Finnish health tech startup Wellmo raises €1.3 million

Wellmo, an Espoo-based health tech startup, has raised €1.3 million from institutional and private investors, who were not named.

The new round of funding will be invested in global expansion of its mobile health platform for insurance companies and care providers to build smartphone-based services for customers.

”Now we can increase our efforts to sales in our key markets: Germany, the Benelux countries and the Nordic countries,” said managing director Jaakko Olkkonen. It currently has 20 customers serving seven million users.

“Insurance companies are becoming more and more interested in health services as means to differentiate from competition, expand business, increase loyalty and lower costs.”

The market for preventive digital health services in Europe will be worth several billion euros in the coming years, added Olkkonen.

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