Newport Beach, California-based startup Carepoynt, an incentive based health and wellness platform, has just closed a $2 million seed funding round.
“Our success in building upon the base of local and national Carepoynt Community of members, partners, providers, payers, and employers so far this year, coupled with the completion of our seed round of funding, sets the stage for us to accelerate the growth of our unique digital health and wellness focused solution” Tim Stanley, CEO and founder of Carepoynt, said in a statement. “This round of funding, along with some major go-to-market milestones we are achieving with our Rewardsware for Healthcare platform, will fuel the overall success of the company.”
The platform works by first letting customers set up a free account. They can then earn points for participating in positive health behaviors like going to the doctors or the gym. It also gives people points for buying things at certain retail stores that focus on health and going to the spa, according to the company’s webpage.
The startup compares their service to that of an airline rewards program, only users can then use these points to buy healthy products. The platform also links patients up with care providers, payers, and employers.
Providers can have patients cash in their reward points for the products or services that they chose. The idea is to make patients more engaged with their health and wellness.
Employers can also offer certain rewards to patients that are living a healthy lifestyle. So far the company has teamed up with Aetna, Kaiser, and Cedar Siani, among others. It is also working with retail partners like Fitbit, CVS pharmacy, and Starbucks to offer rewards.
But this isn’t the only funding the company is hoping for this year. At the same time as the seed funding announcement the company also revealed that it is working with financial advisor US Capital Global to raise money for a Series A round this year. The money is expected to help the company grow its platform and user engagement.
“We are thrilled to partner with a groundbreaking company like Carepoynt,” Alfred Ritter, vice president at US Capital Global, said in a statement. “Particularly in our on-demand society where nearly every industry offers upgrades and rewards to consumers, Carepoynt is changing the industry by helping individuals take control of their health in ways never experienced before and is putting patients at the center of their healthcare experience. Our shared enthusiasm for Carepoynt’s unique product was a key determinant in engaging with the company.”