DENVER, CO, Developer of the CafeWell Health Optimization Platform, announced it closed on $25 million of a planned $37 million funding round led by Bessemer Venture Partners.
Welltok, developer of the CafeWell Health Optimization Platform, announced it closed on $25 million of a planned $37 million funding round led by Bessemer Venture Partners (BVP). Welltok will close out the round later this year with a select group of innovative organizations from across the healthcare industry. The new funds will be used to further accelerate the company's impressive growth to-date and expand into new market segments.
'We are gaining great momentum in creating a new market category, and helping drive the industry's seismic shift to get consumers more involved in optimizing their health status,' said Jeff Margolis, chairman and chief executive officer of Welltok. 'This new funding round will support our business growth and platform development, and allow us to be even more agile in anticipating and targeting market demands. We have the necessary runway to achieve our ambitious and challenging vision of delivering an enterprise PaaS solution that makes it possible for population managers to intelligently and effectively partner with and motivate consumers to optimize their health in a personalized, rewarding way.'
A key driver in Welltok's growth has been the industry's transformation to a more consumer-centric approach model, and the emerging need for a holistic, engaging solution. Its groundbreaking CafeWell platform allows payers, providers and other population health managers to partner with consumers by guiding and incentivizing them to achieve optimal health.
CafeWell organizes the growing spectrum of health and condition management programs, apps, communities and tracking devices and then creates an actionable Personal Health Itinerary for each consumer based on their health status, benefits and goals. The platform leverages social connectivity, gaming mechanics and IBM Watson's cognitive technologies to drive engagement and behavior change. Sponsors of the platform benefit from increased revenue, improved operational efficiency and greater healthcare value.
'Welltok fits in our sweet spot of high-growth enterprise software companies that redefine industries,' said Stephen Kraus, partner at BVP. 'Welltok has developed a unique solution that enables a new convergence of population health managers, consumers and the digital health market, creating the critical alignment needed to drive down costs and increase value.'
Added Kraus, 'We are confident in Welltok's ability to execute on this ambitious goal with its leadership's proven track record of building scalable, transformative companies.'
Stephen Kraus will become a member of Welltok's board of directors. BVP joins the company's impressive roster of top-tier financial and strategic investors including Emergence Capital Partners, InterWest Partners, New Enterprise Associates (NEA), Qualcomm Ventures and IBM's Watson Group.
Welltok, Inc. is fundamentally transforming the way population health managers partner with consumers to optimize their health and get rewarded. Its groundbreaking CafeWell 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.
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 Paolo. With $4 billion under management, BVP invests anywhere from $100,000 to $75 million in innovative companies like LinkedIn, Yelp, Skype, CornerstoneOnDemand, Pinterest, Box and Twilio. Over 100 BVP companies have gone public. Learn more at bvp.com and follow us on Twitter @BessemerVP.
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