Welltok, the leading consumer health enterprise SaaS firm, has raised $33.7 million in a Series E funding round with participation from new and existing investors. Also, the company secured a new debt facility which provides it with a $13 million of expanded borrowing capacity from Silicon Valley Bank.
The combined financing will be used for continued development of its CaféWell Health Optimization Platform and complementary technology-enabled healthcare service offerings, as well as expansion into new market segments.
The round saw participation of 14 national and international venture and equity firm namely Singapore-based EDBI, New Enterprise Associates, Bessemer Venture Partners, Georgian Partners, Emergence Capital, InterWest Partners, Sigma Partners, HLM Venture Partners, Flare Capital Partners, Trustmark, Qualcomm Life Fund, Hearst Health Ventures, Okapi Venture Capital and Miramar Ventures.
Welltok’s award-winning CaféWell Platform enables population health managers to guide and incentivize consumers to optimize their health. The platform basically curates and connects consumers with available and relevant benefits, resources and rewards by providing personalized action plans for each individual.
Jeff Margolis, Welltok chairman and CEO in an official statement said,
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. 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.
Additionally, Welltok’s technology-enabled services leverage both advanced analytics to derive meaningful consumer insights and multi-channel communications. With this, it aims to reach consumers through the right channel, with the right message, driving increased engagement.
Welltok delivers greater healthcare value for its impressive roster of customers including payers, employers, government programs (Medicare and Medicaid), pharmacy benefit managers (PBMs) and providers. It combines customer-provided population data with its proprietary consumer database of over 270 million Americans to create a deep level of consumer insight that drives significant improvements.
The additional funding is another significant milestone for Welltok, which was recognized as an Inc. 5000 fastest growing company in America for the second consecutive year. It had recently announced the expansion of its Quality Insight offering. The Quality Insight offering provides consumer-level insights and tools that reveal an individual’s risk of compliance, utilization, satisfaction, retention and receptivity to various outreach programs. Results generated by Quality Insight to date include up to 20 percent improvement in medication adherence and test compliance, 20 percent improvement in program outreach, and as much as 30 percent reduction in outreach costs per engaged member.
Several of the nation’s top health plans that leverage Quality Insight are now provided with impressive results, which include improved quality scores, increased member retention and reduced outreach costs. The feature accomplishes this by targeting the right individuals with the most impactful programs based on their receptivity to different outreach channels and messages.
Company growth has been driven through strong organic as well as inorganic growth, including the strategic acquisitions of Silverlink Communications, Predilytics and IncentOne. Welltok operates in six office locations nationwide and has grown to nearly 400 employees.