Welltok has raised a new round of fresh capital as part of an effort to support the digital health company’s move to add hospital and health system customers following its acquisition of Tea Leaves Health.
The fundraise was the second part of a Series E round. In 2016, Welltok raised $33.7 million. To date, the company has raised$250 million.
When Investment Rhymes with Canada
Canada has a proud history of achievement in the areas of science and technology, and the field of biomanufacturing and life sciences is no exception.
Among new investors in the $75 million Series E round are Future Fund Management Agency, Ziff Davis — the company that sold Tea Leaves Health to Welltok, NF Trinity Capital in Hong Kong and ITOCHU Corp, according to a company news release. Most of its existing investors also took part in the round, such as New Enterprise Associates, Bessemer Venture Partners, and Georgian Partners.
Welltok enlists machine learning to analyze healthcare and
fitness data to understand and predict individual needs. It also connects consumers with relevant programs to support patient engagement. In addition to employer wellness and health plans, providers’ interest in developing ways to better understand and address the needs of their patient population in more proactive ways increases the need to partner with health tech companies like Welltok.
“With the acquisition of Tea Leaves Health (TLH) which works with over 400 hospitals and 30 percent of the top health systems, Welltok is entering the hospital/health system market in a meaningful way,” said Chris Power, Welltok CFO, in an email. “Because TLH already integrates into leading hospital-based information systems, we will be able to extend the value of those systems by creating a bi-directional, longitudinal relationship with consumers well beyond the clinical setting.”
Tea Leaves is the latest in a string of acquisitions Welltok has made to support its CaféWell Health Optimization platform. Others include healthcare communications firm Silverlink, healthcare data mining and analytics business Predilytics and gaming developer Mindbloom.
Photo: StockFinland, Getty Images
