Wellster Closes Series B at $60M, Will Launch FemTech Platform

Six months after a $40 million financing round, Wellster Healthtech Group has closed on a $20 million funding extension, the German startup announced on Tuesday (Jan. 18).

The most recent financing was raised by Claret Capital and Mangrove Capital. In the first part of the financing round in June, Dermapharm and HV Capital led the investment.

Wellster said it planned to use the revenue to launch a brand within FemTech — a technology platform that includes software, diagnostics, products and services to focus on women’s health. This sector includes fertility solutions, menstrual-tracking apps, pregnancy and nursing care, women’s sexual wellness and reproductive system healthcare.

“The funding comes at a key moment in our development,” co-founder Dr. Manuel Nothelfer said in a statement. “It reinforces our goal to be the leader in the European market and our offerings for personalized healthcare services to expand.”

The Munich-based company calls itself a fully integrated healthcare platform, and it provides telemedicine so that patients have direct access to treatments for health problems. Patients have had access to the services since its launch in 2019.

Globally, investment in HealthTech firms have been on the rise since the onset of the pandemic.

Earlier in January, mPharma, a Ghana-based health tech startup, announced it had raised $35 million to build a chain of community pharmacies across Africa as it races to be the primary healthcare service provider for millions.

Read more: mPharma Raises $35M to Expand Healthcare Access in Africa

At the time, co-founder and CEO Gregory Rockson said the new funding will be used to construct the startup’s data infrastructure, triple its staff by 2025 and support expansion.  He also said the cash will be used to launch an eCommerce platform for pharmaceuticals.

“We are hiring over 100 engineers to build all our technology in-house and this includes a massive data infrastructure we are creating,” Rockson said. “We are also investing in other skilled talent like doctors and nurses, professionals that are critical in the work we do.”