TPG’s The Rise Fund announced it signed definitive documentation to lead a more than $200 million investment into telenutrition platform Foodsmart.
The Rise Fund, TPG’s global impact investing platform, was founded in 2016 by TPG in partnership with U2 frontman Bono and Canadian engineer Jeff Skoll, who was the first president of eBay and is a billionaire internet entrepreneur and film producer.
WHAT IT DOES
Foodsmart, also known as Foodcare, partners with health plans and employers to offer Medicaid and Medicare members, employers, and commercial health plan members virtual access to a network of registered dietitians.
The California-based company also offers a digital food benefits management platform that allows individuals to plan their meals, order food from grocers and apply for SNAP benefits.
The company says it works with Medicaid Managed Care Organizations, Medicare Advantage plans and over 1,000 employers. It also partners with commercial insurers, such as Intermountain Health, Memorial Hermann Health System and Advocate Health.
“We are excited to partner with TPG’s Rise Fund given their strong track record scaling the reach of organizations that create sustained impact for people of all income levels–including Medicaid members and blue-collar workers,” Dr. Jason Langheier, CEO and founder of Foodsmart, said in a statement.
MARKET SNAPSHOT
Other companies addressing food insecurity in the U.S. include tech-enabled food delivery company Farmbox, which launched Feed by FarmboxRx last year. The application-based program supplies individuals affected by cuts to SNAP benefits with produce and pantry staples.
Earlier this year, the food delivery service launched its Maternal Health Program to provide access to food and nutrition education to at-risk pregnant women during and after pregnancy.
In 2022, Instacart launched its health division, Instacart Health, initially offering products focused on nutritious foods. The company formed strategic partnerships and advocated for food policy, such as expanding online access to EBT SNAP and TANF assistance programs.
In 2023, it expanded its health division to include provider-facing tools, and earlier this year, it partnered with Denver-based in-home care provider DispatchHealth to provide Dispatch’s in-home care professionals with tools to prescribe food to patients using Instacart Health.
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