Well Raises $70M to Improve Individualized Health Using AI and Behavioral Economics

Well, a healthcare startup based in Chapel Hill, has raised $70 million in Series B funding to continue expanding its consumer-focused health improvement platform.

The round was led by Valeas Capital Partners, with participation from 12 prominent angel investors, General Catalyst, and partners of Hellman & Friedman. This brings the total funding raised by the startup to $135 million, which will boost Well’s operations scaling and expansion efforts. Ed Woiteshek from Valeas Capital Partners referred to the firm’s participation by stating:

“Well has developed a differentiated and fundamentally unique offering that is proving successful at helping members make meaningful progress on their health and wellness goals. Well’s platform stands apart amid a crowded marketplace trying to improve a broken consumer experience for more than 100 million people.”

Well was founded back in 2019 with the mission to help consumers take action to improve their health more easily and dynamically. The startup does this by offering a health improvement platform that effectively acts as a “daily health partner”, allowing them to self-actualize and improve their health based on their interests. Gary Loveman, co-founder, chairman and chief executive officer of Well, said in this regard:

“We strive for levels of engagement and use that are unprecedented in health care as a necessary condition for health improvement, and we are enthusiastic about the levels of engagement we have demonstrated among our members who have been on the platform for more than two years. As our user base has grown, we have been able to scale the delivery of personalized insights and rewards to keep members focused on the next best step for their health.”

With people around the world becoming increasingly concerned about improving their health on a daily basis, episodic healthcare services have proven to be insufficiently capable of adapting to the changing needs. By making use of leading-edge artificial intelligence, advanced behavioral economic techniques, and on-demand human guidance, Well believes it can help its users improve their well-being and overall health in an active manner.