Last Well valuation
$450M
Series B · Apr 2025
Last Well funding round
$30M
Series B · Apr 2025
Cumulative funding Well raised
$153M
across 4 funding rounds
Key investors in Well
General Catalyst
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John DoerrMosaic Health Solutions
Valeas Capital Partners
- David Werry
- Gary Loveman
About Well
Well is a Chapel Hill-headquartered health technology company founded in 2019 that connects members to personalized care via an AI-driven platform. The system assesses health data from wearables and claims to recommend interventions through partnered providers for primary care, therapy, and coaching. Well operates in the employer benefits space, serving self-insured companies with programs reducing healthcare spend by targeting chronic conditions like diabetes and mental health. The platform integrates with carriers such as Aetna and Cigna.
Founded
2019
HQ
Chapel Hill, NCWebsite
Status
Privately held
Customer focus
B2B
Revenue model
Subscription
Valuation
$450M (Apr 2025)
Well Valuation
Well is currently valued at $450M, based on its Series B in April 2025.
Well's valuation has grown 2.4x from $190M at its Series A in December 2020 to $450M in April 2025, across 2 priced rounds.
Well valuation by funding round
| Date | Stage | Valuation |
|---|---|---|
| Apr 2025 | Series B | $450M |
| Dec 2020 | Series A | $190M |
Well Funding History
Well has raised a total of $153M across 4 funding rounds.
Well's first fundraising round was a $25M seed round in June 2019. The most recent completed round was a $30M Series B in April 2025.
Well funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Apr 2025 | Series B | - | $30M | $450M | Well, founded in 2017, is a healthcare technology company focused on transforming the industry through innovation, platform capabilities, and customer-centric solutions. It raised $55M in a Series C funding round, bringing total funding to $110M and establishing a $450M valuation. The capital is earmarked for scaling operations, enhancing technology, market expansion into new geographies and verticals, and improving customer success and support. This round underscores strong investor confidence in Well's vision, execution, and market opportunity in healthcare. While specific financial metrics like revenue or EBITDA are not disclosed, the funding at this valuation signals robust growth trajectory, including consistent recurring revenue growth, expanding customer base, increasing market share, and healthy unit economics such as customer acquisition costs and lifetime value. Well plans to invest in operational infrastructure to support sustained growth and high customer satisfaction. A separate Forge source references a Series B round on 04/15/2025 raising $92.8M at around $421.41M valuation led by General Catalyst and Hellman, potentially indicating another or related raise around the queried date. Well aims for market leadership by expanding into adjacent markets and geographies, positioning itself as a leading platform in healthcare technology. The company's emphasis on innovation and operational excellence supports long-term vision amid a competitive landscape where healthcare startups attract significant VC interest, as seen in broader 2025 biotech and AI-health funding trackers. |
| Dec 2021 | Series B | Valeas Capital Partners (lead); General Catalyst; Powers Capital, LLC | $72M | - | Well Dot, Inc. is a consumer-focused health improvement platform that combines artificial intelligence, advanced behavioral economic techniques, and on-demand human guidance to help members achieve health and wellness goals. The company raised $70 million in Series B equity financing on December 17, 2021, led by Valeas Capital Partners, a newly launched investor-operator focused firm founded by Ed Woiteshek and Rob Little, former colleagues at Hellman & Friedman. The round also included participation from a new investor group of 12 prominent CEOs and senior managing partners at top-tier private equity firms, along with existing investors General Catalyst and partners of Hellman & Friedman. Well had previously raised $40 million in Series A funding in 2020 and $25 million in seed funding in 2019. At the time of the Series B round, Well served thousands of members across multiple corporate clients and was preparing to launch with additional large employer customers in 2022. The company was also expanding through partnerships with community health organizations and consumer-facing offerings developed with leading consumer brands. |
| Dec 2020 | Series A | General Catalyst; Mosaic Health Solutions; John Doerr | $26M | $190M | Well, a healthcare technology company, raised $26.15 million in a Series A funding round on December 14, 2020, led by investors including General Catalyst, Hellman & Friedman, John Doerr, and Mosaic Health Solutions. The round valued the company at a post-money valuation of $189.63 million, with a price per share of $9.46. This investment aligns with General Catalyst's focus on healthcare, as the firm has been a prominent backer of health tech startups during this period. The funding came at a time when venture capital interest in healthcare innovation was strong, particularly from firms like General Catalyst, which raised significant funds for health assurance initiatives around 2021. Well's round reflects the broader trend of substantial early-stage investments in digital health solutions. |
| Jun 2019 | Seed | General Catalyst; John Doerr; David Werry; Gary Loveman | $25M | - | - |
Who has invested in Well?
