Well Raises $70M in Series B Funding to Expand Consumer-Focused AI-Powered Digital Health Platform
Well, a consumer-focused health improvement platform that combines leading-edge artificial intelligence, advanced behavioral economic techniques and on-demand human guidance, has announced the closing of $70 million in Series B funding. The round was led by Valeas Capital Partners, with participation from 12 prominent angel investors, General Catalyst, and partners of Hellman & Friedman. This brings the total funding raised by the startup to $135 million, which will boost Well’s operations scaling and expansion efforts.
Well offers a personalized and productive way to achieve health goals and navigate healthcare. Well is a daily health partner to its members, creating a unique category of digital health intervention by facilitating members’ persistent engagement with personalized actions, incentives and concierge services to improve their health, rather than episodic services only when a problem arises. Well has achieved frequent and sustained engagement with members across a wide spectrum of demographics and health contexts.
In the era of digital technology, consumerism in healthcare means patients demand the same kind of seamless digital experience they get when dealing with other service-oriented industries. The idea of healthcare consumerism is to empower patients to be involved in their health care decisions throughout every step of the patient journey. Rather than focus on one service vertical or health condition, Well applies proprietary algorithms to its library of clinical interventions and guided experiences, enabling the platform to deliver personalized support to its members across a wide range of topics including preventative care, condition management and mental health.
Confidence in digital health technologies’ and tools’ potential continues to progress as health systems continue to invest in a more digital health care experience – focusing on connecting with, communicating with, and monitoring patients outside the health system’s walls. Well’s goal is to improve the health and wellbeing of its members over their lifetime and provide important tools and guidance in key moments of health opportunity or unplanned needs. The solution now serves thousands of members across many corporate clients and will launch with additional larger employer customers in 2022, according to the announcement. In addition, the company is working directly with community health organizations and direct-to-consumer offerings in collaboration with leading consumer brands, providing more avenues for consumers to access Well’s platform.
With people around the world becoming increasingly concerned about improving their health on a daily basis, episodic healthcare services have proven to be insufficiently capable of adapting to the changing needs. By making use of leading-edge artificial intelligence, advanced behavioral economic techniques, and on-demand human guidance, Well believes it can help its users improve their well-being and overall health in an active manner. The Well Series B is expected to be used to grow its digital health improvement platform.
Well has developed a differentiated and fundamentally unique offering that is proving successful at helping members make meaningful progress on their health and wellness goals. Well’s platform stands apart amid a crowded marketplace trying to improve a broken consumer experience for more than 100 million people.Ed Woiteshek of Valeas Capital Partners
- Set a goal and track it daily
- Integrate with other health apps
- Chat with a health guide on what matters to you
- Explore topics and start healthy habits
- Uncover potential cost savings in your healthcare
- Ask about your health insurance coverage
- Accept a health challenge, enter a sweepstakes
- Collect your health and wellness data in one place
- Get reminders for check ups and immunizations
- Find the right doctor and set appointments
- Refill your prescriptions and discover coupons
- Connect to telehealth services available to you
The rapid growth of our user base and opportunities across distribution channels is continuing to enhance the quality of our insights and ability to deliver meaningful partnership to each member on an individual level.David Werry, co-founder, president and chief operating officer of Well
Well is a health improvement platform with a mission to be the world’s most effective partner in the advancement of individualized health. The company is designed to solve the most critical health problem affecting America today: the pervasive inability of consumers to consistently take well known actions that are proven to help them achieve better health, leading to poor population health outcomes and unsustainable cost for employers. Well solves this problem by serving as a “daily health partner” and creating a cycle of success with every member – building trusted relationships and aligning support based on their interests and then ultimately working with them proactively to impact their highest priority clinical improvement opportunities. The Well Series B is expected to be used to grow its digital health improvement platform.