Foodsmart Valuation, Funding & Investors

Foodsmart is valued at $1.2B as of December 2021.

Last Foodsmart valuation

$1.2B

Undisclosed stage · Dec 2021

Last Foodsmart funding round

$200M

Undisclosed stage · Jun 2024

Cumulative funding Foodsmart raised

$306M

across 8 funding rounds

Key investors in Foodsmart

  • Mayfield Fund
  • Seventure Partners
  • Excel Venture Management
  • Advocate Aurora Health
  • Great Oaks Venture Capital
  • Rally Ventures

Foodsmart Overview

About Foodsmart

Foodsmart is a digital platform delivering personalized nutrition plans to manage chronic conditions like diabetes and hypertension. Partnering with health insurers such as Aetna and providers in 20 U.S. states, it offers meal delivery from partnered grocers and recipe apps integrated with Instacart. Headquartered in Denver, Colorado, Foodsmart serves 500,000 members with AI-driven recommendations based on dietary restrictions and budget constraints.


Founded

2010

HQ

United StatesSan Francisco, CA

Status

Privately held

Customer focus

B2B & B2C

Revenue model

Subscription

Valuation

$1.2B (Dec 2021)

Foodsmart Valuation

Foodsmart is currently valued at $1.2B, based on its undisclosed-stage round in December 2021.

Foodsmart valuation by funding round

Foodsmart valuation by funding round
DateStageValuation
Dec 2021Undisclosed stage$1.2B

Foodsmart Funding History

Foodsmart has raised a total of $306M across 8 funding rounds.

Foodsmart's first fundraising round was a $2M seed round in November 2014. The most recent completed round was a $200M undisclosed-stage round in June 2024.

