Well Raises $70M in Series B Funding to Grow Digital Health Improvement Platform

Leader in Emerging Digital Health Category to Expand Employer, Direct-to-Consumer and Community-Based Health Channels

CHAPEL HILL, N.C. and NEWTON, Mass., Well Dot, Inc. “Well”, a consumer-focused health improvement platform that combines leading-edge artificial intelligence, advanced behavioral economic techniques and on-demand human guidance, today announced the completion of $70 million in Series B equity financing. The latest funding gives Well the capital to continue to scale its operations and expand its industry-leading platform to deliver enhanced functionality and improved health to an increasing number of members.

Well is a daily health partner to its members, creating a unique category of digital health intervention by facilitating members’ persistent engagement with personalized actions, incentives and concierge services to improve their health, rather than episodic services only when a problem arises.  Well has achieved frequent and sustained engagement with members across a wide spectrum of demographics and health contexts. Rather than focus on one service vertical or health condition, Well applies proprietary algorithms to its library of clinical interventions and guided experiences, enabling the platform to deliver personalized support to its members across a wide range of topics including preventative care, condition management and mental health. Well’s goal is to improve the health and wellbeing of its members over their lifetime and provide important tools and guidance in key moments of health opportunity or unplanned needs.

The Series B financing was led by Valeas Capital Partners, a recently launched investor-operator focused firm led by Ed Woiteshek and Rob Little (former Hellman & Friedman colleagues). A new investor group of 12 prominent CEOs and senior managing partners at top-tier private equity firms also joined the financing. Existing investors General Catalyst and partners of Hellman & Friedman all participated in the round. The company previously raised $40 million in a Series A financing in 2020 and $25 million in seed funding in 2019.

“We strive for levels of engagement and use that are unprecedented in health care as a necessary condition for health improvement, and we are enthusiastic about the levels of engagement we have demonstrated among our members who have been on the platform for more than two years,” said Gary Loveman, co-founder, chairman and chief executive officer of Well. “As our user base has grown, we have been able to scale the delivery of personalized insights and rewards to keep members focused on the next best step for their health.”

Well now serves thousands of members across many corporate clients and will launch with additional jumbo employer customers in 2022. In addition, the company is working directly with community health organizations and direct-to-consumer offerings in collaboration with leading consumer brands, providing more avenues for consumers to access Well’s platform.

“Well has developed a differentiated and fundamentally unique offering that is proving successful at helping members make meaningful progress on their health and wellness goals.  Well’s platform stands apart amid a crowded marketplace trying to improve a broken consumer experience for more than 100 million people,” said Woiteshek of Valeas Capital Partners.

“The rapid growth of our user base and opportunities across distribution channels is continuing to enhance the quality of our insights and ability to deliver meaningful partnership to each member on an individual level,” said David Werry, co-founder, president and chief operating officer of Well.

About Well

Well is a health improvement platform with a mission to be the world’s most effective partner in the advancement of individualized health. The company is designed to solve the most critical health problem affecting America today: the pervasive inability of consumers to consistently take well known actions that are proven to help them achieve better health, leading to poor population health outcomes and unsustainable cost for employers. Well solves this problem by serving as a “daily health partner” and creating a cycle of success with every member – building trusted relationships and aligning support based on their interests and then ultimately working with them proactively to impact their highest priority clinical improvement opportunities. We are based in Chapel Hill, N.C. and Newton, Mass. with offices in Minneapolis and New York City.

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