WELLSTAR Technologies Revenue, Valuation, Funding & Investors
WELLSTAR Technologies is valued at $208M as of December 2024, a 4.1x multiple on its last reported $51M revenue.
Last WELLSTAR Technologies valuation
$208M
Series A · Dec 2024
Last WELLSTAR Technologies funding round
$26M
Undisclosed stage · Jul 2026
WELLSTAR Technologies revenue
$51M
Series A · Dec 2024
Key investors in WELLSTAR Technologies
Edgepoint Wealth Management
Mawer Investment Management Ltd.
Pender Gwth Fund
PICTON Investments
About WELLSTAR Technologies
WELLSTAR Technologies is a Canadian firm advising healthcare providers on technology integration, clinic operations, and digital transformation. Headquartered in British Columbia, it supports clinics with electronic medical records, telemedicine setups, and workflow automation tailored to Canadian regulations. The company delivers consulting for primary care and specialty practices across provinces.
HQ
Health, OHWebsite
Status
Privately held
Customer focus
B2B
Revenue model
Services, Subscription
Revenue
$51M (Dec 2024)
Valuation
$208M (Dec 2024)
WELLSTAR Technologies Valuation
WELLSTAR Technologies is currently valued at $208M, based on its Series A in December 2024.
The $35M round included Mawer Investment Management Ltd., Pender Gwth Fund and Edgepoint Wealth Management.
WELLSTAR Technologies valuation by funding round
| Date | Stage | Valuation | Revenue Multiple |
|---|---|---|---|
| Dec 2024 | Series A | $208M | 4.1x |
WELLSTAR Technologies Revenue
WELLSTAR Technologies' latest recorded revenue is $51M, as of its Series A in December 2024. At a $208M valuation, that implies a 4.1x revenue multiple.
WELLSTAR Technologies revenue by funding round
| Date | Revenue * | Valuation | Revenue Multiple | Stage |
|---|---|---|---|---|
| Dec 2024 | $51M | $208M | 4.1x | Series A |
* Revenue (or ARR) figures are the values recorded alongside each funding round. Typically run-rate revenue at the time of the deal, or a reported LTM (last 12 months) revenue.
WELLSTAR Technologies Funding History
WELLSTAR Technologies has raised a total of $105M across 3 funding rounds, plus 1 secondary share sale.
WELLSTAR Technologies' first fundraising round was a $35M Series A in December 2024. The most recent completed round was a $26M undisclosed-stage round in July 2026.
WELLSTAR Technologies funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Jul 2026 | Secondary | - | $10M | - | WELLSTAR Technologies Corp. closed a C$50 million financing in July 2026 ahead of a planned TSXV listing. The financing consisted of C$36.2 million of treasury proceeds to WELLSTAR through subscription receipts and C$13.8 million raised through a secondary sale by an existing shareholder, with the transaction anchored by a large Canadian bank-owned asset manager and supported by existing shareholders, including WELL and members of WELLSTAR management, board, and employees. The proceeds are being directed toward potential future acquisitions, AI-related product innovation, organic growth initiatives, and general corporate purposes, supporting WELLSTAR’s spinout and public-market debut. WELLSTAR’s July financing came after a series of prior financings over the preceding 19 months, including a C$62 million round in December 2025 and a C$50 million round in December 2024, bringing WELLSTAR’s financings to C$162 million over that period, of which C$148 million was treasury proceeds to WELLSTAR. WELLSTAR is being positioned as one of Canada’s healthcare software and AI platforms through the transaction and expected TSXV listing. The company’s operations are focused on healthcare technology, with the financing framed as supporting strategic acquisitions, AI-driven innovation, and organic growth as it transitions toward becoming a publicly listed company. |
| Jul 2026 | Undisclosed stage | - | $26M | - | WELLSTAR Technologies closed a C$50 million financing on July 31, 2026 ahead of its planned TSXV listing. The financing consisted of C$36.2 million of treasury proceeds to WELLSTAR and C$13.8 million from a secondary sale by an existing shareholder, with additional upside from an agents’ option to sell up to 15% more subscription receipts. The transaction was anchored by a large Canadian bank-owned asset manager and supported by new institutional investors, existing shareholders, and members of WELL and WELLSTAR management, board, and employees. The financing is part of WELL Health’s plan to spin out WELLSTAR into a publicly listed healthcare software and AI platform. Proceeds are earmarked for potential future acquisitions, AI-related product innovation, organic growth initiatives, and general corporate purposes. WELLSTAR had already raised an aggregate of C$162 million over the prior 19 months across treasury and secondary financings, including C$148 million of treasury proceeds, which indicates continued capital support for expansion prior to and around the listing. WELLSTAR operates as WELL Health’s digital health software subsidiary and is being positioned as a pure-play healthcare technology company. The listing transaction was expected to close on or about September 16, 2026, subject to the completion of the amalgamation and related closing conditions, with the subscription receipt proceeds to be released upon those conditions being satisfied. |
