The platform provides a vital care infrastructure as employees align care obligations with new hybrid labor standards
New Mutual Fund Wellthys international expansion, including UK and Canada launch
NEW YORK – Wellthy, a digital care concierge platform that works with employers to find affordable, quality care for employees and their families, announced today that it has an additional $ 35 million in Series B funding has applied to support the company’s international expansion development and continuous growth. Wellthy’s oversubscribed round was spearheaded by Rethink Impact, the largest venture capital fund in the United States dedicated to helping women leaders use technology to meet the world’s greatest challenges. Rethink Impact was supported by other strategic partners and existing investors Hearst, Polaris Partners and Eldridge.
“As companies bring their employees back into the office, employers are finding that care has become a critical barrier to re-entry, as new flexible and hybrid work arrangements pose significant new challenges for the family care infrastructure,” said Lindsay Jurist-Rosner, Founder and CEO of Wellthy, which looks after employers such as Facebook, Cisco, Accenture, Salesforce and Voya, among others. “By relieving the families of logistics and administration, Wellthy’s support has been vital to keeping many employees on the workforce during the pandemic, and we continue to see increased demand from employers looking to ease the burden of care.”
The growth capital will fund Wellthy’s international expansion, including recent launches in Canada and the UK in response to growing demand from multinational companies. In addition to scaling the platform, the capital increase will be used to improve Wellthy’s smart recommendation engine, advance its predictive support pathways, and launch an online community where families can share tips and ideas with other caregivers and gain insights from Wellthy’s experts.
“The physical, emotional and financial challenges of care have exacerbated during the pandemic, with much of the burden falling on women. The lack of access to and affordability of care has pushed three million women out of the job market, and women’s participation is now at its lowest level since 1988, ”said Jenny Abramson, founder and managing partner of Rethink Impact. “Wellthy fulfills a critical aspect of care by helping thousands of employees stay in work while saving time and money for families. We believe that no one is better positioned to lead the nursing innovation movement than Lindsay and her team. ”
Wellthy’s international expansion comes with commitments from several existing customers and follows significant business dynamics:
- Sales growth of 7.5X over the past two years
- Revenue retention rate of more than 100%
- More than 75 corporate clients representing more than 600 companies
- More than 700,000 people have free access to Wellthy’s services
Recent Wellthy data also shows how workers and employers alike have benefited from higher productivity, improved work ethic and higher retention rates due to the enterprise platform:
- 90% of employees said they felt more engaged / less stressed at work
- 66% said they missed fewer meetings
- 55% regained more than 10 hours by working with Wellthy, 17% report over 40 hours saved
- 33% said Wellthy’s support prevented them from taking leave or quitting for care reasons
Wellthy also recently introduced several new product and customer experience enhancements, including more self-service tools and expanded real-time support for care needs such as aging, special needs, chronic illness, veteran support, complex mental health, financial distress, and childcare.
Wellthy is a digital concierge platform for care. Wellthy uses dedicated care coordinators and a seamless technology platform for project management of health care for families with complex, chronic and ongoing care needs. Wellthy takes the pain out of healthcare – making appointments, finding the right specialists, researching treatment options, managing insurance, organizing files, communicating with family members and much more. Wellthy adds a layer of much-needed customer service to the healthcare system, giving families help, hope, and peace of mind. Get the care you and your loved ones deserve. With a Wellthy Care Coordinator, you always have someone by your side. Learn more at wellthy.com. Follow Wellthy on LinkedIn and Twitter (@WeAreWellthy).
About Rethink Impact
Rethink Impact is the largest US-based impact venture capital firm investing in female leaders who use technology to solve the world’s biggest problems. Rethink Impact believes that the next generation of exceptional companies (in health, environmental sustainability, education and economic empowerment) will thrive through their relentless pursuit of mission for the benefit of all communities. For more information, visit rethinkimpact.com or @RethinkImpact on Twitter.