Wellola, the digital health company, has announced the successful closure of a €2.2 million funding round led by Elkstone with additional funding from Enterprise Ireland and Bay Advisory. 

The investment brings Wellola’s total funding to date to €4 million and will accelerate market expansion to meet demand.

The team at Wellola hopes to use the additional capital to accelerate market expansion across Europe and it plans to recruit technical and operational staff across Ireland and the United Kingdom.

'Making An Impact'

“Wellola is revolutionising how hospitals and clinics care for and communicate with their patients," said Barry Brennan, partner at Elkstone.

"As Ireland’s largest early-stage venture fund, we are always on the lookout for innovative Irish founders making an impact both at home and abroad." 

Background

Founded in 2016 by Sonia Neary (Chartered Physiotherapist and CEO), Wellola builds patient management solutions to deliver high-quality care. 

Built by clinicians, major healthcare organisations including Leeds Teaching Hospitals NHS Trust, the North East London Foundation Trust and Birmingham Community NHS Trust have already deployed Wellola’s award-winning Portasana platform.

The company claims that Portasana has enabled one NHS Trust department alone to reduce the need for return appointments by 30%, saving it approximately £325,000 a year. 

'Rapidly Evolving'

“Wellola has developed an international reputation for innovation and service delivery and Enterprise Ireland is proud to back this funding round which will see Sonia Neary and the Wellola team continue to expand in the UK and Europe," said Ruth McAvoy of Enterprise Ireland. 

"Wellola’s technology brings benefits to both patients and healthcare systems and will play a critical role in the rapidly evolving healthcare sector.”

Source: www.businessworld.ie