Wellbeing is big business. Corporate wellness is projected to be a US$100 billion industry in the next five years.
As we have worked harder with technology blurring the separation of work and home life, so we have become sicker. We need looking after. Especially in, and after, a global pandemic.
Started at Steve’s
WellteQ was founded in WA in 2013 – over a discussion at Steve’s Pub, naturally enough – and is now one of the leading providers of corporate wellness solutions in the Asia-Pacific region.
The company operates in more than 30 countries, and in 12 languages.
After raising $1.2 million in seed funding, the company moved to Singapore while keeping an office in Perth and a dev team in Melbourne.
A few weeks ago, the company listed on the Canadian stock market, raising C$9.5 million (ticker: WTEQ), equivalent to A$9.8 million.
We were looking to raise $5 million, but were six or seven times oversubscribed.
People know they want to do something about their health, but often other things get in the way. So, our platform sends them little nudges and reminders, about exercise, about getting enough sleep.
CO-FOUNDER AND CEO SCOTT MONTGOMERY
The digital health platform synchs with users’ devices and deploys gamification, incentivisation, rewards and coaching to allow them to take control of their own health.
Rather than some reactive medical approach to tackling the poor health outcomes, WellteQ looks to provide proactive, ongoing support and coaching to users.
WellteQ’s paying customers are insurers, employers and health providers who want to reduce behaviour-related health costs.
Results so far have shown that half their users have reduced their stress levels, 28% have increased their resilience, and one in three have reduced their alcohol intake. 46% say they wake up more refreshed than before they started using the service.
Coming to America
With the Canadian listing, the team plans to branch out into the clinical market in the next twelve months, and take on the North American market.
Early backing came from Perth locals including John Poynton and Claremont-based venture capital firm, 808 Ventures.
I couldn’t be happier for Scott and the team at WellteQ. Scott has demonstrated everything it takes as a startup CEO to always find a way.
808 first invested in WellteQ in 2019, with follow-on contributions from its initial position to help fund the journey.
808 VENTURES MANAGING PARTNER, GARY MACBETH
Post listing, WellTeQ’s goals for the next year are to ramp up their sales, marketing and R&D, launch a wearable device and triple their year-on-year growth.
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A longer version of this article first appeared in Business News.
