b.well Connected Health, the digital transformation platform providing consumers a new front end to health care, today announced it has secured $32 million in an over-subscribed Series B financing round.
The funding will be used to increase market penetration and advance product innovations that help customers achieve their digital transformation goals and expand visibility into the populations they manage. The funding round follows a strong year of growth in 2020-21, which saw the business increase by 2x as more organizations implemented the b.well platform to connect with their patients, employees and communities.
The capital raise was led by HLM Venture Partners (HLM), and Steven Tolle, General Partner at HLM, has joined b.well’s board of directors. Existing investors ThedaCare, UnityPoint Health Ventures, and Well Ventures–a subsidiary of Walgreens Boots Alliance, Inc.–also joined the round.
“Our digital transformation platform is helping healthcare organizations and self-insured employers deliver an unparalleled and personalized health care journey for their patients, members and employees,” said Kristen Valdes, CEO and Founder of b.well. “Consumers have grown accustomed to technology that makes banking, travel and shopping simpler and more convenient. Now more than ever they’re demanding the same convenience when it comes to managing their health and that of their loved ones. We thank our investors for their strong support of our vision for creating simple, connected, and personalized health care journeys.”
b.well’s customers use the company’s digital transformation platform to provide their patients, health plan members, and employees with the most informed and simple pathway to access care and improve their health. That in turn helps organizations to manage their population health initiatives including Medicare Advantage risk-based contracts, Direct Contracting, and Accountable Care Organizations. To drive better outcomes, customers can deploy incentive programs through the b.well app without the need for costly care management programs.
End users access b.well on their phone or PC to gain access to all of their health data from virtually any source—providers, insurers, labs, pharmacies, wearables, devices and apps—and to receive truly personalized, proactive health guidance, as well as navigation to care in-person or virtually.
“In the wake of the pandemic and the rise of virtual health, every health system in the country should rethink how they engage with their community and patients, especially in competitive markets,” said Tolle. “HLM looks for investments like b.well that have proven early stage adoption and strong leadership. They have already achieved significant scale with adoption by several name-brand health systems as well as large self-insured employers, plus the company is led by an impressive team of industry veterans, and is poised for substantial growth in the coming year.”
About b.well Connected Health
b.well Connected Health is a healthcare technology company providing platform services comprised of five core capabilities that work together to enable health systems, payers, and employers with a configurable and personalized digital health experience for their populations. The b.well technology platform is transforming how consumers interact with the healthcare system by integrating data, insights, and partners into a single customized solution that helps people take control of their healthcare experience. Visit www.icanbwell.com for more information.
About HLM Venture Partners
HLM Venture Partners (HLM) is a leading investment fund specializing in emerging start-ups set to shape the data-fueled world of healthcare innovations and create cutting-edge health technologies. HLM has provided more than $500M in funding across Behavioral Health, Telehealth, Precision Medicine, Consumer Engagement, Digital Health Solutions, Healthcare IT, and Integrated Delivery Systems – and has been rewarded with more than $670M in returns. By bringing investors and entrepreneurs together, HLM is championing the power of ideas and putting up the capital to help a new generation of creators build a new generation of healthcare.
