ESPOO, April 20, 2017
The mobile health platform company Wellmo announces that it has raised 1.3 million euros in its first round of funding. The funding by institutional and private investors will be used for Wellmo’s continued global expansion. The market of preventive digital health services is estimated to be worth several billion euros in the near future.
”Now we can increase our efforts to sales in our key markets: Germany, the Benelux countries and the Nordic countries,” says Jaakko Olkkonen, the Managing Director of Wellmo. The funding will be used to develop the local sales organization further and to ensure international growth. “Insurance companies are becoming more and more interested in health services as means to differentiate from competition, expand business, increase loyalty and lower costs.” Olkkonen says.
Wellmo has developed a market-leading mobile health platform that enables insurance companies to create powerful, compelling and scalable health and wellness services. The only pure and comprehensive platform product on the market allows insurance companies to effectively leverage a wide range of third-party apps, international and local health service partners as well as assets they already have built for themselves. With Wellmo, they can consolidate all into a branded and unified experience to the user ensuring that their offering and business stays relevant and differentiated in the competitive insurance market. Wellmo’s management console gives administrators fundamental insights into their clientele and enables rapid iterative development of services.
Wellmo has already over 20 customers, providing services to a total of 7 million end-customers in seven countries: Finland, Sweden, the Netherlands, Poland, Germany, Belgium and South Africa.
The company’s market potential is huge: “In the near future, the European market of preventive digital health services will be worth several billion euros,” says Jaakko Olkkonen of Wellmo.
Wellmo was present at both SLUSH and SMASH, start-up events in late 2016 in Helsinki. Next, it has been invited to Health 2.0 in Barcelona (3–5 May 2017), which will showcase and explore the latest innovations in insurance and healthcare, such as patient-provider communication, consumer health, genomics, data analytics and corporate wellness.
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Wellmo is headquartered in Espoo, Finland. It is focusing on expanding its presence further in Scandinavia, Germany and Netherlands. Wellmo is also looking for local health and wellness content partners in all its target markets.