Sopris Capital to provide early-stage support for technology that addresses the rising cost of health plans for employers
Wellnecity announced today a significant Series A investment from Sopris Capital. The investment affirms Wellnecity’s success in using technology to help self-insured employers manage the rising costs of healthcare benefits while improving outcomes for workers.
With a 20-year track record investing in innovative healthcare companies, early-stage support from Sopris will enable Wellnecity to quickly scale its transformative platform that is changing how self-insured employers manage health benefits.
“Partnering with Sopris Capital is key to our company’s expansion in 2022 and beyond,” said John Quinn, founder and CEO of Wellnecity. “This significant funding will allow us to accelerate growth of our client base and increase market awareness in this distinctive new category for self-insured employers.”
Leveraging data analytics and working collaboratively with brokers, third-party administrators (TPAs), and pharmacy benefit managers (PBMs), Wellnecity provides a new way to proactively coordinate efforts among key stakeholders and access best-of-breed solutions. This level of transparency and insight provides employers with the information needed to be proactive, offering benefits tailored to the needs of their employee population and reducing waste.
Wellnecity’s vendor-agnostic approach allows self-insured employers of all sizes to manage their health plans like a Fortune 100 company.
“As the cost of employer health plans continues to increase, maintaining the status quo in health plan management is simply not sustainable for self-insured organizations,” said Andrew M. Paul, founder and CEO of Sopris Capital. “Wellnecity offers a simple solution to a complex problem ﹣ giving employers unparalleled control and visibility into their health benefits.”
“Wellnecity’s impressive leadership team has managed to find that unique balance between advanced data analytics and the human touch,” said Jason Smith, partner, Sopris Capital. “They are not only a critical piece of the health benefits technology stack, they serve as an extension of the self-insured organization’s health benefits team.”
“Wellnecity is here to break the status quo in health plan management,” John Quinn added. “This investment is critical to our go-to-market strategy and helping us put the power back in the hands of the employer.”
About Wellnecity
Wellnecity helps self-insured employers take a proactive approach to managing health plan spending and accessing best-of-breed benefits tailored to their employee population. Their platform is used by Kindred at Home and companies within the Texas Pacific Group (TPG) portfolio; they currently manage over 160,000 covered lives. Visit www.wellnecity.com for more information.
About Sopris Capital
Sopris Capital is a venture capital firm that invests growth equity in technology-enabled business services and SaaS companies that are solving critical pain points. Sopris seeks to be a value-added partner to fast growing companies that have a validated business model, proven product/market fit, and a management team that can capitalize on the opportunity ahead. Learn more at: http://www.sopriscapital.com
