Wellster Healthtech Group announced that a total of $60 million (€53m) has been raised in a series B financing round.

The German startup seeks to build a digital telemedical platform for women’s health and achieve European market leadership in the isector.

WHY IT MATTERS

The announcement of another $20 million (€17.7m) funding comes six months after the first funding announcement worth $40 million (€35.4m). The latest round is supported by Claret Capital and Mangrove Capital Partners.

This investment will make Wellster the best-funded integrated healthcare platform in Europe. The founders’ vision is an easy-to-access medical care provision – now even specifically tailored for women.

Since Wellster health platforms were launched in May 2019, they have registered more than 1.5 million patients who used them for mental and intimate health, hair and skin problems or medical self-testing – primarily for a male audience.

The platforms have been created in close cooperation with leading physicians from across Germany. They were mainly developed to close the health care provision gap for daily health issues, especially when these concern psychological or intimate matters.

THE LARGER TREND

The Wellster Healthtech Group was founded in Munich in 2018. 

Mangrove Capital Partners focuses on early phase companies to foster innovative tech firms while Claret Capital supports companies during their growth period.

ON THE RECORD

Dr Manuel Nothelfer, Co-founder of Wellster Healthtech Group, declared: “The funding comes at a key point in our development. It reinforces our goal to maintain our leadership position in the European market and to expand our offerings for personalised health services.”

The Managing Partners at Mangrove Capital Partners stated: “What makes Wellster particularly attractive is the combination of an appealing offering that is directed to patients and a strong team that aims to shake up the huge European market. Both fit perfectly with our investment strategy.”