CaféWell
Welltok, a provider of a population health management services and consumer health incentives, has raised $33.7 million in Series E venture funding, the Denver-based company announced Thursday. In addition, Welltok picked up a $13 million debt facility from Silicon Valley Bank.
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More than a dozen investors, including Bessemer Venture Partners, the Qualcomm Life Fund and New Enterprise Associates, participated in the funding round. Among the new investors are HLM Venture Partners and Sigma Partners, though those two venture firms already had equity in Welltok by virtue of acquisitions, Chief Technology Officer Brian Garcia said.
Notably, Welltok bought multichannel healthcare communications firm Silverlink, analytics company Predilytics and children’s fitness initiative Zamzee in 2015.
To date, Welltok has brought in $163.69 million in venture capital since 2011, according to Crunchbase. The debt facility is not included in the total.
Garcia said the company will use the new cash infusion to complete the integration of the acquisitions, to build out its CaféWell Health Optimization Platform and to move into new markets, such as Medicare Advantage. CaféWell helps population managers customize health “itineraries” for patients.
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The addition of Silverlink in December 2015 enabled Welltok to expand its offerings in terms of rewards and incentives for wellness programs. Silverlink even facilitates the printing and mailing of paper documents, which Garcia called “engagement 1.0.” He said this low-tech means is particularly well-suited for Medicare populations.
“This has opened opportunities to new markets like Medicare,” Garcia said. “We can deliver engagement over multiple channels.”
Previously, Welltok had offered services mostly to commercial health plans, employer groups and integrated healthcare delivery networks. Business in accountable care is “definitely trending upwards,” Garcia added.
He said that the company differentiates itself from competitors in three areas: analytics, particularly since the Predilytics purchase; multichannel capabilities; and the ability to drive engagement in both the digital and physical worlds. As an example of physical engagement, Garcia said Welltok has been successful in getting program participants to attend health fairs in their communities.
Photo: Welltok
