Knownwell, a primary care and metabolic health company, has raised $25 million in funding led by CVS Health Ventures, the company announced Monday during the HLTH conference in Las Vegas.
Boston-based knownwell offers metabolic health services, primary care, nutrition counseling and behavioral health care. The company also prescribes GLP-1s, if considered appropriate. It provides virtual care nationwide, and in person care through its clinics in the Atlanta, Boston, Chicago and Dallas areas. It accepts insurance, including commercial, Medicare and Medicaid.
In addition to CVS Health Ventures, the $25 million round also included participation from MassMutual Catalyst Fund, Intermountain Ventures, a16z Bio + Health and Flare Capital Partners. To date, the company has raised more than $50 million.
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Knownwell addresses a significant unmet need in healthcare, according to CVS Health Ventures.
“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, in a statement. “We see this as more than an investment. This is an approach that can transform how obesity is treated across the country.”
With the funding, knownwell will focus on expanding care, both by adding additional clinics and growing its virtual care team, according to Brooke Boyarsky Pratt, co-founder and CEO of the startup. In addition, the company will invest in AI and clinical decision support. Lastly, it will continue to build infrastructure around value-based care.
“We think that as prices come down and new, innovative programs are introduced … there will be opportunities to participate in different reimbursement models for all the great care we’re delivering today outside of a fee-for-service context,” Boyarsky Pratt said in an interview. “So 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.”
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Knownwell’s funding comes at a time when insurers are starting to pull back on coverage of GLP-1s for weight loss, including Blue Cross Blue Shield of Massachusetts and Harvard Pilgrim Health Care. Boyarsky Pratt believes this will create a tumultuous six months. However, she believes this will be short-term.
“We actually think the next 18 months will be the year of expansion,” she declared. “We are really optimistic about pricing next year as both Lilly and Novo introduce oral GLP-1s. … We’re really hopeful that actually, 2027 [will be] a fundamentally different story, and most patients [will] have access through their insurance to some newer innovation in obesity medicine.”
Looking ahead, knownwell plans to continue its advocacy work in obesity medicine, as well as expand its work in clinical trials, she added.
Knownwell is in a crowded space when it comes to virtual obesity medicine. Other companies that offer metabolic health support include Ilant Health, Noom and Found. However, knownwell differs by taking a primary care approach.
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