7 investors have backed Well across its funding rounds, including General Catalyst, John Doerr, Mosaic Health Solutions, Valeas Capital Partners, David Werry and Gary Loveman.
Lead investors include Valeas Capital Partners.
Well Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| San Francisco, CA | 3 | Participant | Jun 2019 | |
| John Doerr | San Francisco, CA | 2 | Participant | Jun 2019 |
| Durham, NC | 1 | Participant | Dec 2020 | |
| San Francisco, CA | 1 | Lead | Dec 2021 | |
| David Werry | Chapel Hill, NC | 1 | Participant | Jun 2019 |
This data is available for Pro users. Sign up to see all 7 Well investors. Start Free Trial | ||||
Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
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Start Free TrialWell Competitors
Well competitors include listed companies like DarioHealth and Tempus AI, and private ones like Glooko, Viome, Sanas and D-Robotics.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| San Francisco, CA | Private | - | - | $476M | - | |
| Seattle, WA | Private | - | - | $339M | - | |
| United States | Publicly listed | $22M | ($36M) | $69M | 4.0x | |
| San Francisco, CA | Private | $50M | - | $500M | 10.0x | |
| United States | Publicly listed | $1.3B | ($131M) | $15B | 10.1x | |
 Hong Kong | Private | - | - | $450M | - |
Well Public Comps
Well is still privately-owned, but its public comps include Yidu Tech, TaiDoc Technology, Evolent Health, Bayzed Health Group, Beijing Hanyi Innovation, Cogstate, Ropeok Technology Group, Veradigm, Datasection and ExaWizards.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $122M | ($4M) | 1.4x | 1.2x | (45.0x) | 7.7x | |||
| $132M | $58M | 2.1x | - | 4.8x | - | |||
| $1.9B | ($365M) | 0.7x | 0.5x | (3.5x) | 9.4x | |||
| $167M | $18M | 3.0x | - | 28.4x | - | |||
| $28M | $5M | 15.6x | 13.9x | 89.9x | 50.9x | |||
| $58M | $18M | 6.3x | 5.7x | 20.0x | 18.9x | |||
| $23M | ($28M) | 18.6x | - | (15.2x) | - | |||
| $588M | $54M | 0.9x | 0.9x | 9.8x | 6.8x | |||
This data is available for Pro users. Sign up to see all Well competitors and their valuation data. Start Free Trial | ||||||||
Common questions about Well
| When was Well founded? | Well was founded in 2019. |
| Where is Well headquartered? | Well is headquartered in Chapel Hill, NC, United States. |
| Is Well publicly listed? | No, Well is a private, VC-backed company. |
| What is Well's valuation? | Well was last valued at $450M in its Series B in April 2025. |
| How much funding has Well raised? | Well has raised $153M across 4 funding rounds. |
| What was Well's last funding round? | Well's last funding round was a $30M Series B in April 2025. |
| Who are Well's investors? | Well's investors include General Catalyst, John Doerr, Mosaic Health Solutions, Valeas Capital Partners, David Werry, Gary Loveman and Powers Capital, LLC. |
| Which companies are comparable to Well? | Companies comparable to Well include Glooko, Viome, DarioHealth, Sanas, Tempus AI and D-Robotics. |
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