A virtual program for losing weight, Calibrate, raised $100 million in a Series B funding round.
The round was led by new investors Founders Fund and Tiger Global, with Optum Ventures and existing investors Forerunner Ventures, Threshold Ventures, and Redesign Health.
The company plans to use the latest capital to expand its telehealth platform and build its enterprise business with glucagon-like peptide 1 (GLP-1) hormones, including Novo Nordisk’s Wegovy, which the FDA recently approved for chronic weight management.
“The recent FDA approval of Wegovy brings with it an incredible opportunity for treating obesity, but barriers exist for patients, including drug cost and an ability to maintain improved metabolic health and sustained weight loss from medication alone,” said Emily Melton, Calibrate board member and managing partner at Threshold Ventures.
As part of the funding, Founders Fund partner Brian Singerman will join Calibrate’s board of directors.
Calibrate launched with $5.1 million in seed funding about a year ago. Including the latest funding round, Calibrate has raised $127.6 million to date. The company is projecting $21 million in 2021 revenue. Calibrate charges $129 a month for its full suite of lifestyle coaching and weight management offerings (a one-time health assessment costs $249), a rate that is not insignificant for households in this income range.
“The purpose of this raise as we enter our second year as a business is to use the real results we’ve driven for our members to expand access to Calibrate meaningfully. We will continue to invest in the tools and products to build the most effective experience for our members, while also building out partnerships with the policymakers, insurers, and manufacturers who will pioneer the next generation of metabolic health with us,” Isabelle Kenyon, Founder & CEO at Calibrate said in a statement.
Telehealth companies raised a record $5 billion in 1H 2021, a 150% increase year-over-year compared to $2 billion raised in 1H 2020, according to the recently released Mercom’s 1H 2021 Digital Health Funding and M&A Report.