| Oct 2025 | Series B | Mawer Investment Management Ltd.; PICTON Investments; Edgepoint Wealth Management | $44M | - | WELLSTAR Technologies Corp., a subsidiary of WELL Health Technologies Corp. (TSX:WELL), is a high-growth, profitable pure-play SaaS healthcare technology company serving over 40,000 providers across Canada, or more than 40% of practitioners, with solutions including billing and practice management systems, electronic medical records (EMRs), digital health applications, and digital health network solutions focused on clinician enablement and digital transformation. On October 31, 2025, WELLSTAR announced a C$62 million (~$44-45 million USD) Series B Preferred Share financing supported by Mawer Investment Management, Edgepoint Wealth Management, PICTON Investments, and management, issuing 41,352,598 shares at C$1.50 per share; the deal closed on December 8, 2025, to fund pre-spinout growth, AI-enabled solutions, product expansion, and strategic acquisitions ahead of a targeted public listing in 2026, with WELL retaining majority economic and voting interest. Amid acquisition momentum, WELLSTAR updated its fiscal 2025 guidance (likely ending February 2026) to $74 million in revenue and $22 million in Adjusted EBITDA, with year-end total annual recurring revenue (ARR) of ~$62 million and exit ARR of ~$80 million (50% YoY growth); three pending acquisitions are projected to add $15-16 million in annualized revenue/ARR and over $5 million in Adjusted EBITDA. This Series B builds on a December 2024 Series A raising $50.4 million at $1.00/share led by Mawer and Edgepoint. WELLSTAR reported strong H1 2025 performance with organic and inorganic growth, approaching a $100 million revenue run-rate ahead of schedule, and year-end ARR reaching C$72.9 million per earnings charts. The financing underscores investor confidence in WELLSTAR's robust margin profile, M&A pipeline including signed LOIs for $455M+ potential revenue and 40+ targets, and role within WELL Health's ecosystem operating 200 clinics. |
| Dec 2024 | Series A | Mawer Investment Management Ltd.; Pender Gwth Fund; Edgepoint Wealth Management | $35M | $208M | WELLSTAR Technologies, a majority-owned subsidiary of WELL Health Technologies Corp., is a SaaS healthcare technology provider offering electronic medical records (EMR), e-referrals, digital health apps, medical billing, and revenue cycle management (RCM) solutions. It serves over 40,000 healthcare providers across Canada, positioning itself as the third-largest EMR provider in the country and the leader in e-referrals, digital apps, and billing/RCM. Nearly 90% of its revenue is recurring SaaS revenue, enabling it to maintain better-than 'Rule of 40' metrics with strong gross margins over 80%. On December 12, 2024, WELLSTAR completed a $50.4 million Series A preferred share financing at C$1.00 per share, led by Mawer Investment Management Ltd., Edgepoint Wealth Management Inc., and PenderFund Capital Management Ltd. This investment valued WELLSTAR at a pre-financing enterprise value of approximately $285 million CAD. Concurrently, WELLSTAR acquired two complementary healthcare technology companies for total consideration of $28 million (including $17.9 million cash, $3.9 million in shares, and $6.2 million deferred), adding over $15 million in trailing 12-month annualized revenue. Post-acquisitions, pro forma revenue is expected to exceed $70 million CAD in 2025, with EBITDA margins of approximately 20%. The financing supports WELLSTAR's pre-spinout growth phase, including AI-enabled solutions, product expansion, and strategic M&A in EMR, digital apps, billing, and clinical workflow segments. WELL Health, as majority shareholder, will retain control post-financing. WELLSTAR aims for a spinout from WELL Health by end-2025, providing investors a pure-play opportunity in healthcare technology SaaS, followed by a public listing in 2026 via IPO, reverse takeover, or alternative transaction. A follow-on Series B financing of approximately C$62 million at C$1.50 per share closed in December 2025, supported by the same lead investors plus others, building on the Series A and reflecting a 50% price increase. This strengthens the balance sheet for scaling and acquisitions while targeting robust margins and growth. |
Who has invested in WELLSTAR Technologies?
4 investors have backed WELLSTAR Technologies across its funding rounds, including Edgepoint Wealth Management, Mawer Investment Management Ltd., Pender Gwth Fund and PICTON Investments.
