Found, a digital weight management startup, raised $100M in a Series B round, valuing the company at $600M.
Of note, this new investment comes two months after the company emerged from stealth with $32M in funding.
Incubated at Atomic, a prolific venture studio, Found is also backed by WestCap, IVP, The Chernin Group, G9 Ventures, and Able Partners, as well as prominent angel investors.
What It Is
From prescription medication to supplements and health coaching to diet and exercise plans, the Found platform will take a multifaceted approach to weight loss.
According to Jack Abraham, Found co-founder and Atomic managing partner, the company offers “a comprehensive, tailored, and precision-based solution to help anyone looking to lose weight.”
- This year, Found’s revenue run rate has grown by 6x.
- Since its inception in 2020, members have lost more than 300K pounds.
- On average, members lose 10% of their weight by month six and have kept it off.
Available in 37 states, Found is expanding across the US while investing in growth and infrastructure.
A Growing Problem
As we covered in Issue No. 151, Weight of the World, obesity and diabetes are skyrocketing.
Eyeing a billion-dollar weight loss market, digital health startups are hoping to alleviate the metabolic health epidemic.
- In April, Virta Health added $133M in funding at a $2B valuation for its diabetes reversal treatment.
- In May, digital weight loss app Noom was valued at $3.7B in a $540M funding round.
- Digital metabolic health company Calibrate landed $100M in Series B funding co-led by Founders Fund and Tiger Global.
- More recently, Fella, a telehealth clinic helping men achieve a healthier weight, secured funding from YCombinator and others (including Fitt Insider).
Punchline: With over 70% of the population considered overweight or obese, and 88% of Americans metabolically unhealthy, expect to see more startups taking an “any means necessary” approach to curbing this crisis.