Wellth, a NYC-based platform designed to improve treatment adherence using behavioral economics, raised $10M in Series A funding.
The round was co-led by existing investors yabeo and Boehringer Ingelheim Venture Fund (BIVF) with participation from returning investors AXA Venture Partners, New York Life Ventures, NFP Ventures, Partnership Fund for New York City and I2BF Global Ventures, and new investors Rock Health and DaVita Venture Group. As part of the Series A round, yabeo’s Dr. Gerrit Seidel will join Wellth’s Board of Directors as the new Chairman of Wellth.
The company plans to use this new capital to expand its platform to new use cases.
Led by CEO and Co-founder Matthew Loper, Wellth provides a platform that enables patients to perform virtual check-ins, such as taking a photo of their medication. Members receive financial incentives, nudges, and behavioral reinforcements to establish healthy, lasting habits. Once enrolled, members use the platform to submit scheduled check-ins aligning with their care plans. Check-ins, typically completed daily, require users to submit a picture of their target behavior at a set time (e.g., medications, glucometer or blood pressure cuff readings). These check-ins are immediately processed by Wellth’s AI technology for verification, and insights can be relayed directly to care teams. Members get an easy, motivating experience along with instant gratification in keeping their endowed daily amount, which they “cash out” at milestone intervals throughout the duration of their program.
FinSMEs
11/05/2020