CVS Health Ventures Leads $25M Investment in Knownwell to Scale Obesity Care Model

In a significant move within the obesity care sector, knownwell, a weight-inclusive primary care and metabolic health company, has secured $25 million in fresh funding. This latest investment round, led by CVS Health Ventures, marks a pivotal moment in the company's growth trajectory and underscores the increasing focus on comprehensive obesity treatment models.

Expanding Reach and Improving Outcomes

Knownwell has demonstrated remarkable expansion over the past 18 months, extending its hybrid care offering from Massachusetts to Georgia, Illinois, and Texas. The company has also launched virtual care services accessible to patients across all 50 states. This rapid growth has been accompanied by impressive outcomes, including a 90+ net promoter score, 91% one-year patient retention, and 93% one-year sustained weight loss.

Brooke Boyarsky Pratt, knownwell's co-founder and CEO, emphasized the company's success in proving demand for its unique services nationwide while maintaining high-quality outcomes. "As we plan for the next 18-24 months, we will continue to make investments in expanding our multidisciplinary care team, virtually and in-person, adding additional physical clinics, enhancing our AI and broader technology, and expanding our clinical trials," Pratt stated.

A Comprehensive Approach to Obesity Care

Knownwell's model goes beyond traditional weight management or GLP-1 prescriptions, offering a holistic approach that includes nutrition counseling and behavioral health services. This comprehensive strategy addresses the complex, multifaceted needs of patients living with obesity, a condition that costs the U.S. healthcare system more than $260 billion annually.

The company's physician-led care model, designed by Dr. Angela Fitch, co-founder and chief medical officer, as well as immediate past president of the Obesity Medicine Association, aims to provide bias and shame-free care. Knownwell accepts insurance without requiring a membership fee and offers both virtual and in-person care options.

Industry Recognition and Strategic Partnerships

The oversubscribed financing round saw participation from MassMutual Catalyst Fund, Intermountain Ventures, and existing investors a16z Bio + Health and Flare Capital Partners. This brings knownwell's total funding to $50 million, following a $20 million round in late 2023.

Alyssa Reisner, partner and executive director at CVS Health Ventures, highlighted the potential of knownwell's approach: "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."

In a strategic move, knownwell has been added as a care provider option through Eli Lilly's LillyDirect channel to prescribe medications, further solidifying its position in the obesity care market. The company's focus on evidence-based care, including behavioral health therapy, nutrition counseling, primary care, and anti-obesity medications, presents significant value to patients and organizations across the healthcare ecosystem.