Wellster raises a total of $60 million

Just six months ago, the start-up had landed 40 million US dollars, and now 20 million more have been added.

Munich-based Wellster Healthtech Group has closed a Series B financing round totaling 60 million US dollars. Six months ago, the group had already received 40 million US dollars as part of the first part of the financing round. Now 20 million US dollars have been added. The company sees itself as Europe's leading digital health platform provider - and now also as the continent's best-funded integrated health platform.

The second part of the round, now closed, is joined by investors Claret Capital of Luxembourg and Mangrove Capital of London. The first part of the financing round in June had seen participation from pharmaceutical company Dermapharm and Munich-based venture capital firm HV Capital, among others.

Wellster plans to use the capital to build a platform for women's health. There, treatments for intimate health as well as medical lifestyle products are to be offered. The platform is intended to be a counterpart to Spring's service, which is aimed primarily at men.

"The funding comes at a key moment in our development," says co-founder Manuel Nothelfer. "It reinforces our goal of maintaining our leadership position in the European market and expanding our personalized health service offerings." Hans-Juergen Schmitz, managing partner at Mangrove Capital Partners, added: "If you just consider the size, the potential of the healthcare market is the non-plus-ultra." Wellster fits well with the firm's investment strategy, he said, in part because its offerings are appealing and aimed directly at patients.

Wellster was founded in 2018 by Manuel Nothelfer and Nico Hribernik in Munich. The company aims to give more people modern access to medical treatments. Wellster integrates telemedicine with digital offerings so that patients have direct access to treatments for everyday health problems. The startup also focuses on mental health, intimate, hair and skin health, and medical self-testing so far. Since 2019, 1.5 million patients have used the service, according to Wellster.