Wellth, a platform designed to improve treatment adherence using behavioural economics, has received USD10 million in Series A funding round.
Existing investors yabeo and Boehringer Ingelheim Venture Fund (BIVF) co-led the funding round with participation from returning investors AXA Venture Partners, New York Life Ventures, NFP Ventures and I2BF Global Ventures, as well as new investors Rock Health and DaVita Venture Group.
Wellth will use the new capital to support rapid scaling to address larger and broader populations of patients.
Wellth members receive financial incentives, nudges, and behavioural reinforcements to establish healthy, lasting habits. Once enrolled, members use Wellth’s platform to submit scheduled check-ins aligning with their care plans.
“Our mission has always been to seek out and support the patient populations that need help the most,” said Wellth CEO and co-founder Matthew Loper. “The current coronavirus pandemic has further increased the need to support the health of vulnerable populations remotely with digital tools.
As part of the Series A round, yabeo’s Dr. Gerrit Seidel will join Wellth’s board of directors as the new chairman of Wellth. “Patients’ daily behaviours are what determine outcomes,” said Dr Seidel. “Wellth’s ability to change these behaviours 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. I am excited to help the team achieve their goal of becoming one of the most important companies in healthcare.”
Wellth partnered with AXA Equitable in 2019 to launch a life insurance product that rewards patients with diabetes with premium savings for better disease control.
Wellth is also currently partnered with Boehringer Ingelheim to bring value-based collaborations to the market between payers, providers, and biopharma with the goal of increasing medication adherence to reduce costs associated with poorly managed chronic conditions, according to the company.
