- Well Dot, Inc. (Well) announced recently that it completed $70 million in Series B equity financing. These are the details.
Well Dot, Inc. (Well) — a consumer-focused health improvement platform that combines leading-edge artificial intelligence, advanced behavioral economic techniques, and on-demand human guidance — announced recently that it completed $70 million in Series B equity financing. This latest funding round gives Well the capital to continue to scale its operations and expand its industry-leading platform to deliver enhanced functionality and improved health to an increasing number of members.
Well is known as 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. And Well has achieved frequent and sustained engagement with members across a wide spectrum of demographics and health contexts.
Rather than focus on one service vertical or health condition, Well applies proprietary algorithms to its library of clinical interventions and guided experiences, thus enabling the platform to deliver personalized support to its members across a wide range of topics including preventative care, condition management, and mental health. And 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 Series B funding round was led by Valeas Capital Partners, a recently launched investor-operator-focused firm led by Ed Woiteshek and Rob Little (former Hellman & Friedman colleagues). And a new investor group of 12 prominent CEOs and senior managing partners at top-tier private equity firms also joined the financing.
The existing investors General Catalyst and partners of Hellman & Friedman all participated in the round. And the company previously raised $40 million in Series A financing in 2020 and $25 million in seed funding in 2019.
Well now serves thousands of members across many corporate clients and will launch with additional jumbo employer customers in 2022. And 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.
KEY QUOTES:
“We strive for levels of engagement and use that are unprecedented in health care as a necessary condition for health improvement, and we are enthusiastic about the levels of engagement we have demonstrated among our members who have been on the platform for more than two years. As our user base has grown, we have been able to scale the delivery of personalized insights and rewards to keep members focused on the next best step for their health.”
— Gary Loveman, co-founder, chairman and chief executive officer of Well
“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
“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
