Fay, a digital diet remedy startup, has secured $50 million in Sequence B funding led by Goldman Sachs, the corporate introduced on Wednesday.
San Francisco-based Fay connects individuals to a community of over 2,300 registered dietitians lined by insurance coverage, together with UnitedHealthcare, Cigna and Aetna. Sufferers can entry digital or in-person visits with dietitians. For the dietitians, Fay helps them construct their very own personal follow and get credentialed with insurance coverage. The startup additionally serves massive employers like Amazon, Microsoft and Pepsi.
Along with Goldman Sachs, the $50 million Sequence B spherical included participation from current traders Common Catalyst and Forerunner. The Sequence B spherical comes shortly after the corporate’s $25 million Sequence A spherical in Might 2024, bringing its complete funding to $75 million. The funding will assist Fay additional develop and increase its choices for dietitians and purchasers.
Diet is an space that’s ceaselessly uncared for in healthcare, in keeping with Chase Williams, investor at Goldman Sachs.
“Diet is a elementary element of healthcare and but it’s typically neglected till it’s too late, with individuals laying aside habits change till they get recognized with an avoidable persistent situation. It doesn’t should be that manner, and a serious a part of US healthcare shifting in direction of value-based care is getting the system as a complete to work in a extra proactive and preventative manner,” Williams mentioned in an announcement. “Higher diet care might be on the middle of this transition, and we consider Fay is uniquely positioned to assist this shift with their AI-driven supplier enablement platform for registered dietitians.”
Presently, greater than half of adults within the U.S. battle a diet-related persistent illness. And a part of the issue is that the healthcare system is extra reactive relatively than proactive, in keeping with Sam Faycurry, founder and CEO of Fay. The corporate goals to deal with this problem.
“We let tons of of tens of millions of individuals get sick and wrestle with debilitating persistent situations that might have been prevented, then supply to deal with signs,” Faycurry mentioned in an e mail. “It’s no one’s fault that that is how the system operates at this time, however we should change it as a result of we deserve higher. Diet care is important, life-changing, proactive care as a result of it is likely one of the only a few well being domains that spans throughout virtually each well being subject from diabetes to consuming problems to most cancers. We’re democratizing entry to assist individuals dwell more healthy, happier lives.”
Quite a few different digital well being startups are additionally providing meals and diet assist, together with Season Well being and NourishedRx. Faycurry beforehand instructed MedCity Information that Fay differs from others within the house by “empowering dietitians to be impartial practitioners.”
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