Wellthy

Wellthy offers a platform where families are paired with a dedicated care coordinator who assists with the logistical and administrative tasks of caregiving. This service is targeted at individuals who find themselves caring for aging parents while managing their own lives and careers. The solution aims to ease the burden on caregivers who manage complex, chronic, and ongoing care needs for their loved ones.

Wellthy's unique value proposition lies in its commitment to removing the pain of healthcare logistics. In May 2023, the company acquired Lantern, a start-up providing step-by-step guidance for individuals and families on navigating life before and after death, to further expand its offerings.

Wellthy offers its services on a subscription basis. As of February 2024, customers were able to choose between a one-month subscription at USD 450 per month or a three-month subscription at USD 400 per month. This subscription model allows individuals to work with a dedicated Wellthy Care Coordinator who assists in managing various aspects of caregiving, from administrative tasks to coordinating health services.

Key customers and partnerships

Wellthy's business model initially targeted direct consumers but pivoted in 2017 to focus on employers, offering its services as an employee benefit. This shift attracted partnerships with notable companies such as Salesforce and Snap. As of May 2023, Wellthy had tied up with health plan providers and hundreds of companies, including 30 of the Fortune 500 employers and prominent businesses like Best Buy, Cisco, and Hilton. From 2019 to 2022, the number of lives covered by Wellthy benefits had increased from approximately 100,000 to 2 million.

In September 2021, Wellthy partnered with Workday Ventures and also joined the Workday Software Partner Program. As part of the partnership, Wellthy aimed to develop an integrated product that could benefit customers of both companies by giving them access to caregiving support. The partnership followed a strategic investment from Workday Ventures.

In June 2024, the company partnered with Guardian, an insurance provider, to support working caregivers and promote well-being. Through the partnership, Guardian employees and members who are covered under employer-provided disability insurance benefits were able to access Wellthy's digital caregiving platform and services, including access to its caregiving concierge, digital planning tools, and access to Wellthy’s online peer-to-peer space for family caregivers.

Funding and financials

Wellthy's latest funding round was in May 2023 when it raised USD 25.5 million co-led by Hearst and Eldridge, with participation from new investors including the Citi Impact Fund, Cercano Management, and Stardust Equity. The proceeds were expected to be used to scale its business, work more expansively with employers and health plans, and expand into new areas such as end-of-life planning and resources. Part of the funding also facilitated the acquisition of the Lantern platform.