Fay, a digital nutrition therapy startup, has secured $50 million in Series B funding led by Goldman Sachs, the company announced on Wednesday.
San Francisco-based Fay connects people to a network of over 2,300 registered dietitians covered by insurance, including UnitedHealthcare, Cigna and Aetna. Patients can access virtual or in-person visits with dietitians. For the dietitians, Fay helps them build their own private practice and get credentialed with insurance. The startup also serves large employers like Amazon, Microsoft and Pepsi.
In addition to Goldman Sachs, the $50 million Series B round included participation from existing investors General Catalyst and Forerunner. The Series B round comes shortly after the company’s $25 million Series A round in May 2024, bringing its total funding to $75 million. The funding will help Fay further grow and expand its offerings for dietitians and clients.
Nutrition is an area that’s frequently neglected in healthcare, according to Chase Williams, investor at Goldman Sachs.
“Nutrition is a fundamental component of healthcare and yet it is often overlooked until it is too late, with people putting off behavior change until they get diagnosed with an avoidable chronic condition. It doesn’t have to be that way, and a major part of US healthcare moving towards value-based care is getting the system as a whole to work in a more proactive and preventative way,” Williams said in a statement. “Better nutrition care will be at the center of this transition, and we believe Fay is uniquely positioned to support this shift with their AI-driven provider enablement platform for registered dietitians.”
Currently, more than half of adults in the U.S. battle a diet-related chronic disease. And part of the problem is that the healthcare system is more reactive rather than proactive, according to Sam Faycurry, founder and CEO of Fay. The company aims to address this issue.
“We let hundreds of millions of people get sick and struggle with debilitating chronic conditions that could have been prevented, then offer to treat symptoms,” Faycurry said in an email. “It is nobody’s fault that this is how the system operates today, but we must change it because we deserve better. Nutrition care is critical, life-changing, proactive care because it is one of the very few health domains that spans across almost every health topic from diabetes to eating disorders to cancer. We are democratizing access to help people live healthier, happier lives.”
Numerous other digital health startups are also offering food and nutrition support, including Season Health and NourishedRx. Faycurry previously told MedCity News that Fay differs from others in the space by “empowering dietitians to be independent practitioners.”
Photo: Abscent84, Getty Images
