Equip raises $58 million in Series B funding to expand access to eating disorder treatment and reshape the social narrative.
Fremont, CA: "Eating disorders are a major societal issue that need immediate attention, more funding from private and public sources, and more solutions for patients and families," comments Jesse Jacobs, Co-founder and Partner at The Chernin Group. Equip, the top virtual, evidence-based eating disorder treatment provider in the United States, has announced a $58 million Series B fundraising round, increasing the company's total capital to $75 million. TCG, an early investor in Headspace, led the round, which was also joined by Tiger Global and General Catalyst, as well as previous investors F-Prime Capital, Optum Ventures, and.406 Ventures. Katie Couric Media joined together with American soccer star Alex Morgan to share their diverse lived experiences and transform the mainstream narrative around body image, mental health, and eating disorders.
"Treatment for eating disorders is grossly inequitable," states Kristina Saffran, CEO and Co-founder of Equip. "Eating disorders are the second deadliest mental illness, affecting one in 10 Americans, yet the stigma attached to the disease prevents tens of millions of people from getting help. Equips mission is to ensure that every single person has access to treatment that works. That starts with shifting the conversation around what eating disorders are and who they impact."
Since its inception in 2020, the firm has expanded to more than 40 states and is now in-network with ten major commercial health insurance plans, as well as Partnership HealthPlan, which provides Medicaid coverage to underprivileged populations. Demand for Equip's services from patients and families will have increased tenfold by 2021. Equip will be able to scale its treatment services, expand therapy to all 50 states, broaden insurance coverage, including Medicaid payers, and launch additional care offerings in 2022 as a result of this financing round.