Fay Raises $25M to Revolutionize Access to Medical Nutrition Therapy

May 15, 2024 10:30 AM Pacific Daylight Time

SAN FRANCISCO–(BUSINESS WIRE)–Fay connects people with Registered Dietitian Nutritionists who deliver personalized nutrition counseling to change the way we think and feel about food – and gets all of the care covered by insurance.

“For too long, access to diet and nutrition care has been gate-kept by prohibitively high costs and inability to access RDs who accept insurance”

The company is emerging from stealth after quietly raising $25M in funding to tackle the emerging crisis stemming from food and our relationship with it. A year after an unannounced seed round led by General Catalyst, Fay’s new $20M Series A round was led by Forerunner Ventures with participation from General Catalyst and 1984. Fay is also backed by founders at Grow Therapy and Maven Clinic.

Boasting the nation’s largest and fastest growing network of Registered Dietitians (RDs) in all 50 states, Fay plans to use the investment to further accelerate growth and enrich its offerings for both dietitians and their clients. Future growth plans include integrating with food service delivery platforms to address food insecurity, expanding insurance coverage, and enhancing partnerships with existing employer plans.

Fay’s services come at a pivotal point for the U.S. health landscape, where over half of U.S. adults struggle with diet-related chronic conditions, with many more in dire need of preventative care. Despite the urgent need for intervention, there remains a lack of awareness about insurance coverage for medical nutrition therapy provided by RDs. Most plans don’t require a certain diagnosis or physician referral, and the benefits of nutrition counseling apply to prevention and management of health conditions. Additionally, the widespread use of GLP-1s has only added to the demand for RDs as many physicians see the long-term benefit of sustainable lifestyle changes paired with medications.

Fay’s mission is to transform the American healthcare system from one that treats people when they are sick to one that acts proactively. “For too long, access to diet and nutrition care has been gate-kept by prohibitively high costs and inability to access RDs who accept insurance,” says Sam “Sammy” Faycurry, Founder and CEO of Fay. “Fay was born from the belief that everyone deserves access to expert care – allowing the majority of Americans to have easy and convenient access to life-changing nutrition counseling.”

With the nation’s largest network of RDs, Fay leads the charge towards proactive healthcare. With over 1,000 providers on the platform to date, Fay is projected to exceed 2,000 providers by 2025. Fay dietitians cover more than 30 specialties, such as eating disorders, diabetes, kidney disease, weight management, gut health, general preventative care, and many more. This large and growing network ensures that individuals can receive tailored and expert care from qualified professionals.

Co-founders Sammy Faycurry and Mark Stefanski set out to develop a platform that would help individuals address the root cause of their health concerns, viewing food as the cornerstone of improved quality of life and better health. “With payors’ increasing interest in Food as Medicine and the increasingly evident link between diet and overall health, there couldn’t be a better time to elevate the role of food in healthcare,” Stefanski explains.

Fay has partnered with major health insurance providers, including United Healthcare, Aetna CVS, Blue Cross, Anthem, Cigna, Optum, and Humana, with others yet to be disclosed, to democratize access to nutrition services for over 100 million Americans. Fay also provides employees with a personal nutritionist and is included in employer health plans at Google and Accenture. This collaboration with insurance providers and employers ensures that most people pay $0 for the highest quality of nutrition education and lifestyle counseling.

“Dietitians are empowered to build their private practice with Fay’s AI-powered business in a box handling the usual headaches of insurance reimbursements, marketing, and heavy admin tasks. Meanwhile, insurance companies benefit from partnering with high-quality clinicians who are dedicated to improving overall health outcomes,” said Faycurry. “Fay is fostering a new era in healthcare where accessible and effective nutrition care benefits all parties involved.”

“Nutrition is a core part of our Health Assurance thesis given the vast surface area it touches. So many people have broken relationships with food, which can often result in expensive health complications, and nutrition is often a critical component of chronic care management and recovery,” said Holly Maloney, Managing Director at General Catalyst and Fay Board Member. “Fay has grown rapidly to build a strong value proposition for both dietitians and patients, and we’re excited to continue to support the team as they scale their mission to help people eat better and live longer.”

“America is clearly at a critical moment when it comes to nutrition and dietetics across culture, health, and public interest, with mounting research illustrating how weight and nutrition are acutely linked to chronic illness and growing consumer openness to rethink the relationship between food and health,” said Nicole Johnson, Partner at Forerunner. “Fay stood out as the company to partner in this space given their remarkable business momentum, product sophistication, and the caliber of the team. Their unique model not just empowers consumers to access registered dietitians at little to no cost through insurance, it empowers an often overlooked, lesser-served sector of healthcare providers to build and expand their businesses on their terms.”

Fay is also backed by Grow Therapy Founders Jake Cooper and Manoj Kanagaraj, who are pioneers in the MSO health services category for an analogous three way marketplace for mental health therapists.

Fay continues to set the bar high in healthcare and food service innovation, making diet and nutrition care seamless, accessible, and affordable across America.

To learn more about Fay, please visit: https://www.faynutrition.com/.

About Fay

Fay is expanding access to affordable, inclusive nutrition counseling by connecting individuals to Registered Dietitians (RDs)—all covered by insurance. Founded in 2022, Fay helps people improve their health and wellbeing through food and their relationship with it. The insurance-friendly nutrition therapy support platform offers virtual or in-person access to the right RD for individuals’ unique goals and circumstances, with most people paying $0 out-of-pocket. Fay supports Registered Dietitians by providing a full-suite “business in a box” with insurance credentialing and an easy-to-use platform to reach and connect with prospective clients.

Contacts

For media inquiries, interviews, or further information, please contact:
Jack Taylor
Natalie Breneman
fay@jacktaylorpr.com

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