Equip, a virtual eating disorder treatment program, has closed a Series A financing round worth $13 million led by Optum Ventures.
The round also had participation from new investor .406 Ventures and existing investor F-Prime Capital, which led Equip's previous seed round. Together, the rounds bring Equip's total funding to $17 million.
WHAT THEY DO
Equip uses virtual family-based treatment (FBT) to help children, teens and young adults overcome eating disorders.
This treatment style involves the entire family in helping the patient overcome their eating disorder. It empowers families with skills and resources to play an active role in their child's journey.
In studies, FBT has proved to be more effective than traditional treatments at preventing relapses and helping participants reach full remission.
"Over the past 15 years, I've watched people cycle in and out of treatment centers before they've even heard of FBT," said Kristina Saffran, cofounder and CEO of Equip, in a statement. "We believe this model, which combines lived experience and clinical expertise, provides the hope that recovery is possible and worth the hard work."
With Equip's FBT program, each user is given a five-person care team made up of a peer and family mentor, a medical physician, a therapist and a dietician. The team builds a care program that can be virtually accessed at any time. They will also guide live video sessions and are available for secure messaging in between meetings.
WHAT IT'S FOR
The company has already launched in California, New York and Texas, and these funds will go toward further geographic expansion.
Additionally, Equip hopes to scale its business by building up its clinical team, developing its platform and partnering with insurers to launch employee programs.
Noom, a nutrition and chronic condition management platform, also has a tech-enabled treatment program for eating disorders. In a study with Mount Sinai and Kaiser Permanente, Noom's program led to fewer binge-eating symptoms and higher remission rates.
Outside of eating disorder treatment, digital health companies focused on pediatric behavioral health include Brightline, which recently closed a $20 million Series A round of funding.