Indianapolis, Indiana-based institutional pharmacy Wellfount Corporation delivers medications to nursing and assisted living facilities across the country. The company offers a unique technology that changes the pharmaceutical supply chain between physicians and patients. Wellfount removes a number of human touches throughout the process, removing 40% of medication waste and expense. It also saves about 16-20 hours a day of nursing time for facilities, allowing them to dispense medications on demand.
Wellfount's first presentation was at thehe Michigan Growth Capital Symposium (MGCS). President and CEO Paul Leamon said Wellfount attended because of one of his investors, Ann Arbor-based Arboretum Ventures. "It was that relationship and Arboretum’s high involvement with the symposium that prompted us to become involved with the MGCS."
Leamon was impressed with the presentation format and networking opportunities of the MGCS. He als noted that he was surprised to see the number of individual and institutional investors coming to the MGCS from multiple states. "I was anticipating a smaller event, but it ended up being much more sizable and broad reaching in terms of gaining capital sources from various parts of the country," he said. "I was very pleasantly surprised."
Wellfount is extremely happy with what they have achieved thus far, and Leamon plans to launch fundraising efforts again in 2014. At this time, Wellfount is on a growth curve. Its technology is currently implemented in several different states, including Michigan. Wellfount is moving very quickly in gaining new customers, and 2013 and 2014 are expected to be fruitful. "It's clear that the Michigan Growth Capital Symposium has great core participants within the state," he said. "As they touch other companies through the nation, those relationships will pull new participants from coast to coast."