Canada’s largest publicly traded healthcare IT company, WELL Health Technologies, recently invested $250,000 in equity funding in Bright Breaks. This is WELL Health’s first investment through their newly-launched corporate investment arm – WELL Ventures.
Along with their investment, WELL Health also entered into a strategic alliance with Bright Breaks. WELL Health will use and sub-license Bright’s service to the WELL Network and distribution channels.
Bright Breaks’ service, a corporate virtual well-being subscription product called Bright Pass, allows members to access live, interactive classes in:
- Yoga
- Meditation and mindfulness
- Fitness
- Nutrition and cooking
- Expert-led keynotes on finance, sleep, and more
Bright Breaks and WELL Health have established a revenue-share agreement in relation to any revenue generated through WELL Health by Bright Breaks’ subscription product. As part of their strategic alliance, Bright Breaks will also have access to Well Health’s own technology and resources.
Founded in 2010, WELL Health owns and operates software and telehealth services across Canada and the United States. They also own a portfolio of primary healthcare facilities.
WELL Health has a long history of investing in digital health companies like Bright Breaks. Some of their previous investments include Toronto’s INSIG, Phelix.ai, Pillway, and Twig Fertility. All of WELL’s previous investments will be moved to WELL Venture’s portfolio.
WELL Ventures focuses on and invests in companies that could be in a synergistic relationship with them. WELL Health’s chairman and CEO, Hamed Shahbazi, commented:
“We generally don’t invest in a company unless A) We believe that there’s existing synergy with WELL, and then, B) We think that potentially we could increase our involvement.”
With the support of WELL Health and other investors, Bright Breaks has raised one million dollars to promote their mission to inspire and prioritize employee well-being across the world with their subscription product, Bright Pass.
Since the COVID-19 pandemic started, the well-being of people everywhere has suffered dramatically. Employee well-being in particular has hit an all-time low since the 2008 recession. (1)
A decline in well-being affects employees’ relationships with their job. Research shows that a drop in well-being also leads to a drop in engagement. (2) Poor employee well-being also costs employers 37% more per person in healthcare expenses on average. (3)
With Bright Pass, employers can tackle the well-being crisis by giving them access to over 250 virtual well-being classes per week. Since all Bright Breaks are live, it can also help reconnect employees to their teams and replace “water cooler” moments lost with work from home models.
Bright Breaks recently opened a new studio in Vancouver and hired new class educators to expand their world-class well-being content. Bright Pass members now have an even more accessible class schedule and a wider variety of content.
WELL Health’s alliance and $250,000 investment will support Bright Breaks in continuing to expand their outreach – their goal is to have one million employees around the world enhancing their well-being with weekly Bright Breaks by 2025. This will lead to a healthier and happier workforce that has the vitality they need to thrive in their roles.
What would better engagement and lower healthcare costs mean for your team?
Click on the link below to find out how Bright Breaks can help.
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