b.well Connected Health, a consumer-centric on-demand virtual care company, announced it had secured a $32 million Series B financing round.
The capital raise was led by HLM Venture Partners (HLM), and Steven Tolle, General Partner at HLM, has joined b.well’s board of directors. Existing investors ThedaCare, UnityPoint Health Ventures, and Well Ventures, a subsidiary of Walgreens Boots Alliance, also joined the round.
b.well Connected Health said the funding would increase market penetration and advance product innovations that help customers achieve their digital transformation goals and expand visibility into the populations they manage. The funding round follows a strong year of growth in 2020-21, which saw the business increase by 2x as more organizations implemented the b.well platform to connect with their patients, employees, and communities, the company said.
“Our digital transformation platform is helping healthcare organizations and self-insured employers deliver an unparalleled and personalized health care journey for their patients, members, and employees,” said Kristen Valdes, CEO, and Founder of b.well.
“Consumers have grown accustomed to technology that makes banking, travel, and shopping simpler and more convenient. Now more than ever, they’re demanding the same convenience when it comes to managing their health and that of their loved ones. We thank our investors for their strong support of our vision for creating simple, connected, and personalized health care journeys.”
b.well’s customers use its digital virtual care platform to provide their patients, health plan members, and employees with the most informed and simple pathway to access care and improve their health. The platform also helps organizations manage their population health initiatives, including Medicare Advantage risk-based contracts, Direct Contracting, and Accountable Care Organizations.
End users access b.well on their phone or PC to gain access to all of their health data from virtually any source – providers, insurers, labs, pharmacies, wearables, devices, and apps – and to receive personalized, proactive health guidance, as well as navigation to care in-person or virtually.
Telemedicine companies raised $4.2 billion in 105 deals in 1H 2021, a 147% increase in YoY compared to $1.7 billion raised in 79 deals in 1H 2020. Recently, Doktor.se, a Swedish telemedicine company, secured €29.5 million (~$35 million) in funding from Tencent.