The funding will help Found enhance its platform and expand its reach. Here are the top-line bullets you need to know.
Found, a weight loss platform, has raised $100M in a Series B round that drew participation from Able Partners, Atomic Management, Google Ventures, and WestCap Group, among others.
HOW’S THE COMPANY PERFORMING?
- California-based Found offers personalized weight loss, weight maintenance, and healthy eating programs.
- The platform has helped users across 37 states lose a collective 300,000 pounds.
- Its ARR has grown by 6x so far this year.
WHY DOES THE MARKET MATTER?
- The digital health market is expected to be valued at $426.8B by 2027, growing at a CAGR of 17.4%, according to Global Market Insights.
- Venture funding to digital health tech startups came in at $24.7B in H1’21 across 1,194 deals, up 118% year-over-year.
- The impact of Covid-19 on healthcare infrastructure has led to a relaxation in government regulations, accelerating the trend of shifting healthcare to digital platforms.
- Tech giants like Amazon and Microsoft are making their way into the space. Microsoft acquired Nuance Communications, a speech recognition firm, in April 2021 to develop transcription technology for doctor consultations. Amazon plans to expand its virtual care services to all of its US employees.