A food-as-medicine company based in Alpharetta has raised its largest funding round to date as it plans a nationwide expansion.
ModifyHealth raised $10 million in a Series B funding round led by healthcare-focused equity firm RC Capital, a news release announced. Existing investor Nashville Capital Network participated in the raise.
The latest announcement brings the company’s total funding to at least $14 million. In 2020, it closed a $2 million Series A round led by Nashville Capital Network. A year prior, the company raised $2 million in seed funding. In 2020, Atlanta Inno named the company a Startup to Watch.
Founded in 2018, ModifyHealth provides meal delivery, digital health support and dietician support for patients that suffer from conditions such as type 2 diabetes, hypertension, kidney disease, obesity and irritable bowel syndrome. It works directly with patients and partners with employers and healthcare systems.
ModifyHealth is addressing a market estimated to be valued at more than $30 billion by 2030, according to Market Research Future. The medicinal foods market is growing because of a rise in infectious and non-communicable diseases, resulting in an increased effort for dietary management of those disorders.
The company is led by CEO G.B. Pratt. Previous to ModifyHealth, Pratt was an executive for Alpharetta-based EndoChoice Inc. (NYSE: GI), a developer of products and services that treat gastrointestinal conditions. EndoChoice was acquired by Boston Scientific (NYSE: BSX) in 2016 for about $210 million.
The company has an office in Alpharetta at 190 Bluegrass Valley Parkway, less than a mile east of the Halcyon. ModifyHealth employs around 17 people, according to company information database Buzzfile.
