TPG’s The Rise Fund announced that it has signed final documents to invest more than $200 million in telenutrition platform Foodsmart.
Rise Fund, TPG’s global impact investment platform, was founded by TPG in 2016 in collaboration with U2 vocalist Bono and Canadian engineer Jeff Skoll, who served as its first chairman. eBay is a billionaire internet entrepreneur and film producer.
what does it do
Foodsmart, also known as Foodcare, partners with health insurers and employers to provide virtual access to a network of registered dietitians for Medicaid and Medicare members, employers, and commercial health plan members.
The California-based company also offers a digital food benefits management platform that allows individuals to plan meals, order food from grocery stores, and apply for SNAP benefits.
The company says it works with Medicaid Managed Care Organizations, Medicare Advantage plans and more than 1,000 employers. We also have partnerships with commercial insurers such as Intermountain Health, Memorial Hermann Health System, and Advocate Health.
“We are excited to partner with TPG’s Rise Fund, which has a strong track record of expanding the reach of organizations that make a lasting impact on people at all income levels, including Medicaid members and blue-collar workers.” Dr. Jason Langheyer, CEO and founder of Foodsmart, said in a statement.
market snapshot
Other companies addressing food insecurity in the U.S. include technology-based food delivery companies. Farmbox launched Feed by FarmboxRx last year. This application-based program supplies produce and groceries to individuals affected by SNAP benefit cuts.
Early this year, food delivery service We have launched a maternal health program to provide education about food and nutrition during and after pregnancy to at-risk pregnant women.
Instacart in 2022 Launched Instacart Health, a health division, initially focused on nutritious food products. The company formed strategic partnerships and advocated for food policies such as expanding online access to EBT SNAP and TANF assistance programs.
By 2023, we have expanded our healthcare segment to include: We provide provider-facing tools, and earlier this year we partnered with DispatchHealth, a Denver-based home care provider, to provide Dispatch’s home care specialists with tools to prescribe meals to patients who use Instacart Health.
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