Wellmo is an Espoo-based health tech startup that operates a mobile health platform for insurance companies and care providers to build smartphone-based services for customers. The company raised €1.3 million and plans to invest the funds in global expansion of its platform. Management said it will increase sales efforts in key markets: Germany, the Benelux countries and the Nordic countries. Wellmo currently has 20 customers serving seven million users. Leadership highlighted growing insurer interest in health services to differentiate from competition, expand business, increase loyalty and lower costs. Management also noted the market for preventive digital health services in Europe will be worth several billion euros in the coming years. Wellmo offers a cloud-based mobile platform for running digital health and wellbeing programs, connecting to health apps, wearable devices and providers’ IT systems. The platform supports health tracking, health checks, video calls, appointment booking and claims processing. It is deployed by service providers and insurers to run health programs across multiple markets. Wellmo’s customers include LocalTapiola, Arbo Unie, MealLogger, Cuckoo Workout and Duodecim, and it is used in Finland, Sweden, the Netherlands and South Africa. The company has formed partnerships with Garmin’s health technology unit and with Tieto to expand its reach. Wellmo will use the new funds to continue to grow operations. Founded in 2012 by ex-Nokians Jaakko Olkkonen and Sampo Niskanen, Wellmo provides a cloud service and mobile apps aimed at supporting corporate wellness providers and employers. The platform comprises a mobile wellness diary for programme members, integration with existing apps and devices, and tools for wellness programme providers and coaches. Wellmo supports popular wearables such as Fitbit, Withings and Jawbone and offers consumer-facing apps for iOS, Android and Windows Phone. The company says it plans integrations with Apple Health and Windows Health to better fit into the broader consumer health ecosystem. Wellmo targets employees who might be put off by traditional, competitive wellness programmes and aims to help employers reduce sick days by improving workforce health. Its go-to-market focuses on both employers and wellness service providers through the web-based service and mobile clients.

Total raised

$4M

Funding rounds

3

Latest round

Equity

Latest activity

Apr 2017