Press release – embargoed until Tuesday, November 18 at 08:00 GMT
HELSINKI, November 18, 2014 / Slush Conference
Wellmo is a solution to build effective corporate wellness programs in order to improve employee health. The company announces a €1.15M seed funding at the Slush conference. A Harvard Business Review article shows the return on investment for comprehensive well-run employee wellness programmes can be as high as 6 to 1.
H ealth and wellbeing works: for employers and staff, having a comprehensive wellness programme can bring measurable benefits for business.
Finnish startup Wellmo has developed a solution aimed at corporate wellness service providers, that connects a range of mobile wellness devices and apps together to improve the health of corporate employees.
Employees can chart their own progress, and coaches are able to support individuals based on the collected data, while the organization gets an overview of the well-being of its staff.
Digital tools lower the unit cost of wellness services allowing employers to extend these services to all employees – not just to those in the highest risk or the c-level executives.
Results can be measured in real-time, which ultimately drives growth of corporate wellness investments and the service industry. Currently, corporate wellness services are worth billions of euros in Europe alone.
The Wellmo cloud-based application already supports the most popular wearable devices such as Fitbit, Withings and Jawbone; and plans to integrate both Apple Health and Windows Health in order to help service providers leverage this data from many different ecosystems.
“We help wellness providers create services that let staff use their own existing wellness devices – maybe a smart scale, or wristband from one of the big-name companies – as part of their journey to good health” explains Jaakko Olkkonen, Wellmo’s founder and CEO who previously headed up Nokia’s wellness business.
“We gather the data from many devices and software in one place, measuring the outcomes, and empowering employers and employees alike to improve their wellbeing, health, and happiness” says Olkkonen.
The Wellmo solution consists of three parts: the mobile wellness diary for wellness programme members; seamless integration with existing apps and devices; and easy tools for the wellness programme and coaches.
At Slush, Wellmo is announcing €1.15 million seed funding. With its early roots in Nokia’s Wellness Diary, money has come from the Nokia Bridge Incubator programme, founders, employees, private investors and Tekes (the Finnish Funding Agency for Innovation). Wellmo already has a number of clients in Scandinavia, Benelux and the Middle East.
“Employee wellness programmes have often been viewed as a nice extra, not a strategic imperative, but as we can make the results visible and see the impact of programs, there will be more corporate investment and commitment in this area” says Olkkonen, citing data from Harvard Business Review that shows the return on investment for comprehensive well-run employee wellness programmes can be as high as 6 to 1.
Those figures are backed up by the Finnish Institute for Occupational Health which demonstrates how investments in employee well-being bring benefits including reduced absenteeism and early retirement, as well as improved productivity.
Contact information for the media:
Wellmo is a cloud-based mobile platform for wellness service providers and employers. It helps members of corporate wellness programs to track their health and wellbeing, aggregates health tracking data from connected devices, and it serves as a mobile access point to wellness program services.
The Wellmo app works on iOS, Android and Windows Phone devices, and supports the leading wearable devices such as Fitbit, Withings and Jawbone. Wellmo has years of R&D behind it as part of the Nokia Wellness business. Wellmo launched in 2014 and is headquartered in Helsinki, Finland. www.wellmo.com