Denver Health IT Firm Welltok Picks Up $33.7M to Push Wellness Tools
Welltok has raised a $33.7 million Series E funding round to sign up more customers and further develop its software that aims to encourage healthy habits.
The Denver-based health IT company sells its software, called CaféWell, to healthcare providers, insurers, government programs like Medicaid and Medicare, and employers. Those groups use it to incentivize their patients and employees to take steps to boost their health, partly by providing users with benefits and rewards. The software can also make health recommendations and help users track their progress.
The funding is aimed at helping Welltok expand its service to more clients, the company said in a press statement. It’ll also be worth watching to see if Welltok uses the money to scoop up other companies. Welltok has made a string of acquisitions in recent years, including Predilytics, a Burlington, MA-based machine learning company, gamification system Zamzee, and Seattle-based mobile healthcare app Mindbloom, among others.
The new money came from New Enterprise Associates, Bessemer Venture Partners, Georgian Partners, Emergence Capital, InterWest Partners, Sigma Partners, HLM Venture Partners, Flare Capital Partners, Qualcomm Life Fund, and Hearst Health Ventures, among others. It brings the total amount of equity funding Welltok has raised to $163 million since its founding in 2009, the company says.
Welltok also announced it has taken out a $13 million debt facility from Silicon Valley Bank.