Welltok Completes $37 Million Funding Round With New Investors
Welltok Completes $37 Million Funding Round With New Investors Jan 2015
Jeff Margolis to Present Company Update and Vision at J.P. Morgan Healthcare Conference
DENVER – January 8, 2014 – Welltok, developer of the CaféWell Health Optimization Platform™, officially closed its most recent funding round of $37 million. Two new investors join the round, Hearst Health Ventures, a unit of Hearst Corporation focused on investments in health IT and technology-enabled healthcare services, and Catholic Health Initiatives (CHI), one of the nation’s largest health systems. This brings Welltok’s completed funding in 2014 to $59 million.
Hearst and CHI join the Series D round led by Bessemer Venture Partners (BVP) with participation from existing top tier investors, including Emergence Capital Partners, InterWest Partners, New Enterprise Associates (NEA) and Qualcomm Ventures. The new funds will be used to further accelerate the company’s impressive growth to date through the launch of new products and services, as well as expansion into new market segments.
“With the capital raised in 2014, we are in a great position to deliver excellence to our existing and growing client portfolio. It also enables us to focus on building new capabilities into our groundbreaking Health Optimization Platform,” said Jeff Margolis, chairman and chief executive officer of Welltok.
Margolis will share the company vision at the 33rd Annual J.P. Morgan Healthcare Conference in San Francisco on Wednesday, January 14, 2015 at 1:30 pm PT. Margolis’ presentation will include a company update, discussion about health optimization and a demonstration of CaféWell Concierge, the company’s newest application powered by IBM Watson.
“We are reaching a critical tipping point in the market. Existing solutions are reaching their limitations and a new enterprise-level platform must emerge to address the consumer and bring mass personalization to healthcare,” said Margolis. “Our CaféWell Health Optimization Platform makes this possible by providing payers, providers and other population health managers with the ability to guide and incentivize consumers to achieve their optimal health.”
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Welltok, Inc. is fundamentally transforming the way population health managers partner with consumers to optimize their health and get rewarded. Its groundbreaking CaféWell Health Optimization Platform™ organizes the growing spectrum of health and condition management programs, communities, apps and tracking devices. The platform, accessible via web and mobile, drives engagement by providing personalized guidance and leveraging social, gaming and cognitive technologies. Welltok’s novel approach increases revenue, improves operational efficiency and drives healthcare value. Follow us on Twitter @Welltok
About Hearst Health Ventures
Hearst Health Ventures is part of the Hearst Health network, which also includes FDB (First Databank), Zynx Health, MCG and Homecare Homebase, Hearst Health International and the Hearst Health Innovation Lab (www.hearsthealth.com). The mission of the Hearst Health network is to help guide the most important care moments by delivering vital information into the hands of everyone who touches a person’s health journey. Each year in the U.S., care guidance from the Hearst Health network reaches 76% of discharged patients, 133 million insured individuals, 20 million home health visits, 1.88 billion retail pharmacy prescriptions and 3.26 billion prescription claims.
About Catholic Health Initiatives
Catholic Health Initiatives, a nonprofit, faith-based health system formed in 1996 through the consolidation of four Catholic health systems, expresses its mission each day by creating and nurturing healthy communities in the hundreds of sites across the nation where it provides care. One of the nation’s largest health systems, Englewood, Colo.-based CHI operates in 19 states and comprises 105 hospitals, including four academic health centers and major teaching hospitals and 30 critical-access facilities; community health-services organizations; accredited nursing colleges; home-health agencies; and other facilities that span the inpatient and outpatient continuum of care. In fiscal year 2014, CHI provided $910 million in charity care and community benefit -- a nearly 20% increase over the previous year -- for programs and services for the poor, free clinics, education and research. Charity care and community benefit totaled more than $1.7 billion with the inclusion of the unpaid costs of Medicare. The health system, which generated revenues of almost $13.9 billion in fiscal year 2014, has total assets of $21.8 billion. Learn more at www.catholichealthinitiatives.com
About Bessemer Venture Partners
Bessemer Venture Partners (BVP) invests in early-stage, hyper-growth startups, partnering closely with entrepreneurs to build durable businesses. BVP is a global firm with offices in Menlo Park, Cambridge, New York, Bangalore, Herzliya and Sao Paulo. With $4 billion under management, BVP invests anywhere from $100,000 to $75 million in innovative companies like Pinterest, Twilio, Box, LinkedIn, Shopify, Yelp, Skype and CornerstoneOnDemand. Over 100 BVP companies have gone public. Learn more at www.bvp.com and follow us on Twitter @BessemerVP
Erica Sniad Morgenstern