ModifyHealth Raises $13.5M in Funding to Expand Food-as-Medicine Solutions

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Dec 04, 2024, 09:01 ET

Lead Investor Dohmen Company Foundation and Existing Investors to Support ModifyHealth's Growth and Tech Initiatives

ATLANTA, Dec. 4, 2024 /PRNewswire/ -- ModifyHealth™, a leading, nationwide food-as-medicine platform and provider of medically tailored meals and nutritional counseling, today announced the closing of a $13.5 million Series C funding round led by the Dohmen Company Foundation (DCF) through its Dohmen Impact Investment Fund. With a shared vision to eliminate diet-related disease, Dohmen and ModifyHealth are united in their commitment to scaling innovative food-as-medicine solutions that drive meaningful and sustainable health improvement. Joining DCF in this round are existing ModifyHealth investors, RC Capital (RCC) and Nashville Capital Network (NCN), underscoring strong ongoing support for the company's mission and growth.

The new funding will enable ModifyHealth to accelerate key growth initiatives, implement technology advancements, and enhance operations – all aimed at increasing accessibility and delivering life-changing food-as-medicine solutions. This support will allow ModifyHealth to broaden its reach and expand its role in addressing chronic disease through innovative, nutrition-based management solutions.

"Dohmen Company Foundation is pleased to welcome ModifyHealth as our newest partner in the fight against diet-related disease," said Rachel Roller, President and CEO of the Dohmen Company Foundation. "ModifyHealth's commitment to making food-as-medicine simple, accessible, and sustainable aligns seamlessly with our mission. Together, we're not only expanding access to nutrition solutions but also empowering individuals to take control of their health. This partnership bridges the gap between knowing and doing, making healthy eating a sustainable reality for more people nationwide."

"When Dohmen Company Foundation first showed interest in partnering with ModifyHealth, I was immediately struck by how closely our missions align. This partnership represents a significant milestone in our goal to make telenutrition and medically tailored meal support a standard of care – perfectly complementing their mission to eliminate diet-related diseases," said GB Pratt, Founder & CEO of ModifyHealth. "This investment, along with additional support from our existing partners, enables us to expand our reach, enhance our technology, and provide more people with the tools they need to manage and improve their health. Together, we're demonstrating that nutrition can be a powerful tool in managing – and even reversing – chronic conditions."

ModifyHealth's turnkey food-as-medicine program, which serves patients through payor, employer, and healthcare system contracts, offers a comprehensive solution for chronic conditions such as type 2 diabetes, hypertension, kidney disease, obesity, and irritable bowel syndrome. Beyond the provision of medically tailored meals, ModifyHealth offers live nutrition coaching and digitally enabled education, providing individuals with the knowledge and convenient support needed to make lasting health changes. ModifyHealth's customizable meal plans, including Low-FODMAP, Mediterranean, and gluten-free options among others, are carefully crafted to support the management of various health conditions, and aimed at making dietary changes practical and effective.

About ModifyHealth
ModifyHealth changes lives by making food as medicine simple, effective, and enjoyable for providers and patients. Along with home-delivered Low FODMAP, gluten-free, Mediterranean, plant based, and low sodium meals, ModifyHealth provides dietitian support, remote patient monitoring, and education to ensure sustained benefits. ModifyHealth's turnkey programs improve outcomes and cost for chronic conditions such as diabetes, heart disease, kidney disease, irritable bowel syndrome (IBS) and related issues where dietary management is a recommended treatment. ModifyHealth partners with providers, payors, employers, and patients to make adopting healthier diets and lifestyles a reality. For more information, please visit modifyhealth.com.

About the Dohmen Company Foundation
With more than 165 years of healthcare experience, Dohmen has found a way to combine the rigor of business with the heart of philanthropy. After exiting the life science industry in 2018, Dohmen shareholders transformed the multi-generational family-owned business to a private foundation. Today, the Dohmen Company Foundation advances its vision of life without diet-related disease in three powerful ways: via its investment fund focused on accelerating the growth of for-profit social businesses with proven food solutions that improve human health, via traditional grant making dedicated to increasing the impact of charitable organizations aligned with our vision, and through public awareness of the surging rates of diet-related disease that threaten our national wellbeing. For more information, please visit dohmencompanyfoundation.org.

About RC Capital
RC Capital (RCC) is a growth equity firm building high-potential healthcare companies by leveraging the unique interplay of our segments of focus: medical device, healthcare services and healthcare IT. We are dedicated to investing on the right side of healthcare, partnering with companies to empower sustainable change. We seek to be a business partner first and a capital provider second, investing significant human capital to leverage our domain expertise, a network of healthcare thought leaders and deep relationships with health systems assembled over our 30-year history. For more information on RCC, please visit rccapital.com.

About Nashville Capital Network
Nashville Capital Network (NCN) is a venture capital firm that provides acceleration capital to seed and early-stage technology and healthcare companies. NCN leverages its partnership of successful founders and executives to identify, evaluate, and accelerate the success of high growth companies. NCN has supported 62 companies over 20+ years and currently has $200 million under management. For more information on NCN, please visit nashvillecapital.com.

MEDIA CONTACTS:

Ryan Moskowitz
Chief Brand Officer, ModifyHealth
[email protected]

Tami Kou
Communications, Dohmen Company Foundation
[email protected]

SOURCE ModifyHealth