Tamiami Angel Funds Boost Stake in Health Tech Company Wellbox
NAPLES, Fla.— Tamiami Angel Funds III and IV invested $950,000 in Wellbox, a health care technology company that is accelerating the transition to virtual care driven by medical providers who have recently adopted remote management mandates in response to the COVID-19 pandemic.
Together with the investment Tamiami Angel Fund III made last year, the combined total investment of $1.575MM makes Wellbox the second-largest investment of any single company across the portfolio of the Naples, Fla.-based Tamiami Angel Funds.
Founded in Jacksonville, Fla., in 2015, Wellbox delivers engaging virtual healthcare experiences that improve clinical outcomes and positively impact individuals and the healthcare system, as a whole. They work predominantly with high-risk populations, including those with chronic conditions, who require high-touch clinical care.
“While COVID-19 boosted the demand for Wellbox’s services, we believe the company will continue to be the market leader in the management of chronic diseases after the pandemic subsides. That’s because they deliver superior clinical results by making innovative technologies easy to use for experienced medical professionals to remotely consult with and treat their patients,” says Timothy Cartwright, partner of Fifth Avenue Family Office and chairman of Tamiami Angel Funds.
“We are dedicated to making a profound, positive impact on the healthcare system by providing virtual care solutions that increase access to care, improve clinical outcomes, and decrease healthcare costs,” says Nathanial Findlay, chief executive officer and founder of Wellbox. “We are thankful for Tamiami’s continued partnership, support, and confidence, which will help us to achieve this mission.”
Recent analysis has concluded that, since 2015, Wellbox has helped its partner practices lower emergency room visits and hospitalizations by 60%, increased preventative care measures such as flu shots by 50% and lowered participant costs to Medicare by 10% to 15%.
“The COVID-19 pandemic was a catalyst for change by ushering in a new era for telehealth-based medicine and Wellbox is on the leading edge of this powerful trend that is here to stay,” says Cartwright.
Angel investing is an important source of financial support and mentoring for new and emerging-growth businesses such as Wellbox. Angels help entrepreneurs before they seek venture capital, but after they’ve exhausted money from friends and family. Such investors typically are wealthy individuals or families who have the means to risk their capital and give freely of their time to mentor entrepreneurs in the startup phase of a business.
Headquartered in Naples, Fla., Tamiami Angel Funds consists of four member-managed funds that allow high-net-worth individuals and families to invest in promising early-stage and expansion-stage companies located in the U.S., with a preference for those in the state of Florida. Fifth Avenue Family Office is the administrator of the angel funds and serves high-net-worth entrepreneurs and their families with multigenerational wealth within a multifamily office setting. For more information, visit www.tamiamiangels.com.
About Wellbox
Wellbox is a population health management company focused on improving outcomes in chronically ill populations. Wellbox provides comprehensive preventative and remote care management solutions to high-risk, high-cost populations. By leveraging experienced registered nurses and cutting-edge technologies, Wellbox is able to drive superior clinical and financial outcomes, including a 5.6% decrease in total cost of care. Wellbox is committed to creating positive healthcare experiences, increasing engagement by empowering people to do well, be well, and live well. For more information, visit www.wellbox.care.
About Tamiami Angel Funds
Tamiami Angel Fund I, Tamiami Angel Fund II, Tamiami Angel Fund III and Tamiami Angel Fund IV are member-managed funds that allow high-net-worth individuals and families to invest in promising early stage and expansion-stage companies located in the U.S., with a preference to those in the state of Florida. Fifth Avenue Family Office, the administrator of the angel funds, serves high-net-worth entrepreneurs and their families with multigenerational wealth within a multifamily office setting. The funds are members of the Angel Capital Association and the Florida Venture Forum. For more information, visit www.tamiamiangels.com.
