US-based healthcare plan software provider Welltok obtained $75m in series E2 funding yesterday from investors including conglomerate Itochu.
The round also featured uture Fund Management Agency, Ziff Davis, NF Trinity Capital (Hong Kong), as well as a majority of existing backers, though out of these only New Enterprise Associates (NEA), Bessemer Venture Partners and Georgian Partners have been named.
Welltok operates a consumer health software-as-a-service, called CaféWell Health Optimization Platform, that generates personalised action plans for users to engage with relevant healthcare benefits and resources.
The funding will go allow Welltok to drive company growth, invest in continued product development, expand into new market segments and integrate acquired assets and capabilities. The company has raised $216m in equity funding to date.
The company previously raised $33.7m in series E funding in 2016 from backers such as Qualcomm Life Fund and Hearst Health Ventures, subsidiaries of mobile chipmaker Qualcomm and media group Hearst.
NEA, Bessemer, Georgian Partners, Emergence Capital, InterWest Partners, Sigma Partners, HLM Venture Partners, Flare Capital Partners, Trustmark, Okapi Venture Capital, Miramar Ventures and Singapore state-backed EDBI also participated.
Welltok secured an additional $13m in an expanded credit facility from Silicon Valley Bank at the same time as it closed the series E round.
Qualcomm, Georgian Partners, Flare Capital Partners and EDBI took part in a $45m round closed in late 2015, after Hearst Health Ventures, healthcare services firm Catholic Health Initiatives, care management company TriZetto and Qualcomm subsidiary Qualcomm Ventures had contributed to a $37m round in January 2015.
Qualcomm first backed Welltok as part of a $22.1m series C round in 2014 that featured computing company IBM’s Watson Group, Emergence Capital, InterWest Partners, Miramar Venture Partners and Okapi Venture Capital.