WELL Health

WELL Health is splitting its operations into two companies: one for healthcare delivery and a new spinoff, Wellstar, to provide services to other health providers. The Vancouver-based firm raised $50.4 million at a $285 million valuation, with investment from Mawer, Edgepoint, and PenderFund.

Wellstar will incorporate two newly acquired, unnamed tech firms. WELL Health COO Amir Javidan will become CEO of Wellstar, with WELL retaining majority ownership. Well’s tech services generated $15.6M in quarterly revenue—10% of clinical services earnings but with higher margins—highlighting the spinoff’s growth potential.

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Vancouver-based WELL Health Technologies announced that its majority-owned subsidiary, Wisp, has surpassed one million patients served in the U.S. and achieved over CAD $100 million in run-rate revenue. Wisp, acquired by WELL for USD $41 million three years ago, is now the largest and fastest-growing telehealth platform for women in the U.S., focusing on sexual and reproductive healthcare.

The company’s growth is driven by a 30% year-over-year revenue increase and the successful launch of over ten new products in 2024. Wisp plans further expansion into menopause care, UTI treatment, and at-home testing.

Want to know more? Check out the source code on Techcouver.