Platform provides vital care infrastructure as employees balance caregiving commitments with new hybrid working norms
New investment funds Wellthy’s international expansion, including launch in the U.K. and Canada
Wellthy, a digital care concierge platform that partners with employers to find affordable, high-quality care for employees and their families, announced today that it has raised an additional $35 million in Series B funding to support the company’s international expansion, product development, and continued growth. Wellthy’s oversubscribed round was led by Rethink Impact, the largest venture capital fund in the U.S. committed to backing female leaders using technology to tackle the world’s greatest challenges. Rethink Impact was joined by additional strategic partners and existing investors Hearst, Polaris Partners, and Eldridge.
“As companies bring employees back into the office, employers are finding that caregiving has become a critical barrier to reentry because new flexible and hybrid work arrangements are presenting significant new challenges to family care infrastructure,” said Lindsay Jurist-Rosner, Founder and CEO of Wellthy, which serves employers including Facebook, Cisco, Accenture, Salesforce, and Voya, among others. “By taking the logistical and administrative burden off of families, Wellthy’s support has been critical to keeping many employees in the workforce through the pandemic and we are continuing to see increased demand from employers looking to alleviate the strains of caregiving.”
The growth capital will fund Wellthy’s international expansion, including recent launches in Canada and the U.K. in response to growing demand from multinational businesses. In addition to scaling the platform, the capital raise will be used to enhance Wellthy’s smart recommendations engine, advance its predictive support pathways, and launch an online community where families can exchange tips and ideas with other caregivers and gain insights from Wellthy’s experts.
“The physical, emotional, and financial challenges of caregiving intensified during the pandemic, with much of the burden falling on women. Lack of access to and the affordability of care has driven three million women out of the workforce and female participation is now at its lowest level since 1988,” said Jenny Abramson, Founder and Managing Partner of Rethink Impact. “Wellthy is fulfilling a critical aspect of caregiving, helping thousands of employees stay in the workforce, while saving time and money for families. We believe no one is better positioned to lead the care innovation movement than Lindsay and her team.”
Wellthy’s international expansion comes with commitments from several existing clients, and on the heels of significant business momentum:
- Revenue growth of 7.5X over the past two years
- Revenue retention rate greater than 100%
- More than 75 enterprise clients representing more than 600 businesses
- 700,000-plus people receiving no-cost access to Wellthy’s services
Recent Wellthy data also highlights how employees and employers alike have benefitted from increased productivity, improved morale, and higher retention rates due to the company’s platform:
- 90% of employees reported feeling more engaged/less stressed at work
- 66% reported missing fewer meetings
- 55% recouped more than 10 hours working with Wellthy, with 17% reporting 40-plus hours saved
- 33% said Wellthy’s support prevented them from taking a leave of absence or resigning due to caregiving reasons
Wellthy has also recently introduced several new product and customer experience enhancements, including more self-service tools, and expanded real-time support across care needs such as aging, special needs, chronic conditions, support for veterans, complex mental health, financial hardship, and childcare.
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