Friday October 7, 2016 0 comments
DENVER -- Welltok, a leading consumer health enterprise Software as a Service company, reported it raised $33.7 million in a Series E funding round with participation from new and existing investors.
In addition, the company said it also secured a new debt facility providing it with $13 million of expanded borrowing capacity.
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 company 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," 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."
Welltok said its award-winning CaféWell Platform enables population health managers to guide and incentivize consumers to optimize their health. The enterprise-level platform curates and connects consumers with available and relevant benefits, resources and rewards by providing personalized action plans for each individual.
Additionally, the company said its technology-enabled services leverage both advanced analytics to derive meaningful consumer insights and multi-channel communications to reach consumers through the right channel, with the right message, driving increased engagement.
Extending across the healthcare continuum, Welltok said it delivers greater healthcare value for its impressive roster of customers including payers, employers, government programs (Medicare and Medicaid), pharmacy benefit managers (PBMs) and providers.
The additional funding is another significant milestone for Welltok, which was most recently recognized as an Inc. 5000 fastest growing company in America for the second consecutive year.
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.
Participants in the funding round include 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, Singapore-based EDBI, Okapi Venture Capital and Miramar Ventures.
The company's debt facility was provided by Silicon Valley Bank.