Welltok, developer of the CaféWell Health Optimization Platform™, officially closed its most recent funding round of $37 million. Two new investors join the round, Hearst Health Ventures, a unit of Hearst Corporation focused on investments in health IT and technology-enabled healthcare services, and Catholic Health Initiatives (CHI), one of the nation’s largest health systems. This brings Welltok’s completed funding in 2014 to $59 million.
Hearst and CHI join the Series D round led by Bessemer Venture Partners (BVP) with participation from existing top tier investors, including Emergence Capital Partners, InterWest Partners, New Enterprise Associates (NEA) and Qualcomm Ventures. The new funds will be used to further accelerate the company’s impressive growth to date through the launch of new products and services, as well as expansion into new market segments.
“With the capital raised in 2014, we are in a great position to deliver excellence to our existing and growing client portfolio. It also enables us to focus on building new capabilities into our groundbreaking Health Optimization Platform.
We are reaching a critical tipping point in the market. Existing solutions are reaching their limitations and a new enterprise-level platform must emerge to address the consumer and bring mass personalization to healthcare. Our CaféWell Health Optimization Platform makes this possible by providing payers, providers and other population health managers with the ability to guide and incentivize consumers to achieve their optimal health,” said Jeff Margolis, chairman and chief executive officer of Welltok.
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.
Margolis will share the company vision at the 33rd Annual J.P. Morgan Healthcare Conference in San Francisco on Wednesday, January 14, 2015 at 1:30 pm PT. Margolis’ presentation will include a company update, discussion about health optimization and a demonstration of CaféWell Concierge, the company’s newest application powered by IBM Watson.