Equip Raises $58 Million Series B Funding Round to Revolutionize Eating Disorder Treatment
The Chernin Group leads round, joined by Tiger Global, General Catalyst, Katie Couric Media, and Alex Morgan; new capital to scale access to treatment and change cultural narrative
SAN DIEGO, Feb. 16, 2022 (GLOBE NEWSWIRE) -- Equip, the leading provider of virtual, evidence-based eating disorder treatment in the U.S., today announced a $58M Series B funding round, bringing the company’s total funding to $75M. The Chernin Group (TCG), an early investor in Headspace, led the round and was joined by Tiger Global and General Catalyst, as well as existing investors F-Prime Capital, Optum Ventures, and .406 Ventures. Katie Couric Media invested alongside American soccer champion Alex Morgan – with Couric joining as an advisor – to share their varied lived experiences and shift the cultural narrative around body image, mental health, and eating disorders.
Nearly 30 million Americans across all races, genders, body sizes, and sexual orientations will have an eating disorder in their lifetime. The COVID-19 pandemic has only served to exacerbate the issue – throughout the past year, eating disorders surged 70% and hospital admissions have doubled. Despite their prevalence, only 20% of those struggling receive treatment, and even less have access to evidence-based treatment.
“Treatment for eating disorders is grossly inequitable,” said 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. Equip’s 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.”
Equip, which was founded by nonprofit veteran Saffran and clinical psychologist Dr. Erin Parks in 2019, was built with a mission to ensure that everyone with an eating disorder has access to gold-standard care. Equip’s care model is rooted in Family-Based Treatment – which recognizes eating disorders as brain disorders that require comprehensive support to fully heal – and is built by a powerful combination of clinical and lived experience. Equip’s clinical outcomes show that, after eight weeks of treatment, 71% of patients report a reduction in eating disorder symptoms and two-thirds report improvements in mood. In that time, 96% of parents report feeling more confident in caring for their child with an eating disorder.
Since launching in 2020, the company has expanded to 40+ states and is in-network with 10 major commercial health insurance plans, as well as Partnership HealthPlan, offering Medicaid coverage to underserved communities. In 2021, demand from patients and families for Equip's care grew 10x. This investment round will allow Equip to scale its treatment services, expand treatment to all 50 states, broaden insurance coverage – including Medicaid payers – and launch new care offerings in 2022.
"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,” said Jesse Jacobs, co-founder and partner at The Chernin Group. “We believe Kristina, Erin, and Equip are at the forefront of helping to democratize accessible, effective eating disorder care at scale through a digital-first solution." Jacobs will join Equip’s board of directors along with Mary Ann Tocio, One Medical board member and former president and COO of Bright Horizons.
Katie Couric Media – founded by award-winning journalist and #1 New York Times Bestselling author Katie Couric – has also joined the round to support Equip’s mission of transforming how society sees eating disorders. “As someone who wrestled with bulimia as a young adult – and now as the parent of a child who struggled with anorexia – I understand how pervasive, disruptive, and debilitating eating disorders are,” Couric said. “Equip's commitment to helping families, no matter their circumstance, will fill a massive need. Knowing that help is available will help millions of people who don’t know where to turn.”
To learn more about Equip’s innovative treatment model and ongoing growth, visit equip.health.
Equip is the leading provider of virtual, evidence-based eating disorder treatment in the U.S. Founded in 2019, Equip is built upon a combination of clinical expertise and lived experience to transform eating disorder care and make it accessible to all patients and families.
Built on the Family-Based Treatment (FBT) model, Equip uses a five-person dedicated care team – including a therapist, dietitian, physician, and peer & family mentor – to support patients in their recovery journey. The company operates in most states and is partnered with nearly every major health insurance plan. For more information, visit equip.health.
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