Foodsmart Lands $200M for Telenutrition Approach to Healthy Eating

Foodsmart is one of several emerging players who’ve secured funding for platforms that offer Americans affordable access to registered dietitians

Foodsmart, a telenutrition provider and food benefits management platform, has received a $200 million-plus investment from TPG’s The Rise Fund, which invests in mission-driven companies intent on achieving the United Nations’ Sustainable Development Goals.

The transaction is expected to close next month.

The “foodcare” platform offers Americans access to a national network of virtual registered dietitians along with nutrition support including money-saving methods such as SNAP registration, grocery price comparison, budget-based recipes and weight management support.

“We are excited to partner with TPG’s Rise Fund given their strong track record scaling the reach of organizations that create sustained impact for people of all income levels–including Medicaid members and blue-collar workers,” said Foodsmart CEO and founder Jason Langheier, MD, MPH. “We support all people, regardless of economic status, with nutrition counseling and food buying support that changes their access to quality food, eating habits and health outcomes for the long run.”

Already a Robust Platform

Founded in 2010, Foodsmart has grown to serve over 2.2 million members via contracts with over a thousand employers, regional and national Medicaid Managed Care Organizations, Medicare Advantage plans and commercial insurers.

In addition to helping members save money, Foodsmart has also improved the hemoglobin A1C (HbA1c) of platform users, according to the company. The platform also helps those using GLP-1 weight-loss drugs or undergoing bariatric surgery reach their goals and learn long-lasting healthy eating habits.

“Diet-related diseases and food insecurity are estimated to cost the US over $1 trillion per year, and disproportionately affect low-income and minority populations,” The Rise Funds business unit partner and healthcare lead Tom Verghese said. “Foodsmart’s unique virtual care platform meets these challenges by providing access to the largest network of registered dietitians in the U.S. alongside medically tailored nutrition guidance to improve metabolic and whole body health.”

The Rise of Telenutrition

The age of wellness and greater access to health support has led to other notable investments in the personalized nutrition counseling space.

Last month, Fay, a platform that matches individuals with registered dietitians covered by their insurance plans, raised $20 million in a Series A funding round, bringing its total to $25 million.

Nourish, a similar platform aiming to expand access to registered dietitians, raised $35 million in a funding round earlier this year, which included participation from professional soccer star Alex Morgan. All told, Nourish has amassed a total funding of $44 million since 2021.

Late last year, Austin-based food-as-medicine platform Season Health secured $7 million to grow its operations. The platform offers personalized food recipes, nutrition education, pre-made meals, and one-on-one meetings with a dietitian.

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