Cutback Coach, a digital health app designed to treat alcohol use disorder, raised $3.1 million in a seed funding round.
Stephanie Palmeri of Uncork Capital led the round, with participation from Nico Wittenborn of Adjacent Venture Capital, James Park of Fitbit, Mike Lee of MyFitnessPal, Logan Green – Founder and CEO of Lyft, Nir Eyal – author of Hooked and Indistractable, and angel investor Kevin Carter.
Cutback Coach offers a six-month recovery program (from alcohol). According to the company, its program leverages behavioral psychology strategies to support users in balancing their drinking to achieve health benefits, including better sleep, weight loss, increased productivity, and more energy.
The program is delivered via 2-way text message, providing an effective method for daily participation. During the six-month beta program, in which thousands tested the product, users achieved a 29% average reduction in their weekly alcohol consumption after four weeks with Cutback Coach.
“Alcohol plays a big role in our culture, but until now, the vast majority of solutions have focused on drinkers who are looking to quit entirely,” said Nick Allen, Co-Founder and CEO of Cutback Coach,
“We saw a gap in the market for alcohol health and set out to build a proactive approach to help the 47% of US adults who want to reduce their alcohol consumption1, but enjoy drinking and don’t feel the need to quit entirely. Cutback Coach is creating a new wellness category around proactive alcohol health by connecting the dots for people about the role that alcohol plays in overall health and wellness.”
mHealth apps raised almost $1.5 billion in 2020. Recently, Monument, an online alcohol treatment program, closed a $10.3 million Series A funding round led by VMG Catalyst.
