he Israeli wellness technology fund, in partnership with the Global Wellness Institute’s The Wellness Moonshot, will award up to $200K to start-ups with the innovative ideas in wellness, healthy living and disease prevention we’ll need most in a pandemic and post-pandemic world.
Welltech1, an Israeli innovation hub and micro-fund that invests in early-stage companies that make people healthier and happier, today called on start-ups in the wellness technology space to apply for new investment. The start-ups, which will be chosen by wellness experts from high-profile companies around the globe, will earn an investment of up to $200,000. Applications open today, and the deadline is Monday, May 18, 2020.
The initiative is launched in partnership with the Global Wellness Institute’s The Wellness Moonshot: A World Free of Preventable Disease, the first global campaign dedicated to eradicating preventable, chronic diseases.
“We felt it was a critical time to launch this initiative: The Coronavirus crisis has hurt overall seed-stage funding for start-ups (down 22 percent in 2020), but has also intensely accelerated the importance of wellness and prevention—and how technology can deliver it. For instance, global VC funding for digital health companies doubled in Q1 2020 over Q4 2019, while funding for mental health/wellness companies jumped 65 percent year-over-year,” said Amir Alroy, co-founder, Welltech1. “We’re delighted that the Global Wellness Institute’s Moonshot has joined us as part of their constant efforts to create a healthier world.”
“We’re thrilled that our Moonshot partner in Israel has put this money on the table to offer companies across the wellness technology space much-needed investment in a time of both unprecedented crisis and opportunity,” noted Nancy Davis, GWI’s chief creative officer and executive director and one of the start-up evaluators. “Wellness, which we define as the personal, proactive and prevention-focused pursuit of healthy activities and lifestyles (self-care versus healthcare), has become radically more important to people during COVID-19. This fund will spur the new ideas we need now and in a post-virus world.”
The Competition Process
After applications close Monday, May 18, Welltech1 will then conduct an initial screening, and then companies will have one-on-one Zoom meetings with industry leaders, followed by a Virtual Demo Day (a 3–4 week process after applications close).
The fund is looking for: 1) innovation, 2) ability to scale, 3) a growing market for the solution, 4) ready-for-market companies or those with initial revenues, and 5) an aggressive B-Plan. More than one start-up may receive the investment.
Global Partners & Industry Experts
Global wellness, financial and technology leaders will participate in the selection process and Virtual Demo Day. These partners will be exposed to these new technologies from around the world, which they can invest in or implement in their organizations.
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