Foodsmart funding rounds

Foodsmart funding rounds
DateStageInvestorsRaisedValuationDeal Summary
Jun 2024Undisclosed stageThe Rise Fund (lead)$200M-Foodsmart, legally known as Zipongo and founded in 2010 by CEO Jason Langheier, is a San Francisco-based telenutrition platform providing personalized nutrition counseling, customized meal plans, and 'foodscripts' through healthcare providers. The company serves 2.2 million members via over 700 registered dieticians, focusing on conditions like gut health, weight management, heart health, and maternity, with a emphasis on low-income and food-insecure populations—over 40% of its food-insecure patients become food secure. It partners with health plans, providers like Advocate Health, Intermountain Health, and Memorial Hermann Health System, and addresses diet-related diseases costing the US over $1 trillion annually. On June 26, 2024, Foodsmart announced a $200 million all-equity Series D investment led solely by TPG's Rise Fund, an impact investing platform founded in 2016 with Bono and Jeff Skoll, managing around $18-19 billion in assets. The deal, expected to close in July 2024, brings total equity funding to nearly $290-315 million; previous investors include Seventure Partners, Blue Cross Blue Shield of Massachusetts, Mayfield Fund, and others. Funds will scale operations, invest in technology for patients and practitioners, expand reach to underserved groups like Medicaid members and blue-collar workers, and sustain growth. Rise Fund partner Tom Verghese highlighted Foodsmart's leadership in the 'Foodcare' space with the largest US network of registered dietitians for metabolic health. Recent launches include the Foodscripts program with major health systems.
Jan 2024Series CIntermountain Healthcare; American College of Cardiology; Memorial Hermann Foundation; 62 Ventures; Advocate Aurora Health$10M-Foodsmart is a food-as-medicine platform providing personalized nutrition counseling and telehealth services through healthcare providers. It offers 'Foodscripts' programs with customized meal plans from registered dietitians for conditions like diabetes, obesity, hypertension, heart health, and gut health. The platform includes an online marketplace for grocers, SNAP benefits management, and grocery discounts, serving employer health plans, Medicaid, Medicare Advantage, and commercial insurers. On January 31, 2024, Foodsmart raised $10 million in an expanded Series C round from 62 Ventures, American College of Cardiology, Intermountain Health, Memorial Hermann Health System, and Advocate Health, bringing the total Series C to $40 million. The funding supports expansion of the Foodscripts program to reach up to 7.4 million patients across these major healthcare systems. Foodsmart reported 2.2 million members and over 700 registered dietitians at the time. Studies showed $24 to $58 per member per month savings in the first year and improvements in HbA1c. More than 40% of food-insecure patients became food secure through the program, with average grocery savings of 34% per order.
Dec 2021Undisclosed stage-$29M$1.2B-
Mar 2021Series CAdvocate Aurora Health (lead); Clarence Otis; Fritz Lanman; Seventure Partners; Larry Berger; The Social Entrepreneurs Fund (TSEF); New Ground Ventures; Mayfield Fund; Shawn Jenkins$25M-Foodsmart, operating as a personalized telenutrition and foodcare network (formerly Zipongo), raised more than $25 million in a Series C funding round on March 25-26, 2021, led by Advocate Aurora Enterprises, a subsidiary of Advocate Aurora Health, with participation from investors including Clarence Otis, Fritz Lanman, Larry Berger, Mayfield Fund, New Ground Ventures, Seventure Partners, Shawn Jenkins, and The Social Entrepreneurs Fund. The San Francisco-based company, founded in 2010, specializes in digital health solutions for nutrition, offering services like personalized meal planning, virtual nutrition counseling, food benefits management, and partnerships with retailers for SNAP/EBT to address food insecurity and chronic diseases across employer plans, Medicaid, Medicare Advantage, and commercial insurers. This round contributed to Foodsmart's total funding, which sources report as accumulating to $272-294M by later dates, preceding subsequent raises like a $10M Series C-II in January 2024 and a $200M Series D in June 2024 led by TPG's Rise Fund. Foodsmart serves over 2.2 million members, focusing on cost-effective healthy eating, grocery delivery integration, behavioral change tools, and healthcare cost reduction through nutrition for underserved populations. The 2021 funding aligned with expansion in digital health and food access amid growing interest in food-as-medicine models. Competitive landscape includes players like Noom in health and wellness, with Foodsmart positioned in food tech and digital health for chronic disease prevention and food prescription services. Post-2021 developments include partnerships with health systems like Advocate Health Care and Intermountain Health, emphasizing longitudinal health outcomes and SNAP enrollment support.
Jan 2018Series BSeventure Partners (lead); Zaffre Investments (lead); Citadel Capital; Mayfield Fund$18M-Foodsmart (formerly Zipongo) is a telehealth nutrition company based in San Francisco that provides personalized nutrition counseling, meal plans, and food-related interventions through healthcare providers and employers. The company's platform delivers individualized recommendations, worksite cafe suggestions, recipes, meal planning tools, and grocery incentives to help members manage chronic health conditions. In January 2018, Foodsmart raised funding in a Series B round from investors including Seventure Partners, Zaffre Investments, Citadel Capital, and Mayfield Fund. The company has expanded significantly since its 2010 founding, growing to support 2.2 million members and employing over 700 registered dieticians who create customized meal plans tailored to specific health conditions including gut health, weight management, maternity, and heart health. Foodsmart's platform integrates with insurance plans (including Medicare and Medicaid), employer benefits, and retail partners like Instacart to improve food access and eating habits for vulnerable populations.
Nov 2016Series BMayfield Fund (lead); Excel Venture Management; HealthTech Capital; Closed Loop Capital$18M--
Dec 2014Series AExcel Venture Management; Great Oaks Venture Capital; Rally Ventures$5M--
Nov 2014Seed-$2M--

Who has invested in Foodsmart?

21 investors have backed Foodsmart across its funding rounds, including Mayfield Fund, Seventure Partners, Excel Venture Management, Advocate Aurora Health, Great Oaks Venture Capital and Rally Ventures.

Lead investors include The Rise Fund, Advocate Aurora Health, Seventure Partners, Zaffre Investments and Mayfield Fund.


Foodsmart Investors

Investors in Foodsmart by funding rounds participated
InvestorHQRoundsRoleFirst check
Mayfield FundUnited StatesUnited States3LeadNov 2016
Excel Venture ManagementUnited StatesBoston, MA2ParticipantDec 2014
Seventure PartnersFranceParis2LeadJan 2018
Advocate Aurora HealthUnited StatesMilwaukee, WI2LeadMar 2021
Clarence OtisUnited StatesOrlando, FL1ParticipantMar 2021
Intermountain HealthcareUnited StatesSalt Lake City, UT1ParticipantJan 2024
American College of CardiologyUnited StatesWashington, DC1ParticipantJan 2024
Citadel CapitalUnited StatesNew York City, NY1ParticipantJan 2018
Memorial Hermann FoundationUnited StatesHouston, TX1ParticipantJan 2024
Fritz Lanman--1ParticipantMar 2021
Larry BergerUnited StatesNew York City, NY1ParticipantMar 2021
Great Oaks Venture CapitalUnited StatesNew York City, NY1ParticipantDec 2014
62 VenturesUnited StatesUnited States1ParticipantJan 2024

This data is available for Pro users. Sign up to see all 21 Foodsmart investors.

