Welltok Raises $75M to Develop Software That Promotes Healthy Habits
Welltok, a Denver-based company that works with healthcare providers, insurers, and other groups to create individualized programs that incentivize healthy behavior, said earlier this week that it had raised $75 million from investors.
The company said it plans to use some of the proceeds from the financing round to continue developing its CaféWell software, which it sells to hospitals and clinics, commercial and government-run health insurers, and employers. These groups use Welltok’s tools to incentivize patients and workers to take steps to boost their health, in part by offering them recommendations and rewards if they meet certain goals.
Welltok said a handful of new investors participated in its latest funding round, including Future Fund Management Agency, Ziff Davis, NF Trinity Capital, and ITOCHU. Other participants included return backers New Enterprise Associates, Bessemer Venture Partners, and Georgian Partners, according to a news release.
It’s possible Welltok could use some of the new funding to acquire smaller companies, which the company has a history of doing. In October, Welltok acquired Tea Leaves Health, which develops software that hospitals to use to engage their patients and physicians. Other companies Welltok has scooped up previously include Burlington, MA-based Predilytics, which had been using machine learning and other technologies to better understand healthcare consumers, and Zamzee, which developed game-like software for pediatric patients.