Welltok Acquisition, Valuation, Funding & Investors
Welltok was acquired by Personify Health in October 2021.
Welltok acquisition price
Undisclosed
Acquired by Personify Health · Oct 2021
Cumulative funding Welltok raised
$242M
across 8 funding rounds
Key investors in Welltok
New Enterprise Associates
Emergence Capital
InterWest Partners
Bessemer Venture Partners
Okapi Venture Capital
Miramar Ventures
Qualcomm Ventures
Georgian
About Welltok
Welltok is an enterprise SaaS company headquartered in Denver, Colorado, offering a consumer activation platform for the healthcare sector. Founded in 2009, it equips health plans, employers, providers, and public entities with tools to deliver personalized health resources. The platform simplifies consumer actions toward better health and wellbeing through targeted engagement strategies. Welltok serves organizations nationwide, emphasizing data-driven connections between consumers and improvement opportunities.
Founded
2009
HQ
Denver, COWebsite
Status
Acquired
Customer focus
B2B
Revenue model
Subscription
Valuation
$860M (Jul 2020)
Welltok Acquisition
Welltok was acquired by Personify Health for an undisclosed price on 7 October 2021.
Before the acquisition Welltok had raised $242M across 8 funding rounds.
Welltok is a Denver-based consumer activation company providing data analytics-based targeting and multi-channel outreach solutions, including text/SMS, mail, social, and interactive voice response, with a database covering more than 275 million lives to predict health needs and action likelihoods. Virgin Pulse, backed by Marlin Equity Partners, announced its intent to acquire Welltok on October 7, 2021, to advance health activation capabilities and expand into health systems, health plans, and PBM markets. The acquisition closed on November 11-12, 2021, merging Welltok with Virgin Pulse to create a comprehensive digital health platform combining analytics, multi-channel communications, and wellbeing solutions for employers, health plans, and health systems. The strategic rationale focused on supercharging Virgin Pulse's platform with Welltok's personalization and predictive analytics to drive health outcomes, reduce costs, and engage populations including Medicare Advantage and Managed Medicaid plans. Financial details were not disclosed, and advisors included Evercore, Lazard, Kirkland & Ellis for Virgin Pulse, and UBS, Shearman & Sterling for Welltok. Welltok had raised over $250 million in venture funding since founding. Note that Personify Health is the later rebrand of Virgin Pulse following its 2023 merger with HealthComp, but the 2021 Welltok deal was directly by Virgin Pulse.
| Acquirer | Date | Type |
|---|---|---|
| 7 Oct 2021 | Strategic M&A |
Welltok Valuation
Welltok is currently valued at $860M, based on its Series E in July 2020.
The $10M round included Grupo SURA, Silicon Valley Bank and Cognizant.
Welltok's valuation has grown 1.4x from $625M at its Series E in April 2018 to $860M in July 2020, across 2 priced rounds.
Welltok valuation by funding round
| Date | Stage | Valuation |
|---|---|---|
| Jul 2020 | Series E | $860M |
| Apr 2018 | Series E | $625M |
Welltok Funding History
Welltok has raised a total of $242M across 8 funding rounds.
Welltok's first fundraising round was a $19M Series B in April 2013. The most recent completed round was a $10M Series E in July 2020.
Welltok funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Jul 2020 | Series E | Grupo SURA; Silicon Valley Bank; Cognizant | $10M | $860M | - |
| Apr 2018 | Series E | Georgian; ITOCHU; New Enterprise Associates; Veronorte; Bessemer Venture Partners; Future Fund; NF Trinity Capital | $75M | $625M | Welltok is a Denver-based enterprise SaaS company providing the CafeWell Health Optimization Platform, which uses machine learning on healthcare and non-healthcare data to predict individual consumer needs, deliver personalized health improvement programs, and engage users through multi-channel communications for payers, employers, health systems, pharma, and health services companies. The platform powers growth and retention initiatives impacting healthcare costs and consumer experiences. On April 4, 2018, Welltok raised $75 million in a Series E2 funding round, the second part of its Series E after $33.7 million in 2016, bringing total funding to $250 million. New investors included Future Fund Management Agency, Ziff Davis, NF Trinity Capital (Hong Kong) Limited, and ITOCHU Corporation, with strong participation from existing investors New Enterprise Associates, Bessemer Venture Partners, and Georgian Partners. The funds supported product development, market expansion into new segments like providers, and integration of recent acquisitions. The round followed Welltok's acquisition of Tea Leaves Health, an analytics and consumer marketing platform used by 30% of top health systems and over 400 hospitals, enhancing provider market growth and insights from consumer and medical data. Prior acquisitions included Silverlink for communications, Predilytics for data analytics, Mindbloom for gaming, and later Wellpass for text-based programs expanding into managed Medicaid. Welltok earned global recognition for security and privacy capabilities and appeared on Forbes' Cloud 100 list. The company positioned itself to capitalize on rising provider interest in proactive patient engagement beyond clinical settings, leveraging bi-directional integrations with hospital systems. |
| Oct 2016 | Series E | HLM Venture Partners; Hearst Health Ventures; New Enterprise Associates; Okapi Venture Capital; Flare Capital Partners; Sigma Partners; Emergence Capital; Bessemer Venture Partners; EDBI; InterWest Partners; Miramar Ventures; Qualcomm Life | $34M | - | - |
