Health optimization platform Welltok has raised $33.7 million in Series E funding with participation from new and existing investors including securing a a new debt facility providing the company with $13 million of expanded borrowing capacity. The company plans to utilize the funding to accelerate development of its CaféWell Health Optimization Platform™ and complementary technology-enabled healthcare service offerings, as well as expansion into new market segments. The latest round brings the company’s total funding to date at $164M.
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 have clearly defined and established the need for a consumer enterprise platform that systematically connects individuals with the resources, benefits and support available to help them achieve and sustain their optimal health,” said Jeff Margolis, Welltok chairman and CEO. “What continues to attract investors and customers is the maturity of our platform and services, and our ability to deliver an unparalleled personalized experience for consumers on behalf of their sponsors.”