Equip, a virtual eating disorder treatment company, 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 about a year after the 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, have joined the board of directors.
WHAT IT DOES
Equip focuses on treating eating disorders and assembles patients with a virtual care team of five people. This team consists of a therapist, doctor, peer mentor, family mentor and dietitian. The company uses virtual family therapy (FBT) to help children, adolescents and young adults with their eating disorders.
The product has been rolled out in 40 states and partners with 10 major commercial health insurers and with Medicaid. Equip presents its product as a way to provide therapy at home, incorporating family members into the care model.
WHAT IS IT FOR?
The company plans to use the cash infusion to expand to all 50 states and expand its insurance coverage. It is also working on a new product offering that is expected to launch later this year.
Eating disorders are common in the United States. In fact, about 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 Related Disorders.
The association notes that people of color are less likely to be asked by their doctors about eating disorder symptoms, but they are 50% more likely than white teens to exhibit bulimic behavior.
There are a number of companies looking to use technology to treat eating disorders. Recovery record is another company looking to use digital resources to help people with eating disorders.
The company uses CBT, ACT and DBT. In addition, a small study from Australia found that providing treatment for eating disorders through a virtual model resulted in positive outcomes and high-quality patient assessments.