| Dec 2015 | Series D | Georgian (lead); Flare Capital Partners | $45M | - | Welltok, a Denver-based consumer health enterprise Platform as a Service company operating the CaféWell health optimization platform, raised $45 million in a Series D funding round on December 3, 2015, led by Georgian Partners with participation from EDBI, Flare Capital Partners, and existing investors. The capital supported the acquisition of Silverlink, a healthcare consumer communications company specializing in behavioral science-driven multi-channel engagement via email, web, mobile, SMS, phone, and direct mail. This integration aimed to enhance Welltok's platform for population health managers including health plans, providers, government programs, and employers by creating personalized health itineraries and improving consumer outreach. The deal capped a year of expansion for Welltok, which had previously acquired predictive analytics firm Predilytics and kids activity program Zamzee, alongside partnering with IBM Watson to position CaféWell as a comprehensive consumer engagement platform across demographics. Silverlink's test-and-learn methodology enabled targeted communications, delivering improved health outcomes for commercial, Medicare, and Medicaid clients. Funds were allocated for the acquisition, product development, and market expansion, including potential growth into Asia Pacific. Welltok, founded in 2009, had raised approximately $256.5M total across multiple rounds by this point, with prior financings including a $37M Series D in August 2015, $25M in October 2014, $22.1M Series C in February 2014, and $18.7M Series B in April 2013. The company served healthcare organizations focused on activating populations through analytics-driven platforms. |
| Jan 2015 | Series D | Bessemer Venture Partners (lead); Qualcomm Ventures; Hearst Health Ventures; New Enterprise Associates; Emergence Capital; InterWest Partners; Catholic Health Initiatives | $37M | - | Welltok, a Denver-based provider of population health management services and consumer health incentives, completed a $37 million Series D funding round in early 2015, with the final $12 million tranche from Hearst Ventures and other participants including Bessemer Venture Partners, Emergence Capital Partners, InterWest Partners, New Enterprise Associates, and Qualcomm Ventures. This round built on prior funding, contributing to Welltok's cumulative venture capital of over $163 million by 2016. In 2015, Welltok pursued growth through acquisitions including multichannel communications firm Silverlink, analytics company Predilytics, and children's fitness initiative Zamzee, enhancing its analytics, multichannel engagement, and physical world capabilities for health plans, employers, and delivery networks. The Series D funding supported expansion into new markets like Medicare and accountable care organizations, where business was trending upwards. Welltok differentiated via post-acquisition strengths in analytics and engagement across digital and physical channels, such as community health fairs. Welltok continued raising funds post-2015, including multiple Series E extensions and unattributed rounds totaling over $387 million across 22 fundings by 2021, before being acquired on October 7, 2021. |
| Mar 2014 | Pre-seed | - | $200K | - | - |
| Feb 2014 | Series C | New Enterprise Associates (lead); Qualcomm Ventures; Okapi Venture Capital; Emergence Capital; IBM Ventures; InterWest Partners; Miramar Ventures | $22M | - | Welltok develops the CaféWell Health Optimization Platform, a consumer health enterprise SaaS solution aimed at guiding payers, providers, and population health managers to incentivize optimal health through personalization. In 2014, the company raised multiple funding rounds totaling $59 million, including a $25 million round announced on October 15, 2014, and a $37 million Series D closed in early 2015 led by Bessemer Venture Partners with participation from investors such as Emergence Capital Partners, InterWest Partners, New Enterprise Associates (NEA), and Qualcomm Ventures, plus new investors Hearst Health Ventures and Catholic Health Initiatives. The funds supported product launches, market expansion, and accelerating growth. Welltok reported $10.1 million in revenue for 2014, reflecting strong traction in the digital health space with nearly 100 employees by year-end, most added that year. |
| Apr 2013 | Series B | Emergence Capital (lead); InterWest Partners (lead); Kalaari Capital; Okapi Venture Capital; Cognizant; Miramar Ventures | $19M | - | - |
Who has invested in Welltok?
24 investors have backed Welltok across its funding rounds, including New Enterprise Associates, Emergence Capital, InterWest Partners, Bessemer Venture Partners, Okapi Venture Capital and Miramar Ventures.
Lead investors include Georgian, Bessemer Venture Partners, New Enterprise Associates, Emergence Capital and InterWest Partners.
Welltok Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| San Francisco, CA | 4 | Lead | Feb 2014 | |
| San Francisco, CA | 4 | Lead | Apr 2013 | |
| San Francisco, CA | 4 | Lead | Apr 2013 | |
| Los Angeles, CA | 3 | Participant | Apr 2013 | |
| San Francisco, CA | 3 | Lead | Jan 2015 | |
| Los Angeles, CA | 3 | Participant | Apr 2013 | |
| San Diego, CA | 2 | Participant | Feb 2014 | |
 Toronto | 2 | Lead | Dec 2015 | |
| New York City, NY | 2 | Participant | Jan 2015 | |
| Boston, MA | 2 | Participant | Dec 2015 | |
| Teaneck, NJ | 2 | Participant | Apr 2013 | |
| Boston, MA | 1 | Participant | Oct 2016 | |
 Tokyo | 1 | Participant | Apr 2018 | |
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Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
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Start Free TrialAcquisitions by Welltok
Welltok has acquired 7 companies to date.
