(Wellth co-founder and CTO, Alec Zopf. Source: TechCrunch.)
AXA Strategic Ventures (ASV; Paris, New York and San Francisco), a global $250 million venture capital fund, has announced that it has led a funding round of $2 million in Wellth, which the announcement describes as a mobile first, financial incentive focused behavior change platform. The round also includes investments from B-Fore Capital, I2BF Venture Capital, Beta Bridge Ventures and AltaIR Capital, ASV reports.
Based in New York City and founded in 2014, Wellth aims to help insurers and risk-bearing healthcare providers better understand their populations, improve customer health and retention, and lower costs, through a mobile first, financial incentive focused behavior change platform, according to ASV. Its goal is to help ensure the adoption and success of value-based care.
“We built Wellth, and the methodology of using incentives to improve patient behavior, based on decades of peer reviewed research,” comments Matt Loper, CEO, Wellth. “We’re passionate about helping patients lead healthier lives and helping insurers better serve their clients. With this investment from AXA Strategic Ventures, we’re able to expand our pilots to full implementation and continue to make it easier for people with chronic conditions to stay healthy.”
As part of the round, Manish Agarwal, General Partner of AXA Strategic Ventures, will join the Wellth Board of Directors. “We are excited that Wellth’s ability to prompt and verify patient behaviors translates into fewer hospitalizations, readmissions and overall lower medical costs,” Agarwal comments. “This investment continues our focus on digital health as a core investment thesis.”
Wellth and its insurance partners focus on the high risk populations, such as members with type 2 diabetes, asthma and heart disease. The company has developed financial incentives based on peer-reviewed research into behavioral economics and chronic disease management, according to ASV. In a pilot program sponsored by a major national health insurer, diabetic patients using Wellth increased daily medication adherence by more than 50 percent.