In the midst of all of this great discussion about incubators, a new health and wellness tech incubator has launched in New York.
Rather than focusing on traditional medical and healthcare devices and drugs, WellTech Funding is targeting “bold and buildable” companies that tackle unsolved problems in the $2 trillion consumer health and wellness market, according to its website. It’s providing startups with $50,000 in seed money and resources that include office space, networking, mentoring and marketing support for six months.
Although it will consider companies at various stages of development, WellTech says the most attractive candidates are those that are more than an idea — say, those with an operating website and some revenue.
It’s already brought on two companies: FITiST and Wizpert. FITiST enables fitness enthusiasts to book classes and manage their fitness schedules in one place and provides a black book of fitness, wellness and beauty services in New York and Los Angeles. Wizpert, with an iPhone app to be released next month, connects advice seekers with experts in fields from nutrition to parenting.
The incubator is backed by Jubilee Investments, the venture firm led by its founder Pete Ellis, who is also the CEO of SpaFinder.com.
How much equity WellTech asks for in exchange for the $50,000 seed investment wasn’t disclosed, but the incubator’s website notes that it will ask for the right to participate in future rounds of third-party financing, including the right to purchase up to 20 percent of future rounds. It will also request that SpaFinder.com be able to use the developed products if applicable.
WellTech has room to incubate up to 10 companies each year. It offers a more sizable initial investment than established New York health IT accelerator Blueprint Health, but seems to have a more specific consumer niche. It may also face competition from Startup Health Academy, a free, long-term educational and mentorship program for life science companies.
