This morning Wellframe, a patient engagement and care management platform, scored $20 million in a Series C funding round. BlueCross BlueShield Venture Partners led the round with participation from Threshold Ventures, F-Prime Capital and Wellframe’s existing clients.
This funding news comes roughly two years after the company closed a $15 million Series B round.
In addition to the funding news, the company announced that Mike Spadafore, managing director at BlueCross Blue Shield Venture Partners, and Sean Martain, CEO Emeritus of Blue Cross Blue Shield of Nebraska, are joining the board of the company.
WHAT THEY DO
The Boston-based startup created digital tools for health plans and provider organizations to purchase. The tools use “evidence-based, peer-reviewed guidelines and literature” to create a checklist for members. The data is shared with the insurer, and alerts and interventions can be issued.
The tool also has concierge services, which help clients with administrative, financial, clinical and social determinant of health needs.
WHAT IT’S FOR
The company said that the new money will allow it to hire more staff in its Boston office and grow the company. Additionally, the funds will help the company to speed up development of its new product Digital Health Advocate.
“The additional funding announced today will enable us to accelerate our growth trajectory to address a market opportunity that has never been clearer,” Jacob Sattelmair, Wellframe CEO and cofounder, said in a statement. “Health plans are under increasing pressure to differentiate themselves in a rapidly evolving market. We are gratified by what this round of funding indicates about the value we bring to our clients in partnering closely with them to re-imagine the relationship they have with their members.”
MARKET SNAPSHOT
There are many care management tools on the market today. For example, CipherHealth is another patient engagement and care coordination platform, and closed a $37.6 million funding round in 2018. Another company in the space is San Mateo, California-based HealthCrowd, which makes an enterprise platform for digital patient communication and analytics. HealthCrowd raked in $7.2 million last year.
ON THE RECORD
“Wellframe is helping plans to fundamentally rethink the relationship they have with their members through digital enablement,” Spadafore said in a statement. “Wellframe provides plans with an opportunity to profoundly impact the member experience. Digital Health Advocate will provide these plans with an opportunity to build on their experience leveraging a digital solution for care management and address an even broader range of member needs.”
