WELL Makes Investment in doctorly and Launches Strategic Alliance, to tech enable German Doctors
doctorly GmbH ("doctorly"), is an innovative provider of comprehensive practice management software based in Germany.
WELL Ventures, the venture capital arm of WELL, is leading an investment round in doctorly alongside Horizons Ventures and a syndicate of leading venture capital firms.
As part of the investment and strategic alliance agreements, the Ocean platform, created by WELL's wholly owned subsidiary, CognisantMD, will be used as the exclusive booking and practice engagement platform for doctorly. This will be WELL's first commercial launch into the European market.
VANCOUVER, BC, March 1, 2023 /PRNewswire/ - WELL Health Technologies Corp. (TSX: WELL) (OTCQX: WHTCF) (Frankfurt: W7V.F) ("WELL" or the "Company"), a company focused on positively impacting health outcomes by leveraging technology to empower healthcare providers and their patients globally, is pleased to announce it has made a strategic investment, through its wholly owned subsidiary, WELL Ventures, in doctorly GmbH ("doctorly"), a medical practice management software provider based in Germany. WELL Ventures is investing as part of a syndicate of investors including of some of the world's most renowned venture capital firms such as Horizons Ventures, The Delta Force AG, Speedinvest, UNIQA Ventures, Calm Storm and Seedcamp.
doctorly was founded in 2018 to overhaul the highly regulated medical practice software industry. doctorly's home market of Germany still heavily relies on software built in the 1980's and lags behind global competitors. Antiquated software and a lack of innovation has led to material inefficiencies. According to the Kassenärztliche Bundesvereinigung' ("KBV"), the regulator for state practicing doctors in Germany, medical practices spend an average of 61 working days per year on administrative tasks. doctorly has built a modernized operating system that has successfully reduced the time dedicated to administrative tasks within practices cut in half. doctorly is currently the only venture capital backed start up in Germany with regulatory approval to sell and distribute practice management software, giving the company a unique opportunity for growth.
"There are two key firsts with this important event. This is our first co-investment with our friends and partners at Horizons Ventures and our first investment and collaboration agreement in Europe" said Hamed Shahbazi, CEO and Founder of WELL. "WELL and doctorly operate on the same principle of tech-enabling health care practitioners to improve patient outcomes. A key part of this important investment is the opportunity to secure the exclusive rights to launch our very popular and growing Ocean platform for online patient bookings in Germany with a strong and upcoming practice management tool in a market many times the size of Canada."
Proceeds from the investing round will be used to invest in accelerating its growth in Germany. This will involve developing new features and functionality to reduce administrative costs and free up more time for healthcare professionals to focus on delivering healthcare.
WELL and doctorly will also work together on future projects within the German healthcare market following this investment round. The first of which involves the Ocean platform that was created by WELL's subsidiary CognisantMD. The Ocean platform will be used as the exclusive booking and practice engagement platform for doctorly.
"Since inception, we have worked very closely with doctors and healthcare professionals to build an operating system that works for them" said Samir El-Alami, CEO and Founder of doctorly. "Our relationships have enabled us to build a practice management system that is modern, easy to use, secure and connects with other modern technologies. This commitment to improving the lives of our practitioners has led to excellent customer feedback, early sales traction, and now this investment round with pre-eminent investors and a strategic partner with WELL. This investment round makes doctorly the first company with regulatory approval to sell its software in Germany to receive VC funding."
WELL Ventures' mandate is to invest in and advance the digitization and modernization of healthcare in Canada and around the globe through venture-style investments in early-stage digital health companies. WELL Ventures' graduates include Circle Medical and Insig; while current portfolio companies include Phelix.ai, Bright, Twig Fertility, Focus Mental Wellness, and Pillway.
WELL HEALTH TECHNOLOGIES CORP.
Per: "Hamed Shahbazi"
Chief Executive Officer, Chairman and Director
About WELL Health Technologies Corp.
WELL is a practitioner focused digital health company whose overarching objective is to positively impact health outcomes to empower and support healthcare practitioners and their patients. WELL has built an innovative practitioner enablement platform that includes comprehensive end to end practice management tools inclusive of virtual care and digital patient engagement capabilities as well as Electronic Medical Records (EMR), Revenue Cycle Management (RCM) and data protection services. WELL uses this platform to power healthcare practitioners both inside and outside of WELL's own omni-channel patient services offerings. As such, WELL owns and operates Canada's largest network of outpatient medical clinics serving primary and specialized healthcare services and is the provider of a leading multi-national, multi-disciplinary telehealth offering. WELL is publicly traded on the Toronto Stock Exchange under the symbol "WELL" and on OTCQX under the symbol "WHTCF". To learn more about the Company, please visit: www.well.company.
Doctorly is a European based digital health-tech startup with a company mission of 'enabling people to live healthier lives'. With an initial focus on Europe's largest market, Germany, doctorly has built a brand new, fully regulated practice management software to redefine how medical practices work. As an all-in-one solution, doctorly provides a fully centralised, cloud powered, GDPR compliant, medical practice operating system that dramatically reduces the time & effort doctors & medical assistants spend on day-to-day administrative tasks. Doctorly is the only VC backed startup to ever have the regulatory approval to sell this software in Germany, and with over 110,000 medical practices live in the market, have big ambitions to support a large percentage of the doctors & medical professionals in modernising how they work. To learn more about doctorly please visit: www.doctorly.de.
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SOURCE WELL Health Technologies Corp.