- Well — a company that utilizes leading-edge artificial intelligence and behavioral economics to help its members achieve their best health — announced the completion of $40 million in Series A financing. These are the details.
Well — a company that utilizes leading-edge artificial intelligence and behavioral economics to help its members achieve their best health — announced the completion of $40 million in Series A financing. And since its founding in 2019, the company has combined a consumer-grade digital platform with multi-disciplinary teams of health guides to deliver personalized health guidance at scale, leading to improved member health and reduced costs for individuals and employers.
The Series A financing is a combination of equity and debt. And it includes seed investors General Catalyst, John Doerr, Mosaic Health Solutions, and partners of Hellman & Friedman. And co-founders Loveman and David Werry are also significant investors in the company. The company previously raised $25 million in seed funding in 2019.
Well is known for offering a dynamic single front door for health and uses leading consumer-marketing strategies and technology to deploy chat and phone support from live health guides, extensive self-guided in-app actions, and a variety of rewards and incentives to keep members engaged. And the approach is designed to help each member identify and support areas of opportunity to improve their health and lower costs. The platform serves all members and not just those with acute conditions and higher-cost of care, and addresses the full spectrum of healthcare needs, including behavioral health, wellness, pharmacy, navigation and chronic disease management.
Well members have been highly engaged while demonstrating better health practices, including taking more preventative actions, which has led to improved health and lower costs since onboarding its initial users at the end of 2019.
KEY QUOTES:
“By leveraging member health data and applying proprietary analytics and clinical expertise, we deliver daily health recommendations and a wide offering of compelling rewards to encourage our members to take action to improve their health. We are encouraged by the high level of engagement our members have with the platform and the health journeys and actions available to them, particularly amid the disruption caused by COVID-19. Our latest round of funding will allow us to continue to invest in our people and technology as we expand our user base, content and the breadth of the offering.”
— Gary Loveman, co-founder, chairman and chief executive officer of Well
“As we scale our membership, the efficacy of our AI-driven personalization continues to evolve and further impact our members’ health. We have made significant progress on our mission to be the world’s most effective partner in the advancement of our members’ health and will continue to accelerate these efforts into 2021 and beyond.”
— Well’s co-founder, president, and chief operating officer David Werry
“Combining a high quality, interactive user interface with deep healthcare expertise, the Well platform empowers members to take charge of their health in a cost-effective way, resulting in improved engagement and outcomes.”
— Ken Chenault, chairman of General Catalyst, and former chairman and CEO of American Express
