- WELL Health Technologies Inc. (WELL) is joining a consortium of investors investing in German comprehensive practice management software company doctorly GmbH
- The digital health technology company is making the investment in doctorly through its wholly-owned investment subsidiary, WELL Ventures
- Horizons Ventures, The Delta Force AG, Speedinvest and UNIQA Ventures are among other firms investing in the German company
- Much of Germany’s healthcare system still relies on software from the 1980s
- WELL Health Technologies Inc. (WELL) is down 2 percent, trading at $4.41 at 11:19 a.m. ET
WELL Health Technologies (WELL) is joining a consortium of major investors investing in German comprehensive practice management software company doctorly GmbH.
The Vancouver-based digital health technology company is making the investment in doctorly through its wholly-owned investment subsidiary, WELL Ventures.
The company is joining Horizons Ventures, The Delta Force AG, Speedinvest and UNIQA Ventures, among other firms, investing in the German company.
Berlin-based doctorly is currently the only venture capital-backed start-up in Germany with regulatory approval to sell and distribute practice management software.
Much of Germany’s healthcare system still relies on software from the 1980s, causing medical practices to spend an average of 61 working days per year on administrative tasks.
As part of the investment, the Ocean platform, which was created by WELL Health subsidiary CognisantMD is being implemented in Germany. The Ocean platform will be used as the exclusive booking and practice engagement platform for doctorly, which will use proceeds from the investment to accelerate its growth in Germany.
“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,” WELL Health CEO and founder Hamed Shahbazi said in a statement.
“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.”
WELL Health Technologies Stock is down 2 percent, trading at $4.41 at 11:19 a.m. ET.
