WELL Health announces formation of WELL Ventures
July 28, 2021
VANCOUVER – WELL Health Technologies Corp., a company focused on modernizing clinical and digital assets in the healthcare sector, has announced the formation of WELL Ventures, a wholly owned subsidiary of WELL, whose mandate is to invest in exceptional leaders, entrepreneurs and businesses supporting the global digital health ecosystem in Canada.
Hamed Shahbazi (pictured), chairman and CEO of WELL commented, “The formation of WELL Ventures and the investments we’ve made to date reflects our commitment to invest in, nurture and build strategic alliances with innovative digital health companies. We specifically seek to invest in companies that are genuinely committed to leveraging technology to improve health outcomes and that can directly benefit from WELL’s ecosystem, size and scale.”
He continued, “Our most recent investment in Bright is a natural fit, addressing the importance of preventative health and wellness for a growing remote workforce. Caring for our own employees and network of practitioners, as well as for the health of all hard-working Canadians, is a value shared by both companies.”
WELL Ventures announces a strategic investment in Bright, a B2B technology service provider that has developed a virtual amenities wellness program for on-site and work-from-home teams. WELL Ventures has invested $250,000 in preferred equity of Bright. In addition, the parties have entered into a strategic alliance agreement under which WELL is granted rights to use and sublicense Bright’s offerings to its own expanding network and distribution channels.
Bright is a Halifax, Nova Scotia-based virtual amenity platform for small to medium sized businesses. Bright is an innovative early-stage growth company that has launched the “Bright Pass”, a wellness platform that provides access to hundreds of live virtual classes every week. The Bright Pass empowers employees to feel their best, whether transitioning back to the office, or opting for permanent work from home arrangements. Self-care looks different to everyone, and that is why Bright has a range of fitness, yoga, mindfulness, and nutrition classes, running all day long, in addition to other events on a range of well-being topics. For more about Bright, visit https://explore.choosebright.com.
WELL has already established a strong track record of making venture-style investments in early-stage digital health companies including INSIG, Circle Medical, Phelix.ai, Pillway and Twig Fertility. These portfolio companies have benefitted from not only receiving capital investments from WELL, but also strategic guidance and access to WELL’s extensive network of clinics and healthcare practitioners. Both INSIG and Circle Medical experienced exceptional growth since WELL’s initial investment leading to significant follow-on investments and in the case of INSIG, a subsequent acquisition by WELL. Meanwhile, emerging companies such as Phelix.ai, Pillway and Twig Fertility have made substantial progress since WELL’s initial investments.
WELL Ventures has a defined focus on all aspects of the digital health ecosystem with a keen focus on practitioner enablement tools and technologies. An investment from WELL Ventures generally includes a strategic alliance or collaboration agreement that provides portfolio companies with access to WELL’s own substantial technology and healthcare assets.
WELL has also assembled a unique and diverse internal advisory board that includes thought leaders from WELL’s own board of directors, executive management team, and business unit operating teams. These advisors not only help originate opportunities and assist in the investment decision process, but their main goal is to assist portfolio companies to succeed after the investment is done. WELL Ventures is built on three important values: ingenuity, a healthy & progressive culture and exceptional leadership. To learn more about WELL Ventures, please visit https://well.ventures.