US-based digital health management software developer Wellframe closed a $20m series C round on Tuesday led by BlueCross BlueShield Venture Partners (BCBSVP), a corporate venturing representative of 33 health insurance providers.
F-Prime Capital, a subsidiary of financial services and investment group Fidelity, joined venture capital firm Threshold Ventures and unspecified strategic investors from Wellframe’s client base to fill out the round.
Founded in 2011, Wellframe has created a mobile app called Digital Care Management that helps people monitor their health between medical appointments and seek advice for any concerns.
The service is marketed to health plan providers to offer as a benefit to their members. Users track their status in areas such as diet and mental health, with the aggregated data then informing analytical insights for their care provider.
Wellframe will allot a share of the series C proceeds to recruitment as well as a new digital concierge product that will help members manoeuvre their way through administrative, financial and health system issues.
BCBSVP’s managing director, Mike Spadafore, has joined the company’s board of directors in connection with the round, along with Steve Martin, emeritus CEO of health insurer Blue Cross Blue Shield of Nebraska.
F-Prime led Wellframe’s $15m series B round in mid-2017, investing together with existing backers including Threshold Ventures predecessor DFJ.
DFJ has led an $8.5m series A round for the company that also featured Formation 8, Waterline Ventures and Queensbridge Venture Partners. It closed in September 2014, five months after Wellframe received $1.5m in seed funding from unnamed angel investors.