Well Series-A

This is the Well pitch deck to raise a $40m series-a round in 2020.

About

Well is a health technology company that provides access to a trusted health partner. Its industry-leading, AI-driven health engine analyzes each member’s health triggers and promotes personalized, achievable steps toward improved health.

Gary Loveman has an unusual background for a startup cofounder.

Loveman’s 60 and trained as an economist at Massachusetts Institute of Technology before a stint as a Harvard professor. His career includes top roles at casino company Caesar’s Entertainment and at the health insurer Aetna.

Loveman says that background makes him ideally suited for the mission of his startup, Well Dot Inc.: using the behavioral nudges and tactics he used to entice casino gamblers to help people stay healthier and manage diseases. He was working on similar consumer-facing projects at Aetna before the insurer was acquired by CVS Health.

“This is an unprecedented approach that uses the best thinking in the consumer space that we developed at Caesars and elsewhere to influence if you will, consumer or individual behaviour in a way that has not been applied in health,” Loveman said in an interview. Dave Werry, the former vice president of transformation at Aetna, is also a Well cofounder.

Well works like this: employers sign up to offer the app to workers, and individuals can choose whether to opt in. If they do, Well gets access to some of their health information, and uses that to get a sense of what activities or tasks to push to the workers.

Well offers workers rewards for responding to questions about their health, and for completing lessons designed to help them be healthier or manage diseases. Most take just a few minutes.

The idea is to “build a cycle of success,” Loveman said. Giving people small, frequent rewards is similar to how casinos keep people coming back, Loveman said.

Well got its start in early 2019, and the company is still small. Right now, about 1,200 people are using the app, though Loveman said he expects that to hit 50,000 by mid next year as several large companies sign on.

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