Los Angeles, USA-based digital health company Wellth raised USD 20 million in Series B. The round took place on March 31, 2023. SignalFire led the financing for the firm. Meanwhile, Frank Williams, Co-Founder and Former CEO of Evolent Health, participated in the Series B funding. In addition, existing investors such as The Social Entrepreneurs’ Fund, CD Venture, Yabeo and Partnership Fund for NYC joined in the round.
As a part of the deal, Frank Williams intends to serve on the company’s board of directors.
Purpose of financing for Wellth
With the latest capital injection, Wellth seeks to further invest in the behavioural science engine behind the app. It also has plans for team expansion to support Wellth’s growing member base.
What the company’s official has to say
Matt Loper, Co-Founder and CEO at Wellth said, “At the core, we’re removing barriers and giving patients the motivation to do what’s best for their health. This mission is very personal to me since I saw my own uncle struggle with behavioural change after a type 2 diabetes diagnosis. After he passed, I set out on a personal quest to understand why humans don’t do what we’re “supposed to do” when it comes to our health. Our Series B funding allows us to continue to understand that crucial question, solving some of the biggest challenges within healthcare and impacting even more patient lives.”
What the investors have to add
Yuanling Yuan of SignalFire, who leads the firm’s healthcare investment strategy, said, “Wellth has solved one of the hardest and most fundamental challenges in healthcare—motivating patients to take action and do what’s best for their health. Wellth’s 91% daily adherence rate amongst its member base is unheard of in the industry.”
In addition, Frank Williams, Wellth’s Board Chairman, said, “Wellth is uniquely positioned as the leading behaviour change company in healthcare. The team has taken an innovative approach through a data-driven, behavioural economics lens to effectively activate, engage and drive lasting impact for patients struggling to manage their health. This core competency can be applied to drive vastly improved health outcomes and significantly lower medical costs. As a result, the company has driven impressive growth through relationships with the nation’s leading health plan and provider-based organizations. Wellth has a bold vision to truly impact healthcare, and I’m excited to be part of that journey.”
About the company
Alex Zopf and Matthew Loper launched the company in 2014. Wellth operates as a digital healthtech company utilizing behavioural economics to empower people to prioritize their health.
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