Total amount raised
CHF2.2 Millions
Latest funding date
11/1/2023
Location
Found has successfully raised $132 million over three funding rounds, with significant contributions from investors like Able Partners and Google Ventures. The platform offers a personalized weight loss program that combines medication, expert support, and a community for users.
Keep reading to explore the intricacies of Found's fundraising journey and the investors backing this innovative platform.
What Is Found?
Found, established in 2019, is headquartered in San Francisco, California. The company was founded by Emily Yudofsky and Swathy Prithivi.
Specializing in personalized weight loss programs, Found combines medication, expert consultations, and community support to help users achieve their health goals. Their approach is evidence-based and designed to be both accessible and affordable.
With a team of 101-250 employees, Found is dedicated to improving overall wellbeing through innovative weight loss solutions.
How Much Funding Has Found Raised?
- Seed Round
- Amount Raised: CHF2.2M (approximately $2.4M USD)
- Date: November 20, 2023
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To kickstart the development of their personalized weight loss platform.
- Seed Round
- Amount Raised: $8,000,000
- Date: March 1, 2020
- Lead Investors: Atomic and Define Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To develop and launch their innovative weight loss solutions.
- Series A
- Amount Raised: $24,000,000
- Date: January 1, 2021
- Lead Investors: Atomic and 2 other investors
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand their platform and enhance user experience.
- Series B
- Amount Raised: $100,000,000
- Date: December 16, 2021
- Lead Investors: WestCap Group
- Valuation at Round: $600,000,000
- Motivation Behind the Round: To expand nationwide and invest in platform infrastructure and talent.
Total Amount Raised: $134.4M USD. Current Valuation: $600M USD.
Key Investors
- WestCap Group
- Details: Founded by Laurence Tosi, a former Blackstone and Airbnb executive, WestCap Group focuses on growth equity investments. The firm is known for its strategic investments in innovative companies.
- Investment Focus Areas: Growth equity, technology, innovative companies
- Notable Investments: Airbnb, StubHub, iCapital Network
- IVP (Institutional Venture Partners)
- Details: IVP is a later-stage venture capital firm that invests in rapidly growing technology and media companies. The firm has a strong track record of backing successful startups.
- Investment Focus Areas: Technology, media, growth-stage companies
- Notable Investments: Twitter, Slack, Snap
- The Chernin Group
- Details: Founded by Peter Chernin, The Chernin Group focuses on investments in media, entertainment, and technology. The firm leverages its industry expertise to support portfolio companies.
- Investment Focus Areas: Media, entertainment, technology
- Notable Investments: Pandora, Barstool Sports, Headspace
- GV (Google Ventures)
- Details: GV is the venture capital arm of Alphabet Inc., investing in various sectors including technology, life sciences, and consumer products. The firm provides support beyond capital, including access to Google's resources.
- Investment Focus Areas: Technology, life sciences, consumer products
- Notable Investments: Uber, Nest, Flatiron Health
- Atomic
- Details: Atomic is a venture capital firm and startup studio that builds and invests in companies from the ground up. The firm is known for its hands-on approach in creating and scaling startups.
- Investment Focus Areas: Building and investing in startups
- Notable Investments: Hims & Hers, Bungalow, Homebound
What's Next for Found?
Found is poised to capitalize on the burgeoning demand for personalized, science-backed weight management solutions. With a $100 million Series B funding round, the company is well-positioned to expand its platform nationwide, enhance its clinical capabilities, and reach a broader audience. The weight management industry, valued in the billions, offers substantial revenue opportunities, especially as Found aims to help users collectively lose 10 million pounds by 2026.
Future fundraising appears promising, given the strong investor confidence demonstrated in the oversubscribed Series B round. However, Found will need to navigate challenges such as maintaining service quality while scaling, competing with other health tech companies, and meeting diverse user needs. As the company grows, it may attract further investment or even become an acquisition target for larger health tech firms.
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