefits and goals. The platform leverages social connectivity, gaming mechanics and IBM Watson’s cognitive technologies to drive engagement and behavior change. Sponsors of the platform benefit from increased revenue, improved operational efficiency and greater healthcare value.
“We are gaining great momentum in creating a new market category, and helping drive the industry’s seismic shift to get consumers more involved in optimizing their health status,” said Jeff Margolis, chairman and chief executive officer of Welltok. “This new funding round will support our business growth and platform development, and allow us to be even more agile in anticipating and targeting market demands. We have the necessary runway to achieve our ambitious and challenging vision of delivering an enterprise PaaS solution that makes it possible for population managers to intelligently and effectively partner with and motivate consumers to optimize their health in a personalized, rewarding way.”
Stephen Kraus,partner at BVP will join Welltok’s board of directors. Welltok’s other financial and strategic investors includes Emergence Capital Partners, InterWest Partners, New Enterprise Associates (NEA), Qualcomm Ventures and IBM’s (NYSE: IBM) Watson Group.
