MENLO PARK, Calif.--(BUSINESS WIRE)--
WelbeHealth, a healthcare services company delivering coordinated and value-based care to medically frail seniors, has raised $15 million in Series A funding led by F-Prime Capital and .406 Ventures. Jon Lim, a partner of F-Prime Capital, and Liam Donohue, managing partner of .406 Ventures, will join WelbeHealth’s board in conjunction with the financing. WelbeHealth will use the financing to develop its initial market and roll out new initiatives to improve the quality of care for seniors.
“We founded this company around the mission of serving our most vulnerable seniors with greater quality and compassion in a value-based model,” said Si France, MD, co-founder and CEO of WelbeHealth. “So we were very deliberate in selecting successful investors who have experience partnering with entrepreneurs to build truly mission-driven healthcare services companies.” F-Prime Capital and .406 Ventures have been early investors in leading healthcare startups such as Iora Health, US HealthVest, Quartet Health, AbleTo, Health Dialog, and axialHealthcare.
WelbeHealth is preparing to launch several innovative value-based care models, including Programs of All-Inclusive Care for the Elderly (PACE), to serve the most vulnerable dual eligible populations. Within these high risk populations covered by PACE, the average participant is 77 years old, suffers from 15 medical conditions and is impaired in several activities of daily living. WelbeHealth’s model of care will leverage industry leading technologies to support highly coordinated interdisciplinary care teams and cultivate a service-oriented mentality in attending to each individual patient’s comprehensive health and social needs.
“We are excited to back Si and the WelbeHealth team in their mission to provide a higher quality of care and experience in senior care,” said Jon Lim, partner at F-Prime Capital. “With a set of experienced operators across healthcare services, healthcare IT and value-based care, they are well positioned to deliver a higher standard of living to the frailest members of society.”
"It is rare to find a company so intent on doing well by doing good, with incentives aligned between both payors and providers," said Liam Donohue, managing partner of .406 Ventures. “WelbeHealth’s efforts to deliver a higher quality and value-oriented standard of care to our most vulnerable seniors is nothing short of amazing. This is a massive and critical need and we couldn’t be more excited to partner with Welbe to be part of the solution.”
In conjunction with this round of financing, Dr. Michael Zubkoff, a professor at Dartmouth’s Tuck School of Business and a healthcare economist at The Dartmouth Institute for Health Policy and Clinical Practice, and Adam Groff, MD, a Co-Founder of WelbeHealth and Chief Medical Officer for Bayada Home Health, will also be joining the WelbeHealth board.
WelbeHealth was founded by a seasoned group of physician entrepreneurs to serve our most vulnerable seniors with higher quality, compassionate, and value-based care. From the very beginning, the Silicon Valley-based company was envisioned as a 'social enterprise' that melds the mission-driven focus of a non-profit with the scaling potential and innovative spirit of a Silicon Valley startup. With a diverse leadership team from leading payor and provider organizations such as GoHealth, AirStrip, Evolent Health, On Lok, and BAYADA, WelbeHealth aspires to expand a proven national model into our nation’s critically underserved communities. For more information, please visit www.welbehealth.com.
About F-Prime Capital
F-Prime Capital is a global venture capital firm investing in life sciences, healthcare and technology. Since 1969, F-Prime has worked closely with entrepreneurs and academics to create innovative solutions to some of the world's most significant challenges in healthcare and technology. For more information, please visit www.fprimecapital.com.
About .406 Ventures
.406 Ventures is an early stage technology venture capital firm investing in enterprise technology companies founded by visionary entrepreneurs. With just over $650M under management, the .406 Ventures team is comprised of entrepreneurs and operators who became investors to apply real world experience and strong company-building skills to create value for entrepreneurs and LPs. The firm leads first institutional investment rounds in market-changing Enterprise IT and Healthcare companies led by world-class operators, who move quickly and embody successful entrepreneurial DNA with their passion, creativity and endurance. For more information, please visit www.406ventures.com.