US-based healthcare plan software provider Welltok secured $33.7m in series E funding yesterday from investors including Qualcomm Life Fund and Hearst Health Ventures, subsidiaries of mobile chipmaker Qualcomm and media group Hearst.
New Enterprise Associates, Bessemer Venture Partners, Georgian Partners, Emergence Capital, InterWest Partners, Sigma Partners, HLM Venture Partners, Flare Capital Partners, Trustmark, Okapi Venture Capital, Miramar Ventures and the Singapore state-backed EDBI, also took part.
The proceeds will be put toward ongoing development of Welltok’s CaféWell Health platform, which provides users with individual action plans to help them access healthcare benefits and resources.
Additional funds will be used to expand into new parts of the market and develop complementary technology-enabled healthcare service products.
Welltok chairman and CEO Jeff Margolis said: “We have clearly defined and established the need for a consumer enterprise platform that systematically connects individuals with the resources, benefits and support available to help them achieve and sustain their optimal health.
“What continues to attract investors and customers is the maturity of our platform and services, and our ability to deliver an unparalleled personalised experience for consumers on behalf of their sponsors.”
The series E round, closed alongside a $13m expanded credit facility from Silicon Valley Bank, brings Welltok’s overall equity funding to approximately $141m. Qualcomm, Georgian Partners, Flare Capital Partners and EDBI participated in its last round, a $45m round closed in late 2015.
Hearst Health Ventures, healthcare services firm Catholic Health Initiatives, care management company TriZetto and Qualcomm subsidiary Qualcomm Ventures had previously contributed to a $37m round in January 2015.
Qualcomm first invested in Welltok as part of a $22.1m series C round in early 2014 that included computing company IBM’s Watson Group, Emergence Capital, InterWest Partners, Miramar Venture Partners and Okapi Venture Capital.