Wellster, a leading provider of telemedicine platform solutions in the EU, announced today that it closed a €35 million funding round. The round is led by Dermapharm with support from existing investors HV Capital, which previously invested in Zalando, FlixBus and Delivery Hero, and SevenVentures. The fresh funds will be used to expand its offering with additional medical topics and thereby tap into new target groups.
Founded in 2018, Wellster integrates telemedicine, drug-based and digital therapies into vertical ‘Direct-to-Consumer’ solutions, each of which is tailored to a specific health topic. Working with the pharmacy-owned Noventi Group, the healthtech startup also assists pharmacists in accessing online channels, overall providing local pharmacies with additional revenue opportunities and enabling them to create contemporary customer loyalty.
In just a few short years, the startup has grown a team of 40+, launching a brand ‘Spring’ in Germany, including portals gospring.de (intimate health) and myspring.com (hair loss), in addition to portals for mental health and medical self-tests.
“The funding round comes at a key moment in our development,” said Dr. Manuel Nothelfer, co-founder of Wellster Healthtech Group. “It cements our ambition to continue our established leadership in the European market and expand our offering to more target groups in the future, improving the personalized healthcare services.”
“Our multi-platform strategy allows us to tailor personalized treatments to individual target groups. This enables us to better address individual health problems, which ultimately leads to improved treatment success as well as more trust among patients,” said Nico Hribernik, Co-Founder at Wellster.
“We’ve been observing the digital healthcare market and telemedicine platforms in Europe for the past few years. Wellster convinced us because the company understands the market and is developing a vertically integrated supply chain that combines brand building experience with a desire to make a real difference in the lives of patients. Wellster, in our opinion, is the only company in Europe that has successfully adapted and scaled a concept established by Hims&Hers or Roman in the United States to the European market in a meaningful way,” said Nawid Ali-Abbassi, Partner at HV Capital.
Wellster has already attracted well known investors like HV Capital, HGDF Familienholding, and prominent entrepreneurs to invest in the firm since its start. Among them are the FlixBus founders, serial entrepreneur Mato Peric, Jean-Remy von Matt and Reinold Geiger, founder and CEO of the cosmetics group l’Occitane.