TPG’s The Rise Fund introduced it signed definitive documentation to steer a greater than $200 million funding into telenutrition platform Foodsmart.
The Rise Fund, TPG’s world affect investing platform, was based in 2016 by TPG in partnership with U2 frontman Bono and Canadian engineer Jeff Skoll, who was the primary president of eBay and is a billionaire web entrepreneur and movie producer.
WHAT IT DOES
Foodsmart, also referred to as Foodcare, companions with well being plans and employers to supply Medicaid and Medicare members, employers, and industrial well being plan members digital entry to a community of registered dietitians.
The California-based firm additionally gives a digital meals advantages administration platform that permits people to plan their meals, order meals from grocers and apply for SNAP advantages.
The corporate says it really works with Medicaid Managed Care Organizations, Medicare Benefit plans and over 1,000 employers. It additionally companions with industrial insurers, corresponding to Intermountain Well being, Memorial Hermann Well being System and Advocate Well being.
“We’re excited to accomplice with TPG’s Rise Fund given their sturdy observe document scaling the attain of organizations that create sustained affect for folks of all earnings ranges–together with Medicaid members and blue-collar staff,” Dr. Jason Langheier, CEO and founding father of Foodsmart, mentioned in an announcement.
MARKET SNAPSHOT
Different firms addressing meals insecurity within the U.S. embody tech-enabled meals supply firm Farmbox, which launched Feed by FarmboxRx final yr. The applying-based program provides people affected by cuts to SNAP advantages with produce and pantry staples.
Earlier this yr, the meals supply service launched its Maternal Well being Program to offer entry to meals and vitamin training to at-risk pregnant girls throughout and after being pregnant.
In 2022, Instacart launched its well being division, Instacart Well being, initially providing merchandise centered on nutritious meals. The corporate shaped strategic partnerships and advocated for meals coverage, corresponding to increasing on-line entry to EBT SNAP and TANF help applications.
In 2023, it expanded its well being division to incorporate provider-facing instruments, and earlier this yr, it partnered with Denver-based in-home care supplier DispatchHealth to offer Dispatch’s in-home care professionals with instruments to prescribe meals to sufferers utilizing Instacart Well being.
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