When WellDoc was founded in 2005, it was one of the first companies that sought 510(k) clearance for its patient and physician facing mobile health DiabetesManager platform. By putting its flagship apps through the discipline of clinical trials that generated positive results, it has helped earn confidence from physicians to prescribe it to their patients. Insurance companies are providing reimbursement for physicians and that has been critical for the company’s growth.
The Baltimore, Maryland-based company’s fundraise last year of about $8.4 million, in an amended Form D filing today, shows that confidence in the company is building. In a phone interview with WellDoc Chief Strategy and Commercial Officer Chris Bergstrom, he said the company continues to be entirely funded by angel investors who are flexing more power as Super Angels. “Each year we have brought on a higher caliber of angel investors. We’re really raising angel money at an institutional investor level.” He added: “It’s a great time and place for institutional investors, but angel investors can provide as much strategic value as institutional investors.”