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 called 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 provides 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, reminiscent of Intermountain Well being, Memorial Hermann Well being System and Advocate Well being.
“We’re excited to companion with TPG’s Rise Fund given their robust observe report scaling the attain of organizations that create sustained affect for folks of all revenue ranges–together with Medicaid members and blue-collar staff,” Dr. Jason Langheier, CEO and founding father of Foodsmart, stated in an announcement.
MARKET SNAPSHOT
Different corporations addressing meals insecurity within the U.S. embrace tech-enabled meals supply firm Farmbox, which launched Feed by FarmboxRx final 12 months. The appliance-based program provides people affected by cuts to SNAP advantages with produce and pantry staples.
Earlier this 12 months, the meals supply service launched its Maternal Health Program to offer entry to meals and vitamin training to at-risk pregnant ladies throughout and after being pregnant.
In 2022, Instacart launched its health division, Instacart Well being, initially providing merchandise targeted on nutritious meals. The corporate fashioned strategic partnerships and advocated for meals coverage, reminiscent of increasing on-line entry to EBT SNAP and TANF help applications.
In 2023, it expanded its well being division to incorporate provider-facing tools, and earlier this 12 months, 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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