Well Health Technologies unveils Well Ventures, backs Bright

Vancouver-based WELL Health Technologies, a technology-enabled healthcare company, has launched WELL Ventures to invest in early-stage digital health companies in Canada.

Vancouver-based WELL Health Technologies, a technology-enabled healthcare company, has launched WELL Ventures to invest in early-stage digital health companies in Canada. The fund’s first investment is Bright, a Halifax-based provider of virtual amenities wellness programs for on-site and remote work teams. Bright secured C$250,000 in funding.

PRESS RELEASE

WELL Health Technologies Corp. (TSX: WELL) (“WELL” or the “Company”), a company focused on consolidating and modernizing clinical and digital assets within the healthcare sector, today 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, with an emphasis on advancing innovative digital health initiatives in Canada.

Hamed Shahbazi, 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. 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 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

Bright Investment
WELL Ventures announces a strategic investment in Bright(1), 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 (the “Strategic Alliance”) under which, among other things, 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. To learn more about Bright, please visit: https://explore.choosebright.com
“We are excited to receive this investment and be a part of the WELL Ventures family of portfolio companies,” said David Howe, CEO of Bright. “This investment helps fund the expansion of our sales efforts and future growth initiatives. We look forward to working with the extended WELL Health network.”

Concurrent with the Strategic Alliance, WELL Ventures plans to receive share purchase warrants to purchase common shares of Bright. Under the terms of the Strategic Alliance, WELL will not only be leveraging Bright’s wellness offerings to its own growing workforce but has also been granted broad rights to sublicense and resell Bright’s virtual amenity offerings through the WELL distribution network. Both parties have agreed to a specific revenue share in connection with any revenue generated by WELL through Bright’s technology offering.

About WELL Health Technologies Corp.
WELL is an innovative technology enabled healthcare company whose overarching objective is to positively impact health outcomes by leveraging technology to empower and support patients and doctors. WELL offers an omni-channel patient services platform supported by leading virtual health solutions. As such, WELL owns and operates Canada’s largest network of outpatient medical clinics serving primary, secondary, executive, and specialized healthcare services and is the provider of a leading multi-national telehealth platform. WELL offers virtual health solutions for medical clinics and healthcare practitioners worldwide including digital Electronic Medical Records (EMR), practice management software, practitioner enablement tools, digital health apps, billing and Revenue Cycle Management (RCM) solutions, patient engagement technologies and cybersecurity related solutions. WELL is an acquisitive company that follows a disciplined and accretive capital allocation strategy. WELL is publicly traded on the Toronto Stock Exchange under the symbol “WELL”. To access the Company’s Canadian telehealth service, visit: tiahealth.com, and for corporate information, visit: www.well.company