Form Health, a leading provider of science-based obesity care in the US, announced it has raised a $38 million Series B with Sound Ventures serving as the lead investor. M13, SignalFire, and Next View Ventures also participated in the round.
Form Health will use the funding to accelerate its work with enterprise partners, support the hiring of American Board of Obesity Medicine (ABOM) physicians to deliver science-based obesity care, and invest in its telehealth technology platform.
Since being founded in 2019, Form Health has provided care to tens of thousands of patients across the US via its unique telehealth care model, which includes a dedicated clinical Care Team consisting of a board-certified doctor and a Registered Dietitian. And the Care Team develops an individualized weight loss plan for each patient that addresses lifestyle changes and includes a prescription for FDA-approved weight loss medication, if appropriate. Form Health is in-network with most major insurance plans, including Medicare. Patients can work with Form through an employer benefit program or by signing up individually.
With this new funding round, Form Health is investing in three areas of growth:
1.) Enterprise Partners – Form Health launched several strategic relationships with major employer partners including multiple Fortune 200 companies. And the company is rapidly expanding its reach with employers, consultants, and health plans.
2.) ABOM-Certified Physicians – Form Health only employs ABOM-certified physicians. And there are currently only around 8,000 such physicians in the United States. The company will also accelerate the hiring and training of these physicians to keep up with patient demand.
3.) Technology & Product Development – Form Health’s program is delivered 100% virtually through telehealth visits and unlimited messaging. Form also uses a digital scale and interactive app to work closely with its patients. The company will continue to design features and products that assist in the delivery of high-quality care.
Form Health was launched in 2019 by Evan Richardson, who serves as CEO. Florencia Halperin, MD, MMSc serves as Chief Medical Officer. And she is also the co-founder of the Center for Weight Management and Metabolic Surgery at Brigham and Women’s Hospital. Form previously raised $26.8 million in funding.
KEY QUOTES:
“We are in a transformational moment in how we understand and treat obesity and metabolic disease and, with this new funding, Form Health can accelerate our work setting the standard in safe, high-quality, evidence-based obesity care. Form Health’s many strategic relationships with employers, pharma companies, and patients are the result of offering science-based obesity care delivered by board-certified physicians and Registered Dietitians that drives long-lasting results for patients. This approach is fundamentally different from the many players in the category who are focused on handing out GLP-1s or potentially dangerous compounded medicine without the clinical care required for safe, long-term patient outcomes. We are excited to continue to deliver exceptional obesity care to the many Americans who need it.”
– Evan Richardson, founder and CEO of Form Health
“Obesity care is in the early innings of an innovation revolution and Form Health has emerged as the clear leader with its science-based approach. Through its work with Fortune 500 companies and strategic relationships with pharmaceutical players, Form’s clinical model has delivered consistent outcomes for tens of thousands of patients. It is quickly developing one of the largest-ever data sets on obesity care, a critical step in directly tackling one of the major conditions in our healthcare system.”
– Effie Epstein, Managing Partner at Sound Ventures
