Wellfount Corporation announced that it has closed a Series A investment round with a $6.0 million funding commitment from one of the nation’s leading healthcare venture capital firms, Arboretum Ventures. The investment provides significant support to Wellfount’s continued nationwide service expansion and roll-out of its innovative pharmacy distribution and dispensing technologies.
Founded in 2006, Wellfount is a pioneering institutional pharmacy that provides pharmaceutical products and services to both local and national long-term care facilities that house an increasing number of the nation’s aging population. By seamlessly integrating technologies that provide just-in-time dispense at the point of patient care and electronic medical records, Wellfount is successfully driving significant healthcare savings and improved quality of care.
“For decades this market segment has remained stagnant and lacked innovative solutions that benefit patients and providers alike. At a time when healthcare costs are skyrocketing and innovative solutions are imperative, reaching this milestone will help further the innovation and safety enhancements necessary in today’s healthcare environment,” said Paul Leamon, CEO and Founder of Wellfount. “This investment comes at a time of major growth for our company, rapid deployment of our technology solutions and aggressive national expansion. We look forward to working closely with Arboretum to take Wellfount to its next level of achievement.”
“Arboretum is very excited to partner with Wellfount to accelerate national expansion of its innovative solution,” stated Paul McCreadie, Principal, Arboretum Ventures. “The company’s technology-based service platform dramatically changes the drug delivery playing field by shrinking a costly supply chain and will have a significant impact on improving both patient safety and quality of care.”
About Arboretum Ventures
Arboretum Ventures is an early-stage venture capital firm specializing in the healthcare sector. Arboretum invests throughout the United States, but with a special interest in the Midwest. Arboretum aims to transform young companies into mature and thriving businesses that are improving patient outcomes and lowering the cost of care, thereby generating superior returns for entrepreneurs and our investors. Founded in 2002 and headquartered in Ann Arbor, Michigan, Arboretum currently manages $170 million in capital.
About Wellfount Corporation
Wellfount is a nationally-focused institutional pharmacy that provides drug regimen reviews, packaging, distribution and charting solutions to patients that reside in long-term care facilities such as nursing homes. Through its innovative technologies, Wellfount cuts in half the number of individual touches of a drug order from physician to patient, provides just-in-time dispense at the point of patient care, and integrates the nurses documentation into a seamless patient record. By applying these innovative solutions, Wellfount delivers significant savings and improves the quality of care provided for each patient, regardless of the payer source.