Diet consulting startup emerges from Stealth with $25 million
Greater than half of American adults have a diet-related power sickness, and plenty of wrestle to entry assist. Fay, a diet consulting startup, emerged from stealth final week with $25 million in funding and needs to sort out this downside.
San Francisco-based Fay connects sufferers with digital and in-person assist from registered dietitians and accepts insurance coverage, together with from UnitedHealthcare, Blue Cross Blue Protect, Humana, Aetna, Cigna and Anthem. It additionally works with employer well being plans at Google and Accenture. For dietitians, it helps them construct their very own personal follow and procure insurance coverage certification. The corporate has greater than 1,000 suppliers in all 50 states on its platform. Fay has dietitians for greater than 30 specialties, together with consuming problems, diabetes and kidney illness. Sufferers meet with their dietitian one-on-one and obtain a personalized diet plan, which can embody strategies equivalent to intuitive consuming rules, meal planning, and meals journaling.
“Fay addresses the issue of restricted entry to inexpensive diet recommendation in healthcare,” mentioned Sam Faycurry, founder and CEO of Fay, in an e-mail. “Fay's aim is to shift healthcare towards proactive wellness by democratizing entry to diet companies and empowering each people and registered dietitians to attain higher well being outcomes.”
Fay raised a $20 million Collection A funding spherical led by Forerunner Ventures with participation from Basic Catalyst and 1984. It comes a yr after it had an unannounced seed spherical led by Basic Catalyst. The corporate can also be backed by the founders of Develop Remedy and Maven Clinic.
Forerunner selected to put money into the startup as a result of it focuses on an space of huge want.
“America is clearly at a pivotal second with regards to diet and dietetics in tradition, well being and public curiosity, with growing analysis illustrating how weight and eating regimen are acutely linked to power illness and a rising openness amongst customers to grasp the connection between meals and rethink well being. . …Their distinctive mannequin not solely permits customers to entry registered dietitians by way of insurance coverage at little to no price, it permits an usually neglected, underserved sector of healthcare suppliers to construct their enterprise on their phrases construct and broaden,” mentioned Nicole Johnson, accomplice at Voorloper, in an announcement.
With the funding, Fay will work to broaden and enhance its choices for dietitians and purchasers, Faycurry mentioned. Going ahead, the corporate plans to combine with meals supply platforms, accomplice with further insurers and additional its partnerships with employers.
Fay selected to quietly elevate cash and are available out of stealth so it may construct out its product earlier than asserting it to the general public, Faycurry mentioned.
“Our focus has been and can proceed to be on constructing a world-class providing that has the potential to rework society as an entire,” he mentioned. “We felt assured within the enterprise we had been constructing and determined we might enter the market as quickly as we had been prepared.”
Fay is just not the one firm concerned in diet. Different firms embody Season Well being and NourishedRx, which additionally supply entry to dietitians. Nonetheless, Faycurry claimed that what units Fay aside is “empowering dietitians to be unbiased practitioners.”
Photograph: fcafotodigital, Getty Photographs