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Wellfount nabs $6M in venture capital

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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.

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  1. PJ - Mall operators like Simon, and most developers/ land owners, establish individual legal entities for each property to avoid having a problem location sink the ship, or simply structure the note to exclude anything but the property acting as collateral. Usually both. The big banks that lend are big boys that know the risks and aren't mad at Simon for forking over the deed and walking away.

  2. Do any of the East side residence think that Macy, JC Penny's and the other national tenants would have letft the mall if they were making money?? I have read several post about how Simon neglected the property but it sounds like the Eastsiders stopped shopping at the mall even when it was full with all of the national retailers that you want to come back to the mall. I used to work at the Dick's at Washington Square and I know for a fact it's the worst performing Dick's in the Indianapolis market. You better start shopping there before it closes also.

  3. How can any company that has the cash and other assets be allowed to simply foreclose and not pay the debt? Simon, pay the debt and sell the property yourself. Don't just stiff the bank with the loan and require them to find a buyer.

  4. If you only knew....

  5. The proposal is structured in such a way that a private company (who has competitors in the marketplace) has struck a deal to get "financing" through utility ratepayers via IPL. Competitors to BlueIndy are at disadvantage now. The story isn't "how green can we be" but how creative "financing" through captive ratepayers benefits a company whose proposal should sink or float in the competitive marketplace without customer funding. If it was a great idea there would be financing available. IBJ needs to be doing a story on the utility ratemaking piece of this (which is pretty complicated) but instead it suggests that folks are whining about paying for being green.

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