Investors include S2G Ventures, Primetime Partners, Tom Scully, and angel investors from Formation Capital
Stamford, Connecticut-based Project Well, a new food-as-medicine marketplace designed to help people suffering from diet-sensitive chronic disease and food insecurity, has raised seed investment financing from food systems, healthcare, and technology investors, including S2G Ventures, Primetime Partners, Tom Scully, and angel investors from Formation Capital.
Project Well says it connects health plans and their members, and at-risk provider groups and their patients, to a broad array of food vendors who supply nutritionally targeted customised meals.
Lauren Driscoll, founder and chief executive of Project Well, said the funding will primarily be used to expand commercialisation and pilot efforts with health plan and medical group partners to address their members’ critical non-clinical needs. She added the company is working with major Medicare Advantage plan partners to provide a platform to address looming risks for an ageing and increasingly chronically ill population.
Driscoll added: “Project Well is a win-win-win solution. Payors can reduce medical costs and differentiate themselves in a competitive market. Members and patients also win as they can optimise their health and wellbeing. And food producers and vendors also win as they gain access to a broad segment of the population that has been slow to adopt and successfully navigate the e-commerce food market.”
Abby Levy, co-founder and managing partner at Primetime Partners, commented: “There is evidence that clinically tailored meals can reduce emergency department use by 70% and hospital admissions by 52%. Project Well combines the widest choice in food with clinical support to drive impressive adoption rates. This personalised programme is the only solution that deeply understands each member’s relationship with food from culture, traditions, income, culinary knowledge, mobility and more, meeting them where they are in their journey to a healthier diet.”
Sanjeev Krishnan, managing director at S2G Ventures, said: “We are incredibly excited to support Project Well in their mission to make life-changing nutrition more accessible to the most vulnerable. As we continue to see a convergence between food and medicine, we are thrilled to partner with such an experienced executive and group of co-investors that reflect the opportunity in the market.”
Date published: 22 February 2021