What kind of companies and ideas are Welltech Funding looking for?
Welltech Funding seeks to grow companies/startups that are using technology to create clever and needed consumer wellness solutions: from new online platforms, services, Web or mobile apps to consumer tools or products. Companies can be innovating either consumer-facing wellness solutions or B2B solutions that help diverse wellness businesses thrive. We are also looking at businesses that may not necessarily be focused on the wellness market, but have applications that could be used in this way.
The most competitive candidates will be tackling an untapped market opportunity — or unsolved problem — within the expansive wellness market, and will be led by hard-working, passionate founders and teams. Welltech Funding seeks companies and solutions that are bold, but actually buildable, i.e., those with capital-efficient business models that can make major progress during the six-month Welltech-acceleration process.
What kind of companies are you NOT focused on?
While Welltech Funding wants to encourage all entrepreneurs/companies with great ideas for the broad consumer wellness market to apply, it is not focused on the traditional medical/healthcare industry, and are not seeking to fund, for example, medical device or pharmaceutical companies (although other incubators/accelerators focus on this space). Additionally, companies with major regulatory barriers make less appropriate candidates.
How developed — far along — does our company need to be to apply?
Welltech Funding will consider companies at various early stages of development. However, those that are further along than just “an idea” — i.e., those with an operating website, some consumer traction/traffic and a revenue stream — are most attractive. That being said, Welltech will place less emphasis on your company’s current “numbers,” and more on its opportunity for scalable growth, the quality of the idea and the market opportunity and need.
How are applications evaluated? Is there a formal deadline to apply?
Each application will be carefully reviewed by Welltech Funding’s executive investment committee, in consultation with a panel of successful wellness and technology entrepreneurs and experts. There is no formal deadline for applications and we will continuously review new applicants as received.
How many companies are accepted each year? And how long does the acceleration process/appointment last?
There is no fixed number of companies, number at discretion of the management. Accommodations typically last six months.
Welltech Funding can physically accommodate up to five companies at a time at its New York City headquarters. Selected companies will receive a six-month appointment, with the potential for extensions if mutually desired. (So, potentially, up to ten companies could be accepted each year.)
What exactly does Welltech Funding provide? How much seed money?
Welltech Funding provides pretty much everything a company needs to accelerate and grow: from money, to extensive mentoring, to office space and facilities, to strong operational support. Welltech Funding will make a minimum investment of $50,000. Welltech will potentially participate in subsequent rounds of financing.
In addition, companies receive these benefits:
- An energized, collaborative office space and environment, with great amenities, in a fantastic Manhattan building right off Union Square.
- Dedicated mentorship from SpaFinder’s CEO and other senior executives, providing ongoing feedback, guidance and support, as well as valuable connections to a network of industry leaders and entrepreneurs.
- Meeting space, phones, and utilities.
- Marketing support, including exposure to a large, hyper-targeted audience of wellness consumers and businesses at SpaFinder.com and via B2C and B2B database marketing.
Do you assist founders/teams in relocating to NYC or in finding affordable housing while they are in the program?
What does Welltech Funding get in return?
In exchange for the funding, support and mentorship, Welltech Funding will receive equity in the companies in the program. Additionally, Welltech Funding asks for the right to participate in future rounds of third-party financing, including the right to purchase up to 20 percent of such future rounds at the then determined valuation.
Welltech Funding will not put any strings on a future acquisition, nor ever interfere with your company’s opportunities for growth, but request preferential financial terms for the right to use developed products on SpaFinder.com if, and as, applicable. That is the extent of any special terms and requirements: company founders and management remain in complete control of their future.
Do we have to move to New York City and be in residence for the whole six months?
Only teams that are working full-time at Welltech Funding’s NYC headquarters can really take advantage of the collaborative, supportive community Welltech Funding aims to create. Because being present and fully committed is so crucial, relocation to Welltech Funding’s Manhattan offices is mandated during your six months of business acceleration. (The company also firmly believes you will love being here…)
Are there any obligations after the program?
You are not required to stay in NYC, and there are no obligations, although Welltech Funding will keep assisting companies to find mentors and investors and potentially continue to assist with marketing opportunities on SpaFinder.com.
Does Welltech Funding wrap up program stays with an organized Investor Day, where companies pitch to angel/venture capitalists?
Not at this point, however, Welltech Funding does try to assist with introductions to other investors where appropriate and when possible Welltech will assist in providing access to investor events.
By applying or participating, is there any risk to my intellectual property?
Welltech Funding will never show your application to anyone outside our executive investment committee. Because Welltech Funding may receive numerous applications with similar ideas, the company does not have a policy of signing NDAs. It would be terrible business for us to steal anyone’s ideas, and it won’t happen.
Email us at Andrea@welltechfunding.com, and we’ll get back to you as soon as possible.