Germany-based Wellster, a leading provider of telemedicine platform solutions in the EU, has secured US$ 40 million (equivalent to 35 million euros) in a funding round led by the pharmaceutical company Dermapharm on 21 June 2021.

Investors: The funding round led by Dermapharm included active participation from existing investors HV Capital and SevenVentures. In the past, the firm has attracted investments from FlixBus, Jean-Remy von Matt and many others.

Purpose of the funding: The company seeks to utilise the fresh funds to expand its services with additional medical topics and enter new target groups.

About Wellster

Wellster Healthtech Group Logo

Established in 2018 by Manuel Nothelfer and Nico Hribernik, Wellster amalgamates telemedicine, drug-based and digital therapies into vertical ‘Direct-to-Consumer’ solutions, all of which are customised according to the specific health topic. Partnering with the pharmacy-owned Noventi Group, the startup also enables pharmacists to enter online channels, providing domestic pharmacies with the chance to earn extra revenue and generate customer fidelity. In a short period, the startup has grown a team of 40+, launching a brand ‘Spring’ in Germany, including portals gospring.de (intimate health) and myspring.com (hair loss), besides portals for mental health and medical self-tests.

What the Founders have to say: “These fresh funds bolster our mission to pursue charge in the European market and diversify our products to more groups, enhancing the individualised healthcare services.”- Dr Manuel Nothelfer, Co-founder of Wellster. “Our approach allows us to confront individual health challenges systematically, which in turn increases the chances of successful treatments and develops faith among patients.”- Nico Hribernik, Co-founder of Wellster.

What the Investors have to say: “We have analysed the digital healthcare market for quite a while, especially telemedicine platforms in Europe. The major reason behind investing in Wellster is that the company comprehends the market well and is creating a vertically consolidated supply chain that joins brand building experience with a motive to bring an actual difference in customers’ lives. Wellster is the sole company in Europe to successfully adjust and scale the theory developed by Hims&Hers or Roman to the European market in a tangible way.”- Nawid Ali-Abbassi, Partner at HV Capital.

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Sankalp majorly focuses on writing newsletters on VCBay. He is pursuing Bachelors in Economics from the University of Delhi and exhibits proficiency in content writing and research.

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