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Found Finds $ For New Weight Loss Venture

Sept. 3, 2022

Found Health is a new weight loss company that claims to offer a science-backed solution for personalized, lasting weight care that addresses the missing link in the existing weight loss market: biology. Found is a direct-to-consumer healthcare company with a focus on supporting your weight loss journey holistically, based on the science of your genetics, personal biology, and gut health.

Powered by doctors, nurses, coaches and a supportive community, Found is providing Americans with resources such as FDA-approved medication and individual coaching, to achieve lasting weight loss. On average, Found claims that its members have lost 10% of their weight by the sixth month and have kept it off. In total, members have lost nearly 300,000 pounds with Found to date, according to the company.

The startup landed $100 million in series B funding to fuel its growth. The investment was 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. Found has raised more than $132 million to date, and, with the latest funding, it is now valued at $600 million.

Ms. Jones Simmer jumped on board at Found to serve as CEO after helping to “quarterback” Bumble’s initial public offering as its chief operating officer turned chief strategy officer.

The company also brought on board Rekha Kumar, M.D., as its first chief medical officer and Acacia Parks, Ph.D., previously chief science officer at Happify Health, as its new chief behavioral health officer. 

“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,” Jones Simmer said. “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.”

The company’s headquarters is:

Found Health, Inc.

1 Letterman Drive, C3500

San Francisco CA 94129 website: www.joinfound.com

Found is an online weight loss subscription service. It appears to be a 6-7 month program whereby one fills out a survey or questionnaire online, is approved (or rejected) and is then sent one of 13 Rx obesity medications directly to their home (for those with a BMI of 30+). Or, one can obtain a non-medication plan. A coach is then assigned to the client, with a customized weight loss plan chosen for you that addresses nutrition, exercise and behavior modification.

DietBusinessWatch / Marketdata Commentary

On Found’s website, the company claims to be the largest weight loss clinic in the U.S.. This is simply not true and is misleading, as it does not operate brick & mortar clinics. It is an online service. There are many long-established medical weight loss chains and franchises with hundreds of physical offices, including: MediWeightLoss Clinics, HMR, Robard, Physicians Weight Loss, Dr. G’s, JumpStart MD, The Centers for Medical Weight Loss, and more. They would take strong exception with Found’s claim. Found has on its Advisory Board Dr. Lawrence Cheskin, a well-known obesity expert.

Found, rebranded from Torch Weight Loss (not to be confused with the over-the-counter diet pill of the same name), was founded in 2019 by Jack Abraham (Hims, Hers, Atomic), Emily Yudofsky, and Swathy Prithivi. The company is a child of Atomic and GV (formerly Google Ventures) who both heavily financed and backed it before its official launch in 2020. 

Since its 2020 launch, Found has helped “tens of thousands” of members lose over 200,000 pounds, according to co-founder and COO Swathy Prithivi, who had served as the company’s interim CEO before Jones Simmer’s hiring in Sept. 2021. It is currently available in 31 states. The company has 130+ employees and is looking for more.

Found has a 30-day money-back guarantee. It also offers free shipping.

Here’s how much Found Weight Loss will cost you:

  • Found RX Monthly – $149 with no commitment
    3-month commitment – $129/month
    6-month commitment – $99/month
  • Found Wellness Monthly commitment – $49/month

The company doesn’t have 24/7 support and offers a 72-hour turnaround.

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