Wellth, the developer of a mobile app that rewards for being healthy, secured $10 million in Series A funding.
The company encourages patients with chronic conditions (like cardiovascular disease, chronic obstructive pulmonary disease (COPD), asthma, and type 2 diabetes) to stick to their care plans. The company’s app allows patients to track their medication adherence.
The funding round was co-led by existing investors, Boehringer Ingelheim Venture Fund (BIVF) and yabeo Capital As part of the investment, Dr. Gerrit Seidel, the Managing Director, and Partner at yabeo Capital will join the company’s board of directors as new Chairman.
Patients’ daily behaviors are what determine outcomes,” said Dr. Seidel. “Wellth’s ability to change these behaviors is a win for everyone – including providers, health plans, biopharma, and patients alike. Moreover, its unique platform is scalable across clinical conditions and brings greater financial security to vulnerable populations when they need it most.”
New investors Rock Health and DaVita Venture Group, and returning investors, AXA Venture Partners, New York Life Ventures, NFP Ventures, I2BF Global Ventures, and Partnership Fund for New York City, also participated in the funding round.
Wellth plans to use new funds to expand its operations to address broader communities.
Founded in 2014, the company has raised over $17 million to date, including a $5.1 million funding round in 2018, and an initial $2 million seed funding back in 2015.
mHealth Apps raised a total of $365 million in Q1 2020, according to Mercom Q1 2020 Funding Report. Recently, Yes Health, a provider of personalized type 2 diabetes prevention, nutrition counseling, and weight loss programs through a mobile app, raised $6 million in Series A funding led by Khosla Ventures. Khosla Ventures has invested over $1 billion in over 50 digital health companies since 2010, according to Mercom funding data.