Denver, Colorado-based Welltok raised $25 million in a round led by Bessemer Venture Partners (BVP). The company hopes to raise another $12 million by the end of this year. The $25 million brings the company's total funding to at least $72.7 million.
(Correction: This article originally misstated the additional amount Welltok plans to raise this year.)
Existing investors include IBM's Watson Fund, Emergence Capital Partners, InterWest Partners, and New Enterprise Associates (NEA).
Welltok has developed an online and mobile platform called CafeWell, which curates health management programs, apps, and tracking devices for patients. The platform provides patients with a personalized health plan including articles, videos, and condition management programs. CafeWell also encourages patients with rewards after reaching health goals and connects patients with coaches and health experts when they need help.
Last November, Welltok announced that it would be one of the first companies to integrate with IBM's supercomputer, Watson. Welltok incorporated Watson into its app CafeWell Concierge, for users of its existing CafeWell health social network. CafeWell has not yet launched, but in June the company said they were busy getting ready for the beta launch of the program. CafeWell is only available to people whose employers, health plans, or providers offer it to them. CafeWell Concierge will be a premium offering.
By linking to existing CafeWell apps, Watson can answer users based not only on their question but also on specific information like their location, health status, health benefits, health improvement programs and incentives available from their insurer, physician or local pharmacy.
In March, Welltok announced the acquisition of wellness app maker Mindbloom. Welltok said it would incorporate Mindbloom into its CafeWell Health Optimization Platform. The Mindbloom apps are still available separately from the CafeWell program.
The acquisition came just five months after Welltok’s acquisition of healthcare incentive design and management firm IncentOne, which creates incentive programs meant to deliver rewards to consumers after they fulfill a requirement from the program.