WELLSTAR Technologies Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
 Calgary | 2 | Participant | Dec 2024 | |
| Toronto | 2 | Participant | Dec 2024 | |
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Start Free TrialAcquisitions by WELLSTAR Technologies
WELLSTAR Technologies has acquired 1 company to date.
Last acquisition by WELLSTAR Technologies was on November 1st 2025. WELLSTAR Technologies acquired Mutuo Health Solutions for $7M.
Latest Acquisitions by WELLSTAR Technologies
| Description | Mutuo Health Solutions is an AI-powered platform that captures and transcribes patient-clinician interactions automatically. Designed for healthcare providers, it generates structured notes from conversations, enhancing documentation accuracy and efficiency. The U.S.-based company focuses on electronic health record integration, serving clinics and hospitals to reduce administrative burdens. |
| HQ Country | |
| HQ City | Toronto |
| Deal Date | 1 Nov 2025 |
| Valuation | $7M |
| EV/Revenue | |
| EV/EBITDA | |
This data is available for Pro users. Sign up to see all WELLSTAR Technologies acquisitions and their M&A valuation multiples. Start Free Trial | |
WELLSTAR Technologies Competitors
WELLSTAR Technologies competitors include listed companies like Nordhealth and Kusurinomadoguchi, and private ones like Janus Health, Beep Saúde, Stedi and Archy.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
 Norway | Publicly listed | $59M | ($1M) | $208M | 3.0x | |
| Chicago, IL | Private | $8M | - | $206M | 25.8x | |
 Rio de Janeiro | Private | $54M | - | $204M | 3.8x | |
 Japan | Publicly listed | $79M | $27M | $201M | 2.2x | |
| New York City, NY | Private | - | - | $200M | - | |
| San Jose, CA | Private | $5M | - | $200M | - |
WELLSTAR Technologies Public Comps
WELLSTAR Technologies is still privately-owned, but its public comps include Protean eGov Technologies, Nordhealth, Brightcom Group, Vertiseit, Cmc, Reaktor Group, System Research, Gofore, Hitit and Kusurinomadoguchi.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $103M | $13M | 1.9x | 1.8x | 14.8x | 16.4x | |||
| $59M | ($1M) | 3.3x | 3.0x | (162.0x) | 60.3x | |||
| $722M | $183M | 0.1x | - | 0.3x | - | |||
| $69M | $8M | 3.5x | 3.0x | 28.4x | 18.2x | |||
| $369M | $40M | 0.7x | 0.7x | 6.5x | 6.1x | |||
| $136M | $15M | 1.3x | - | 11.7x | - | |||
| $187M | $24M | 0.9x | 0.9x | 6.7x | - | |||
| $220M | $23M | 1.1x | 0.9x | 10.4x | 8.4x | |||
This data is available for Pro users. Sign up to see all WELLSTAR Technologies competitors and their valuation data. Start Free Trial | ||||||||
Common questions about WELLSTAR Technologies
| Where is WELLSTAR Technologies headquartered? | WELLSTAR Technologies is headquartered in Health, OH, United States. |
| Is WELLSTAR Technologies publicly listed? | No, WELLSTAR Technologies is a private, VC-backed company. |
| What is WELLSTAR Technologies' valuation? | WELLSTAR Technologies was last valued at $208M in its Series A in December 2024. |
| How much funding has WELLSTAR Technologies raised? | WELLSTAR Technologies has raised $105M across 3 funding rounds. |
| What was WELLSTAR Technologies' last funding round? | WELLSTAR Technologies' last funding round was a $26M undisclosed-stage round in July 2026. |
| Who are WELLSTAR Technologies' investors? | WELLSTAR Technologies' investors include Mawer Investment Management Ltd., Edgepoint Wealth Management, PICTON Investments and Pender Gwth Fund. |
| What is WELLSTAR Technologies' revenue? | WELLSTAR Technologies' latest recorded revenue is $51M (December 2024). |
| What is WELLSTAR Technologies' revenue multiple? | WELLSTAR Technologies' latest valuation implies a 4.1x revenue multiple ($208M valuation on $51M of revenue). |
| Which companies are comparable to WELLSTAR Technologies? | Companies comparable to WELLSTAR Technologies include Nordhealth, Janus Health, Beep Saúde, Kusurinomadoguchi, Stedi and Archy. |
| How many companies has WELLSTAR Technologies acquired? | WELLSTAR Technologies has acquired 1 company, including Mutuo Health Solutions. |
| What was the largest acquisition by WELLSTAR Technologies? | The $7M acquisition of Mutuo Health Solutions in November 2025 is the largest acquisition WELLSTAR Technologies has made to date. |
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