Pete Ellis, chair and CEO of SpaFinder, has launched WellTech, a new health and wellness-focused 'incubator' designed to support, develop and bring new technology companies to market.

Selected firms using technology to devise new consumer health and wellness solutions will receive a minimum investment of US$50,000 (EUR38,000, £31,000) plus office space, mentoring and marketing support.

Incubated firms will be given a minimum six-month period in which to grow or come to market, although WellTech Funding may provide extensions where appropriate.

WellTech will focus on accelerating companies with existing revenues and consumer traffic, but will also consider concepts "in an embryonic stage".

It is already working with FITiST, which reinvented the traditional gym membership by providing members with one-stop access to the best of boutique studios and health clubs, and Wizpert - which offers real-time conversations with 'wizperts' on a range of wellness topics.

WellTech was launched to harness the US$2tn (EUR1.5tn, £1.3tn) global wellness market, which Ellis believes is in line for "explosive growth".

Ellis has already achieved success within the wellness industry after bringing both GramercyOne and SpaRahRah! to the global market.

GramercyOne provides a cloud-based platform allowing users to book spa appointments online in real-time. Last October, it announced a US$14.5m (EUR10.9m, £9.1m) funding deal led by Revolution Ventures.

SpaRahRah! was launched in October 2010 to offer members high-quality spa and wellness deals - initially in New York. It has since expanded across the US.

Details: www.welltechfunding.com