Virtual eating disorder treatment company Equip announced a $58 million Series B funding round led by the Chernin Group (TCG). Tiger Global, General Catalyst, F-Prime Capital, Optum Ventures, .406 Ventures and Katie Couric Media also participated in the round.
This news comes roughly a year after the San Diego-based company closed its $13 million Series A round. To date the startup has raised $75 million in funding.
As part of today’s announcement, Jesse Jacobs of the Chernin Group and Mary Ann Tocio, the former president of Bright Horizons, joined the board.
WHAT IT DOES
Focused on treating eating disorders, Equip sets patients up with a virtual five-person care team. This team includes a therapist, physician, peer mentor, family mentor and dietitian. The company uses virtual family-based treatment (FBT) to help children, adolescents and young adults with their eating disorders.
Want to publish your own articles on DistilINFO Publications?
Send us an email, we will get in touch with you.
The product has rolled out in 40 states and works with 10 major commercial health insurance companies, as well as with Medicaid. Equip pitches its product as a way to provide therapy in the home, with family members incorporated into the care model.
WHAT IT’S FOR
The company plans to use the infusion of cash to expand into all 50 states and broaden its insurance coverage. It is also working on a new product offering expected to launch later this year.
MARKET SNAPSHOT
Eating disorders are common in the United States. In fact, roughly 9% of the U.S. population, or 28.8 million people in the country, will have an eating disorder in their lifetime, according to the National Association of Anorexia Nervosa and Associated Disorders.
The association notes that people of color are less likely to be asked about eating disorder symptoms by their doctor, however they are 50% more likely than white teens to exhibit bulimic behaviors.
There are a number of companies looking to use technology to help treat eating disorder. Recovery Record is another company looking to use digital means to help people living with eating disorders.
The company uses CBT, ACT and DBT. Additionally, a small study out of Australia found that providing eating disorder treatment through a virtual model resulted in positive outcomes and high-quality reviews from patients.
Source: Mobihealthnews