Last acquisition by Welltok was on September 12th 2018. Welltok acquired Wellpass for undisclosed valuation.
Latest Acquisitions by Welltok
| Description | Wellpass is a healthcare communication platform uniting payers, providers, and patients via mobile apps for care coordination and health education. Serving organizations in the United States, it delivers targeted messaging on preventive services, medication adherence, and appointment reminders. | Tea Leaves Health is a Nashville-based provider of business intelligence software for U.S. health systems. Its enterprise platform analyzes service-line data to guide revenue optimization, market expansion, and operational improvements. The company supports hospitals with dashboards tracking patient volumes, payer mixes, and competitive benchmarks. | Keas is a San Francisco-based employee wellness platform for enterprise HR departments. The app delivers gamified health challenges, benefit enrollment, and social engagement for employees and dependents via mobile and web. It integrates with wearables like Fitbit and vendors such as UnitedHealthcare for analytics and reporting. Founded in 2010, Keas guarantees higher engagement rates through personalized nudges and ROI tracking for corporate wellness programs. | Silverlink Communications is a U.K.-based healthcare communications provider offering automated patient engagement via SMS, voice, and apps. The platform supports medication adherence for pharmacy benefit managers and Medicare plans, integrating with EHR systems. Acquired by Welltok in 2018, it serves U.S. health plans reaching millions of members annually. | |
| HQ Country | | | | | |
| HQ City | New York City, NY | Atlanta, GA | San Francisco, CA | - | |
| Deal Date | 12 Sep 2018 | 11 Oct 2017 | 1 Jun 2016 | 3 Dec 2015 | |
| Valuation | undisclosed | $83M | undisclosed | undisclosed | |
| EV/Revenue | |||||
| EV/EBITDA | |||||
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Welltok Competitors
Welltok competitors include listed companies like MedicalSystem Technology, HealthStream and Sphere, and private ones like Axtria, Helian Health and Boulevard.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
 China | Publicly listed | $45M | $12M | $889M | 15.6x | |
| United States | Publicly listed | $304M | $63M | $892M | 2.6x | |
| Berkeley Heights, NJ | Private | - | - | $900M | - | |
| Hangzhou | Private | - | - | $900M | - | |
 South Korea | Publicly listed | $70M | $6M | $813M | 6.9x | |
| Los Angeles, CA | Private | - | - | $800M | - |
Welltok Public Comps
Welltok is no longer listed, but its public comps include Hangzhou Pinming Software, MedicalSystem Technology, HealthStream, Sphere, B-Soft Co., iFLYHealth, Vitec Software, Phreesia, PHC Holdings and Craneware.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $65M | $8M | 12.5x | 11.9x | 100.2x | - | |||
| $45M | $12M | 18.9x | 15.6x | 70.7x | 62.9x | |||
| $304M | $63M | 2.8x | 2.6x | 13.2x | 11.2x | |||
| $70M | $6M | 14.3x | 6.9x | 156.3x | 103.0x | |||
| $157M | ($37M) | 4.7x | 4.8x | (20.0x) | (20.0x) | |||
| $136M | ($7M) | 7.7x | 6.2x | (150.8x) | (144172.5x) | |||
| $371M | $151M | 3.7x | 3.5x | 9.1x | 9.0x | |||
| $481M | $27M | 1.3x | 1.3x | 23.2x | 5.3x | |||
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Common questions about Welltok
| When was Welltok founded? | Welltok was founded in 2009. |
| Where is Welltok headquartered? | Welltok is headquartered in Denver, CO, United States. |
| Is Welltok publicly listed? | No, Welltok was acquired by Personify Health in October 2021. |
| Who acquired Welltok? | Welltok was acquired by Personify Health in October 2021. |
| What is Welltok's valuation? | Welltok was last valued at $860M in its Series E in July 2020. |
| How much funding has Welltok raised? | Welltok has raised $242M across 8 funding rounds. |
| What was Welltok's last funding round? | Welltok's last funding round was a $10M Series E in July 2020. |
| Who are Welltok's investors? | Welltok's investors include New Enterprise Associates, Emergence Capital, InterWest Partners, Okapi Venture Capital, Bessemer Venture Partners, Miramar Ventures, Qualcomm Ventures, Georgian, Hearst Health Ventures, Flare Capital Partners and 14 others. |
| Which companies are comparable to Welltok? | Companies comparable to Welltok include MedicalSystem Technology, HealthStream, Axtria, Helian Health, Sphere and Boulevard. |
| How many companies has Welltok acquired? | Welltok has acquired 7 companies, including Wellpass, Tea Leaves Health, Keas, Silverlink Communications and Zamzee. |
| What was the largest acquisition by Welltok? | The $83M acquisition of Tea Leaves Health in October 2017 is the largest acquisition Welltok has made to date. |
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