Company Completes $40 Million Series A Financing
CHAPEL HILL, N.C. and NEWTON, Mass., Dec. 14, 2020 /PRNewswire/ — Well Dot, Inc. (“Well,”), which utilizes leading-edge artificial intelligence and behavioral economics to help its members achieve their best health, today announced the completion of $40 million in Series A financing. Since its founding in 2019, the company has combined a consumer-grade digital platform with multi-disciplinary teams of health guides to deliver personalized health guidance at scale, leading to improved member health and reduced costs for individuals and employers.
“By leveraging member health data and applying proprietary analytics and clinical expertise, we deliver daily health recommendations and a wide offering of compelling rewards to encourage our members to take action to improve their health,” said Gary Loveman, co-founder, chairman and chief executive officer of Well. “We are encouraged by the high level of engagement our members have with the platform and the health journeys and actions available to them, particularly amid the disruption caused by COVID-19. Our latest round of funding will allow us to continue to invest in our people and technology as we expand our user base, content and the breadth of the offering.”
The Series A financing is a combination of equity and debt and includes seed investors General Catalyst, John Doerr, Mosaic Health Solutions and partners of Hellman & Friedman. Co-founders Loveman and David Werry are also significant investors in the company. The company previously raised $25 million in seed funding in 2019.
Well offers a dynamic single front door for health and uses leading consumer-marketing strategies and technology to deploy chat and phone support from live health guides, extensive self-guided in-app actions and a variety of rewards and incentives to keep members engaged. The approach is designed to help each member identify and support areas of opportunity to improve their health and lower costs. The platform serves all members, not just those with acute conditions and higher-cost of care, and addresses the full spectrum of healthcare needs, including behavioral health, wellness, pharmacy, navigation and chronic disease management.
Since onboarding its initial users at the end of 2019, Well members have been highly engaged while demonstrating better health practices, including taking more preventative actions, which has led to improved health and lower costs.
“Combining a high quality, interactive user interface with deep healthcare expertise, the Well platform empowers members to take charge of their health in a cost-effective way, resulting in improved engagement and outcomes,” said Ken Chenault, chairman of General Catalyst, and former chairman and CEO of American Express.
“As we scale our membership, the efficacy of our AI-driven personalization continues to evolve and further impact our members’ health,” said Werry, Well’s co-founder, president and chief operating officer. “We have made significant progress on our mission to be the world’s most effective partner in the advancement of our members’ health and will continue to accelerate these efforts into 2021 and beyond.”
Well is a health technology and services company with a mission to be the world’s most effective partner in the advancement of individualized health. Well serves as a trusted, personalized health guide, adding a layer of ease and empowerment to help our members reach their health goals. Our consumer health platform is the first to deliver personalized health advancement at scale; we do this through concierge and engagement-based health guidance, powered by a proprietary AI-driven “health engine.” Well is changing both the way individuals navigate health and employers realize cost savings through improved employee health and engagement. We are based in Chapel Hill, N.C. and Newton, Mass. with offices in Minneapolis and New York City.