Found, a weight loss startup, has raised $100 million in new financing, according to a news release Thursday.
WestCap led the Series B funding round, with additional investment from Able Partners, Atomic, Define, G9 Ventures, GV, IVP and The Chernin Group. Instacart CEO Fidji Simo and Everly Health CEO Julia Cheek also provided funding. Found has raised $132 million in total.
Found seeks to help consumers manage their weight through customized plans, including diet, exercise, sleep and stress, and prescription medications. The company believes its direct-to-consumer model makes weight care more accessible and helps people overcome the stigma often associated with being overweight or obese.
"This is multifactorial, and the solution is going to have to be multifactorial," Found CEO Sarah Jones Simmer said.
In addition to the new investments, Found announced the hire of Dr. Rekha Kumar as the company's chief medical officer and Acacia Parks as chief behavioral health officer. Kumar is a practicing endocrinologist and obesity medicine specialist at Weill Cornell Medical College and former medical director of the American Board of Obesity Medicine. Park previously served as chief science officer for Happify Health, a digital therapeutics startup focused mental and physical health.
"Throughout my career, I've focused on destigmatizing mental health so that we can focus on bringing evidence-based solutions to the public. Behavior change is at the root of weight care and should be a part of any successful patient plan," Parks said in a news release.
Venture capitalists invested $23 billion in digital health during the first nine months of 2021, putting venture capital funding on pace to double year-over-year, according to data from Digital Health Business & Technology. Wellness, mobile health, and telehealth were among the fastest-growing digital health categories through the year's first three quarters.