Knownwell Raises $25 Million to Enhance Obesity Care Services

Knownwell, a Boston-based company specializing in primary care and metabolic health, has successfully secured $25 million in funding. This significant investment was announced on March 4, 2024, during the HLTH conference in Las Vegas and was led by CVS Health Ventures. Knownwell aims to expand its obesity medicine services, responding to a critical demand in healthcare.

The company provides a comprehensive range of services, including metabolic health support, primary care, nutrition counseling, and behavioral health care. Its approach includes the prescription of GLP-1 medications when deemed appropriate. Knownwell operates virtually across the United States and has physical clinics in major metropolitan areas such as Atlanta, Boston, Chicago, and Dallas. It accepts various insurance types, including commercial plans, Medicare, and Medicaid.

In addition to CVS Health Ventures, the funding round saw participation from notable investors such as MassMutual Catalyst Fund, Intermountain Ventures, a16z Bio + Health, and Flare Capital Partners. With this latest round, knownwell has raised over $50 million to date, underscoring its growth trajectory.

CVS Health Ventures highlighted the importance of Knownwell’s mission. According to Alyssa Reisner, partner and executive director at CVS Health Ventures, the company’s capability to deliver “comprehensive and longitudinal care at scale” is essential to address the rising costs and poor outcomes in healthcare. She stated, “We see this as more than an investment. This is an approach that can transform how obesity is treated across the country.”

Plans for Expansion and Innovation

With the new funding, Knownwell intends to enhance its services by opening additional clinics and expanding its virtual care team. Co-founder and CEO Brooke Boyarsky Pratt emphasized the company’s commitment to investing in artificial intelligence and clinical decision support systems. She noted the importance of building infrastructure around value-based care, saying, “We want to make sure that we have the hiring in place and the tools in place to execute on that once opportunities present themselves.”

Knownwell’s funding comes during a challenging time for the obesity medicine market, as some insurers, including Blue Cross Blue Shield of Massachusetts and Harvard Pilgrim Health Care, have begun to limit coverage for GLP-1 medications designed for weight loss. Boyarsky Pratt anticipates a turbulent six months ahead but remains optimistic about the long-term outlook. “We think that the next 18 months will be the year of expansion,” she said, expressing hope that by 2027, most patients will have access to innovative treatments for obesity through their insurance.

Positioning in a Competitive Landscape

Knownwell operates in a competitive sector, with several companies such as Ilant Health, Noom, and Found also providing metabolic health support. What sets Knownwell apart is its primary care approach, integrating obesity treatment into broader health services.

Going forward, Knownwell plans to continue its advocacy efforts in obesity medicine and expand its involvement in clinical trials, further solidifying its position in the healthcare landscape. As the company navigates these challenges and opportunities, its mission remains focused on improving access to effective obesity treatment and enhancing patient outcomes across the United States.