Found raises $100M in Series B funding led by WestCap

USA - English

• USA - English

SAN FRANCISCO, Dec. 16, 2021 /PRNewswire-PRWeb/ -- Found, the modern weight care platform, has raised $100M in Series B funding led by WestCap, a growth equity firm founded by former Blackstone and Airbnb executive Laurence A. Tosi, with participation from IVP, The Chernin Group, G9 Ventures, and Able Partners, as well as existing investors at GV, Define and founding investor Atomic. Angel investors in the round include Fidji Simo, CEO of Instacart, and Julia Cheek, CEO of Everly Health. The new funding will support the company's mission to end the obesity epidemic by making comprehensive, medically-guided weight care accessible to everyone. Found has raised more than $132M to-date.

The obesity epidemic continues to skyrocket in the U.S., fueled by the global pandemic that has led to the average American gaining 30 pounds. Found is the first comprehensive solution for personalized, lasting weight care that addresses the missing link in the existing weight loss market, biology. Research has shown that our biology may be responsible for up to 80% of weight gain, yet products still only focus on diet, exercise, and willpower. Found is a new science-backed approach to help Americans find lasting weight loss.

With doctors, nurses, coaches, and a supportive community, Found is equipping Americans with the resources they need, including FDA approved medication and individual coaching, to achieve lasting weight loss. On average, Found members have lost 10% of their weight by month six and have kept it off. In total, members have lost nearly 300,000 pounds with Found to-date.

"There's a lack of knowledge around what is possible when it comes to weight loss," said Allen Mask, Partner at WestCap and Former Product and Marketing Leader at Sonos and Airbnb. "That's part of the reason why most people struggle and lose hope. Now, we know it takes more than willpower - it takes science and support. The Found team are leading the evolution of care with a unique vision and have developed a proven integrated weight loss program that combines dedicated medical care with personal health coaching. I am honored to join the Found board and have no doubt that Found will have a meaningful impact on millions of people's health."

Introducing Dr. Rekha Kumar and Dr. Acacia Parks

As part of the news, Found is welcoming Dr. Rekha Kumar as its first Chief Medical Officer. Dr. Kumar is a globally recognized leader in Obesity Medicine and a practicing endocrinologist and obesity medicine specialist. She previously served as the Medical Director of the American Board of Obesity Medicine and is an Associate Editor of The Journal of Obesity. She is Board Certified in Internal Medicine, Obesity Medicine, and Endocrinology.

"Found takes a thorough, unbiased approach to weight care that I've dedicated my clinical practice to and transforms it into programs that can benefit everyone that may need it. With its scale, Found can play an instrumental role in tackling the obesity epidemic which is why I'm thrilled and honored to join as Chief Medical Officer," said Dr. Kumar.

Dr. Acacia Parks is also joining Found as Chief Behavioral Health Officer. Dr. Parks was previously Chief Science Officer at Happify Health, which provides digital therapeutic and care delivery solutions to improve mental and physical health. She has her PhD in Psychology from University of Pennsylvania, where she trained under Dr. Martin Seligman and co-authored several seminal papers on positive psychology.

"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, which is why I'm ecstatic to now bring my approach to the leadership team at Found," said Dr. Parks.

The new leadership additions on the medical side of the business announced today follow other key appointments made earlier this year. Found recently announced Sarah Jones Simmer as CEO two months ago, following her roles as Chief Operating Officer and Chief Strategy Officer of Bumble. Prior to that, Alexandre Linares joined Found as Chief Product Officer, following his role as VP of Product at Headspace.

"At Found, our mission is to dismantle the diet culture and help people find lasting weight loss through the best of modern medicine and personalized support. With our latest funding and talented new clinical leaders, we're making meaningful progress toward helping people lead more fulfilling, happier lives through our innovative approach to weight care that drives lasting results," added Sarah Jones Simmer, CEO, Found.

Media Contact

Emilie Gerber, Six Eastern on behalf of Found, +1 4158548891, [email protected]

SOURCE Found