Start Free Trial

Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples

Sign up to see data on 350K+ funding rounds and disclosed revenue and EBITDA valuation multiples, from seed, through growth stage, to pre-IPO.

Start Free Trial

Acquisitions by Foodsmart

Foodsmart has acquired 1 company to date.

Last acquisition by Foodsmart was on November 29th 2016. Foodsmart acquired FillMyFork for undisclosed valuation.


Latest Acquisitions by Foodsmart

FillMyFork
Description
FillMyFork is a San Francisco-based mobile app founded in 2014 that analyzes users' past grocery receipts to generate personalized shopping lists and meal recommendations. The platform integrates with loyalty programs from chains like Safeway and Whole Foods, suggesting recipes based on dietary preferences, budget, and purchase history.
HQ CountryUnited States
HQ City
San Francisco, CA
Deal Date29 Nov 2016
Valuationundisclosed
EV/Revenue
EV/EBITDA

This data is available for Pro users. Sign up to see all Foodsmart acquisitions and their M&A valuation multiples.

Start Free Trial

Foodsmart Competitors

Foodsmart competitors include listed companies like U.S. Physical Therapy and PHC Holdings, and private ones like AgentSync, Assort Health, Tala Health and Wheel.

Public and private companies comparable to Foodsmart
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
AgentSyncUnited StatesDenver, COPrivate$11M-$1.2B109.1x
Assort HealthUnited StatesSan Francisco, CAPrivate$3M-$1.2B-
Tala HealthUnited StatesSan Francisco, CAPrivate--$1.2B-
WheelUnited StatesAustin, TXPrivate--$1.2B-
U.S. Physical TherapyUnited StatesUnited StatesPublicly listed$781M$110M$1.2B2.3x
PHC HoldingsJapanJapanPublicly listed$2.3B$320M$1.1B1.0x

Foodsmart Public Comps

Foodsmart is still privately-owned, but its public comps include U.S. Physical Therapy, PHC Holdings, EverCommerce, Vitec Software, iFLYHealth, Indegene, Omnicell, HealthStream, MedicalSystem Technology and Hangzhou Pinming Software.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
U.S. Physical Therapy$781M$110M2.5x2.3x17.5x18.9x
PHC Holdings$2.3B$320M1.0x1.0x7.2x6.5x
EverCommerce$589M$128M3.0x2.9x13.7x9.5x
Vitec Software$371M$151M3.7x3.5x9.1x9.0x
iFLYHealth$136M($7M)7.7x6.2x(150.8x)(144172.5x)
Indegene$366M$68M3.7x3.3x19.9x18.2x
Omnicell$1.2B$92M1.2x1.1x15.0x8.1x
HealthStream$304M$63M2.8x2.6x13.2x11.2x

This data is available for Pro users. Sign up to see all Foodsmart competitors and their valuation data.

Start Free Trial

Common questions about Foodsmart

When was Foodsmart founded?Foodsmart was founded in 2010.
Where is Foodsmart headquartered?Foodsmart is headquartered in San Francisco, CA, United States.
Is Foodsmart publicly listed?No, Foodsmart is a private, VC-backed company.
What is Foodsmart's valuation?Foodsmart was last valued at $1.2B in its undisclosed-stage round in December 2021.
How much funding has Foodsmart raised?Foodsmart has raised $306M across 8 funding rounds.
What was Foodsmart's last funding round?Foodsmart's last funding round was a $200M undisclosed-stage round in June 2024, led by The Rise Fund.
Who are Foodsmart's investors?Foodsmart's investors include Mayfield Fund, Excel Venture Management, Seventure Partners, Advocate Aurora Health, Clarence Otis, Intermountain Healthcare, American College of Cardiology, Citadel Capital, Memorial Hermann Foundation, Fritz Lanman and 11 others.
Which companies are comparable to Foodsmart?Companies comparable to Foodsmart include AgentSync, Assort Health, Tala Health, Wheel, U.S. Physical Therapy and PHC Holdings.
How many companies has Foodsmart acquired?Foodsmart has acquired 1 company, including FillMyFork.

See companies similar to Foodsmart

Start Your
Free Trial Today

Try Multiples for free for 3 days. Got questions or need a demo? Schedule a call with us below.

Start Trial