- WELL formed WELL Health Ventures Inc. or “WELL Ventures“to formalize its commitment to invest and advance the digitization and modernization of health by Canada and around the world.
- WELL has a proven track record of making successful venture-type investments in early stage digital health companies such as Circle Medical and INSIG, each of which is now integral to WELL’s future growth. In addition, she has already made strategic investments in emerging digital health companies such as Phelix.ai, Pillway and Twig Fertility.
- WELL has assembled a unique and diverse advisory board whose goal is to help nurture and advise portfolio companies on their growth journey.
- WELL Ventures announces a $ 250,000 investment in Bright(1), a B2B-focused technology service provider that specializes in delivering virtual wellness programs for businesses.
VANCOUVER, BC, July 21, 2021 / PRNewswire / – WELL Health Technologies Corp. (TSX: WELL) (“GOOD“or the”Company“), a company focused on consolidating and modernizing clinical and digital assets in healthcare, today announced the formation of WELL Ventures, a wholly owned subsidiary of WELL, whose mandate is to invest in outstanding leaders, entrepreneurs and companies supporting the global digital health ecosystem, with a focus on promoting innovative initiatives in digital health. digital health in Canada.
Hamed Chahbazi, Chairman and CEO of WELL commented, “The formation of WELL Ventures and the investments we have made to date reflect our commitment to invest, nurture and build strategic alliances with innovative digital health companies. We are specifically looking to invest in companies that are genuinely committed to leveraging technology to improve health outcomes and that can directly benefit from the ecosystem, size and scale of WELL. Our most recent investment in Bright is a natural supplement, addressing the importance of preventative health and wellness for a growing remote workforce. its own employees and network of practitioners, as well as for the health of all working Canadians, is a value shared by both companies. ”
WELL has already established a solid track record of VC-type investments in early stage digital health companies including INSIG, Circle Medical, Phelix.ai, Pillway and Twig Fertility. These portfolio companies have benefited not only from WELL’s capital investments, but also from strategic advice and access to WELL’s extensive network of clinics and healthcare practitioners. Both INSIG and Circle Medical have experienced exceptional growth since WELL’s initial investment leading to significant follow-on investments and in the case of INSIG, a subsequent acquisition by WELL. Meanwhile, emerging companies such as Phelix.ai, Pillway and Twig Fertility have made substantial progress since WELL’s initial investments.
WELL Ventures focuses on all aspects of the digital health ecosystem with a focus on practitioner empowerment tools and technologies. A WELL Ventures investment typically includes a strategic alliance or collaborative arrangement that provides portfolio companies with access to WELL’s significant technology and healthcare assets.
WELL has also assembled a unique and diverse internal advisory board that includes thought leaders from the board of directors, management team and operational teams from WELL’s business units. These advisors not only help create opportunities and participate in the investment decision process, but their main purpose is to help portfolio companies succeed once the investment is made. WELL Ventures is built on three important values: ingenuity, a healthy and progressive culture and exceptional leadership. To learn more about WELL Ventures, please visit: https://well.ventures
WELL Ventures announces strategic investment in Bright(1), a B2B technology service provider that has developed a virtual equipment wellness program for onsite and home teams. WELL Ventures has invested $ 250,000 in the preferred shares of Bright. In addition, the parties entered into a strategic alliance agreement (the “Strategic alliance“) under which, among other things, WELL is granted the rights to use and sublicense Bright’s offerings to its own expanding network and distribution channels.
Bright is a Halifax, Nova Scotia virtual amenity platform for small and medium businesses. Bright is an innovative, early-growing company that launched the “Bright Pass”, a wellness platform that provides access to hundreds of live virtual classes every week. The Bright Pass makes employees feel better whether they are returning to the office or opting for a permanent job from home. Self-care is different for everyone, and that’s why Bright offers a range of fitness, yoga, mindfulness and nutrition classes, which take place throughout the day, in addition to other events across a range. topics of well-being. To learn more about Bright, please visit: https://explore.choosebright.com
“We are delighted to receive this investment and to be part of the WELL Ventures family of holding companies,” said David howe, CEO of Bright. “This investment helps fund the expansion of our sales efforts and our future growth initiatives. We look forward to working with the extensive WELL Health network.
Along with the strategic alliance, WELL Ventures expects to receive stock warrants to purchase Bright common stock. Under the strategic alliance, WELL will not only leverage Bright’s welfare offerings for its own growing workforce, but has also been granted extensive rights to sub-license and resell Bright’s offerings. Bright’s virtual accreditation through the WELL distribution network. The two parties have agreed to a specific sharing of revenues in relation to the revenues generated by WELL via Bright’s technological offer.
(1) WELL Ventures’ strategic investment was made in the legal entity 10432423 CANADA LTD. (LUMINOUS DBA)
WELL HEALTH TECHNOLOGIES CORP.
Through: “Hamed Shahbazi”
Chairman and Chief Executive Officer, Chairman and Director
About WELL Health Technologies Corp.
WELL is an innovative, technology-driven healthcare company whose primary goal is to positively impact health outcomes by leveraging technology to empower and support patients and physicians. WELL offers an omnichannel patient service platform supported by leading virtual health solutions. As such, WELL owns and operates from Canada the largest network of ambulatory medical clinics serving primary, secondary, executive and specialist health services and is the provider of a leading multinational telehealth platform. WELL offers virtual health solutions for medical clinics and healthcare professionals worldwide, including electronic medical records (EMRs), practice management software, practitioner empowerment tools, digital health applications , billing and revenue cycle management (RCM) solutions, patient engagement technologies and cybersecurity solutions. . WELL is an acquisition company that follows a disciplined and accretive capital allocation strategy. WELL is listed on the Toronto Stock Exchange under the symbol “GOODTo access the Company’s Canadian telehealth service, visit: tiahealth.com, and for company information, visit: www.well.company
Notice Regarding Forward-Looking Statements
Certain statements in this press release relating to the Company are forward-looking statements and are forward-looking in nature, including statements regarding the strategy of WELL Ventures, the planned strategic alliance agreements with Bright and the business and growth plans. portfolio companies. Forward-looking statements are not based on historical facts, but rather on current expectations and projections regarding future events and are therefore subject to risks and uncertainties that could cause actual results to differ materially from future results. expressed or implied by forward-looking statements. . These statements can generally be identified by the use of forward-looking words such as “may”, “should”, “could”, “would”, “intend”, “estimate”, “plan”, “anticipate”, ” expect “,” believe “,” work on “or” continue “, or the negative of these or similar variations. There are numerous risks and uncertainties which could cause WELL’s actual results and plans and objectives to differ materially from those expressed in forward-looking information, including: any inability of the portfolio companies to achieve their business objectives, any inability to WELL and Bright to finalize and execute strategic alliance agreements, business disruption risks related to COVID-19; regulatory risks, including those related to healthcare, technology implementation risks, including those related to privacy and cybersecurity and other risks set out in the most recent annual information form of WELL and other information documents, copies of which are available under its profile at www.SEDAR .com. Actual results and future events could differ materially from those anticipated in this information. This subsequent written and oral forward-looking information and all subsequent forward-looking information are based on management’s estimates and opinions on the dates on which they are made and are expressly qualified in their entirety by this notice. Except as required by law, the Company does not intend to update these forward-looking statements.
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SOURCE WELL Health Technologies Corp.