Wellster closes Series B at $60 million

ByRichard C. Sloan

Jan 18, 2022

Six months after a $40 million funding round, Wellster Healthtech Group has closed a $20 million funding extension, the German startup announced on Tuesday (January 18th).

The most recent funding was raised by Claret Capital and Mangrove Capital. In the first part of the funding round in June, Dermapharm and HV Capital led the investment.

Wellster said he plans to use the proceeds to launch a brand within FemTech — a technology platform that includes software, diagnostics, products and services to focus on women’s health. This segment includes fertility solutions, menstrual tracking apps, pregnancy and breastfeeding care, women’s sexual wellness, and reproductive health care.

“The funding comes at a key time in our development,” co-founder Dr. Manuel Nothelfer said in a statement. “This reinforces our goal to be the European market leader and expand our personalized healthcare service offerings.”

The Munich-based company markets itself as a fully integrated healthcare platform and provides telemedicine so patients have direct access to treatment for health issues. Patients have been accessing the services since its launch in 2019.

Globally, investment in HealthTech companies has been on the rise since the start of the pandemic.

Earlier in January, mPharma, a Ghana-based health tech start-up, announced it had raised $35 million to build a chain of community pharmacies across Africa as it rushes to become the main provider of health services for millions of people.

Read more: mPharma raises $35 million to expand access to healthcare in Africa

At the time, co-founder and CEO Gregory Rockson said the new funding will be used to build the startup’s data infrastructure, triple its staff by 2025 and support expansion. He also said the money would be used to launch an e-commerce platform for pharmaceuticals.

“We hire over 100 engineers to build all of our technology in-house and that includes massive data infrastructure that we create,” Rockson said. “We are also investing in other skilled talent like doctors and nurses, professionals who are essential in the work we do.”

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