Singapore’s EDBI joins $33.7m Series E round of healthcare SaaS firm Welltok

Banner from Welltok Facebook page.

EDBI – the investment arm of Singapore’s Economic Development Board (EDB) – has participated in the $33.7-million Series E funding round of consumer healthcare enterprise SaaS firm Welltok.

New and existing investors also took part in the round. The company has also secured a new $13-million debt facility from Silicon Valley Bank.

The combined financing will be used for technology-enabled healthcare service offerings, as well as expansion into new market segments.

Other investors in the Series E round include New Enterprise Associates, Bessemer Venture Partners, Georgian Partners, Emergence Capital, InterWest Partners, Sigma Partners, HLM Venture Partners, Flare Capital Partners, Trustmark, Qualcomm Life Fund, Hearst Health Ventures.

“We have clearly defined and established the need for a consumer enterprise platform that systematically connects individuals with the resources, benefits and support available to help them achieve and sustain their optimal health,” said Jeff Margolis, Welltok chairman and CEO.

Its CaféWell Platform enables population health managers to guide and incentivise consumers to optimise their health, curating and connecting consumers with available and relevant benefits, resources and rewards by providing personalised action plans for individuals.

The additional funding is a significant milestone for Welltok, whose growth has been driven through strong organic as well as inorganic growth, including the strategic acquisitions of Silverlink Communications, Predilytics and IncentOne. Welltok operates in six office locations nationwide and has grown to nearly 400 employees.

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.