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.
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.