Social health management startup Welltok has raised $18.7 million in its second round of funding with a goal of expanding into new markets, hiring new employees, and boosting product development.
Denver-based Welltok’s flagship product is CaféWell, a social health service that rewards participants for living a healthy lifestyle, lets them talk with health experts, and gives insights to employers about their health, interests, and motivations. Welltok is contracted to serve about 10 million consumers using CaféWell and counts two of the five largest health plan organizations in the U.S. as customers.
The new funding was provided by New Enterprise Associates, Emergence Capital Partners, and InterWest Partners. Including the new round, Welltok has raised $26 million.
On top of the new funding, the company has also appointed executive chairman Jeff Margolis as its new CEO. Margolis has been the executive chairman for the past 18 months and previously was the CEO of TriZetto, a healthcare IT business.
“We are addressing the significant challenges consumers face as they try to optimize their own health in partnership with their plans and providers, and have built new support structures that combine the best in purpose-driven social, community, personalization, and gaming technologies,” Margolis said in a statement.
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