Wellster, a(nother) telemedicine hailing from Bavaria, has raised $40 million in a round led by Dermapharm with support from existing investors HV Capital and SevenVentures.
Founded in 2018, Wellster is amongst a growing group of Munich based telemedicine services, that, of course, all claim to be the “the leading provider”. Where the firm hopes to stand apart in its tailored drug-based and digital therapy treatments is not through innovation, but by replication. Specifically, a business model that’s worked in the US, with the firm pointing to the January $1.6 billion valuation IPO (via a SPAC) of Hims & Hers, and Roman, which is looking at a valuation of a stiff $5 billion.
In addition to mental health and medical self-tests, the company has launched a sister brand, Spring, which serves as a grey market for ED pills (ones that would normally require a doctors prescription) at gospring.de, and hair loss at myspring.com, which, of course, the firm claims is “the most effective treatment in the world.”
"The funding round comes at a key moment in our development," said co-founder Dr. Manuel Nothelfer. "It cements our ambition to expand our offering to more target groups in the future, improving the personalized healthcare services."
“Wellster, in our opinion, is the only company in Europe that has successfully adapted and scaled a concept established by Hims & Hers or Roman in the United States to the European market in a meaningful way," says HV Captial's Nawid Ali-Abbassi.
Wait … isn’t that exactly what the Rocket Internet model is based on? I guess if you can’t innovate, might as well replicate?
Res firma mitescere nescit.
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