- Found — a weight care management company — recently announced that it has raised $100 million in a Series B funding round. These are the details.
Found — a weight care management company — recently announced that it has raised $100 million in a Series B funding round that values the company at $600 million, according to TechCrunch.
WestCap, a growth equity firm founded by former Blackstone and Airbnb executive Laurence Tosi, led the investment with participation from IVP, The Chernin Group, G9 Ventures and Able Partners. And existing investors GV, Define and founding investor Atomic also invested in the round along with angel investors like Instacart CEO Fidji Simo and Everly Health CEO Julia Cheek.
New CEO and former Bumble executive Sarah Jones Simmer said that the round was oversubscribed and pre-emptive. And the company had not planned on the raise process.
“I think what was so interesting and exciting for investors is there is this really well understood TAM [total addressable market] — and it’s clear that this is the biggest problem facing healthcare today,” said Jones Simmer via TechCrunch. “And here’s this company with a new, innovative approach and a clear product market fit with a business that has scaled very well, arguably operating under the radar without a whole lot of marketing channels fired up.”
Since the beginning of the year, Found has seen its annual run rate grow by 6x according to Jones Simmer. And as of this month, Found has helped members lose over 300,000 pounds (so it’s up by 100,000) and is available in 37 states with plans to reach the entire country by early 2022. Found members have lost 10% of their weight by month six on average and have kept it off.
The funding round will go toward continued investment in the platform, its infrastructure, and growing its user base.
