Oversubscribed Round Led by CVS Health® Ventures, with Oak Street Health co-founder Geoff Price Participating and Joining the Company’s Board

BOSTON–(BUSINESS WIRE)–knownwell, a nationwide leader in obesity medicine and weight-inclusive primary care, today announced $25 million in an oversubscribed, strategic-led financing. The round was led by CVS Health® Ventures, with participation from MassMutual Catalyst Fund, Intermountain Ventures, and others, along with continued support from existing investors a16z Bio + Health and Flare Capital Partners, bringing knownwell’s total funding to over $50 million. The company also welcomes Oak Street Health Co-Founder Geoff Price as an investor and independent Board member. Price brings deep expertise in value-based healthcare services that will further strengthen knownwell’s leadership team as the company enters its next phase of growth.

Patients living with obesity cost the US healthcare system more than $260 billion per year. While existing solutions focus on prescriptions-as-a-service or utilization management, neither adequately addresses the complex, multifaceted needs of this population. knownwell has developed a comprehensive, physician-led care model, designed by Co-Founder, Chief Medical Officer, and Immediate Past President of the Obesity Medicine Association Dr. Angela Fitch. This new financing serves as a strong signal of the value this approach can bring to the entire ecosystem – including payers, health systems, and life insurance companies – as they each search for scaled, high-quality care for these patients to improve outcomes and manage costs.

“Our model demonstrates that when you treat people with respect and deliver truly evidence-based obesity care, patients engage in unprecedented ways – delivering sustained and significant health improvements. Being backed by a leading payer is a powerful validation of that approach,” said knownwell Co-Founder and CEO, Brooke Boyarsky Pratt. “Our growth, our patients’ outcomes, and the countless stories we hear every day are confirmation that reshaping healthcare for patients with obesity isn’t just possible, but it’s already happening.”

Over the last 18 months, knownwell has expanded its hybrid care offering from Massachusetts to Georgia, Illinois, and Texas, and launched virtual care for patients in all 50 states. The company has consistently delivered best-in-class outcomes alongside this rapid growth, including a 90+ net promoter score, 91 percent one-year patient retention, and 93 percent one-year sustained weight loss.

“The ability to deliver comprehensive and longitudinal care at scale is exactly what payers and health systems need to address one of the most pressing drivers of high costs and poor outcomes in healthcare today,” said Alyssa Reisner, Partner and Executive Director at CVS Health® Ventures. “We see this as more than an investment. This is an approach that can transform how obesity is treated across the country.”

“Obesity care is the next frontier of value-based care, and knownwell is building the care model that can work for patients, providers, and payers alike,” added Geoff Price, Co-Founder of Oak Street Health and knownwell’s newest independent Board member.

“Health systems are on the front lines of obesity’s impact, from access constraints to complex patient needs. Traditional approaches simply aren’t enough. We need care models that integrate seamlessly with our existing care delivery network and deliver measurable results,” said Sheralee Petersen, AVP, Clinical Programs, at Intermountain Health. Nickolas Mark, Co-Founder and Managing Partner of Intermountain Ventures, the venture capital and innovation arm of Intermountain Health, also noted that “we believe knownwell is addressing one of the most pressing health challenges of our time. By combining clinical expertise with innovative models of care, knownwell is building a platform at the forefront of obesity and metabolic health treatment.”

About knownwell:

knownwell is on a mission to make comprehensive healthcare more accessible for patients living with obesity. It offers full-coverage care, including metabolic health services, comprehensive primary care, nutrition counseling, and behavioral health services online and in person, and accepts insurance. To learn more about knownwell, visit www.knownwell.co.

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