Indianapolis-based Wellfount Corp. has secured $6 million in funding from early-stage venture-capital firm Arboretum Ventures, the companies announced Tuesday. Arboretum is based in Ann Arbor, Mich.
Wellfount, founded in 2006, is an institutional pharmacy that serves long-term-care facilities. It provides “just-in-time” dispensing of medications and electronic medical records that it says saves staff time, and therefore costs, while also improving the quality of care.
The Series A funding will help Wellfount expand its services nationwide, according to Paul Leamon, president of Wellfount. The company currently serves 30 long-term- care facilities. It employs a staff of 58.
“This investment comes at a time of major growth for our company, rapid deployment of our technology solutions and aggressive national expansion.,” Leamon said in a prepared statement. “We look forward to working closely with Arboretum to take Wellfount to its next level of achievement.”
In 2008, Wellfount formed a joint venture with the Indiana Health Care Association, a nursing home trade group, to operate a member-owned pharmacy that could manage the myriad medications taken by nursing-home patients.