Nourish raises $100M Series C to pair dietitians with GLP-1 prescriptions and behavior change

Speaker 2: I'm billion cut you off.

Speaker 1: Under CAF,

Speaker 2: under management.

Speaker 1: Let's bring it in our is back. We've On

Speaker 2: a new device. Hey. Woah. Crystal clear. There we go.

Speaker 1: Thanks so much. We're on mobile now, guys.

Speaker 5: Apologies. We we're at our company off-site, so we got weak weak Wi Fi.

Speaker 1: Makes sense. Well, you sound crystal clear now. Why don't you reintroduce the company? Tell us the news.

Speaker 2: Yeah. Thanks for having me on, guys. Awesome. So I'm Aidan. I'm the the co founder

Speaker 5: and CEO of of Nourish. Nourish

Speaker 2: is

Speaker 5: a dietitian led metabolic clinic. So we pair the the largest network of registered dietitians in the country

Speaker 1: Mhmm.

Speaker 5: Over 10,000 dietitians with virtual medical care, so the ability for physicians to order interpret labs, to prescribe and manage medications. And we've delivered some really amazing results for patients that we're excited to

Speaker 1: talk about today. Walk me through dietitian, the different degrees that might be involved, the certifications. I know with a lot of telehealth, there's state by state regulations. Like, what was the process of building out that network of 10,000 dietitians?

Speaker 5: Yeah. Good question. So dietitian is a protected term. So you might hear some people use nutritionist or dietitian interchangeably, but nutritionist is actually not protected. So, you know, you or I could get on Instagram and call ourselves a nutritionist, but dietitian requires a master's degree, a certain number of hours, and so on and so forth. We only apply to employ dietitians.

Speaker 2: Those are the providers that are able to work with health insurance and get it covered, which is

Speaker 5: a big part of our model, expanding access to this type of care, and of course, working with health plans, getting covered by insurance is big part of that.

Speaker 1: Okay. What is the value add? I mean, there's so much of a boom in peptides GLP-1s, metabolic health. It feels like there's a lot of these companies where the demand is already there. You're just the, you know, the landing page that gives the that gives the customer what they already want. But I imagine that there's a lot more go.

Speaker 2: I'll pitch it.

Speaker 1: Okay. Pitch it, Jordy.

Speaker 2: It seems super important to combine diet with GLP ones. Doing Okay. Just just saying like, hey, we created this magical drug

Speaker 1: Yeah.

Speaker 2: For weight loss Yeah. And then just doing the drug versus Yeah. Actually fix fixing like the underlying sort of cause Yeah. Or maybe the original issue, you know, is sort of a temporary solution. If you want Sure. Like lasting

Speaker 1: Yeah.

Speaker 2: Positive change with your health, you're have to factor

Speaker 1: So if I go to a dietitian and say, I've been blasting

Speaker 5: Did I bread

Speaker 2: botch it?

Speaker 1: Is roughly No.

Speaker 5: No. You said it well. I mean, think the way we think about the root cause of kind of the problem of explosion in chronic conditions and cost is that people are living unhealthy lifestyles in the modern world. It's very hard in the

Speaker 2: modern world to eat well, to sleep well, to

Speaker 5: move your body, to manage your stress. And maybe seventy five years ago when these conditions were much rarer and costs were much lower, just kind

Speaker 2: of living your life in the day to day, it

Speaker 5: was much easier to be healthy. And so while these medications are a very useful tool in the toolkit and with our network now, we're able to prescribe and manage those medications. To your point, if you don't pair that with behaviour change, you don't get kind of sustainable results, which of course is worse for the patient, but it's also worse for the system because now we've spent all this money for medications and then had rebound in weight gain or falling off medication or so on.

Speaker 2: Mhmm. What's happening on the supply side of the market with with GLP ones and and how is that impacting pricing? We know there's an incredible amount of demand, overwhelming demand, but what's happening on the other side?

Speaker 5: Yeah. So it's nice to see.

Speaker 2: I think slowly but surely we'll see access increase, costs come down. I think

Speaker 5: over time as these drugs become generic, expect them to get much much cheaper. You know, you mentioned Reta. I think that'll get approved in the in the coming years, and that'll maybe start higher price. And then these kind of, you know, first gen, second gen meds will will come down in price

Speaker 2: and eventually go generic, which I think is

Speaker 5: really exciting because ultimately, like I said, they are a valuable tool in the toolkit, but cost is prohibitive in many cases today. And so where I think, you know, we play and where I think the value will ultimately be created as the price of these medications comes down is exactly in that behavior and lifestyle change that we talked about. It's kind of that wraparound care of how do you have, you know, not just medication, but integrated care team virtually covered by insurance, as well as, of course, you know, technology, especially AI, which can be kind of that 20 fourseven behavior change agent as part of the equation. And that's, you know, the the big part of the the round we just raised was to invest in all of that and accelerate that.

Speaker 1: How much did you raise?

Speaker 2: Raised a 100,000,000 series c.

Speaker 5: Yes. Congratulations. I love the Gong.

Speaker 1: I love the Gong.

Speaker 2: That's why I came on. I I we need a we need a Gong for our office.

Speaker 1: It's really You do.

Speaker 5: You do.

Speaker 1: Yeah. We should make TBPN branded Gong. Someone

Speaker 2: never won. It's

Speaker 1: tough. Wraparound care. Does that also mean meal delivery at some point? I feel like there's a number of companies throughout history that have sort of vertically integrated to that degree, incredibly operationally complex. Is it on the roadmap? Is it something you're interested in?

Speaker 2: Yeah. Great question. We we get reached out by, you know, a

Speaker 5: number of of kind of meal delivery companies, as you expect, about about partnering. We we haven't prioritized it yet, but I I do think ultimately, you know, we'll do something there at at some point. I mean, the way I think about it kind of more broadly, the the problem of lifestyle being lifestyle change being difficult, and therefore, the mission of being how do you make lifestyle change easy is you're trying

Speaker 2: to remove as many barriers, and, of course, the food being kind of one of those. And so how do you, when you make a recommendation, make it very easy to act and fulfill that recommendation? Think

Speaker 5: being able to prescribe and fulfill prescriptions of food in the same way you can of of medication, I think, will be something we do eventually. I think there's a lot of movement among health plans to potentially even reimburse for that in in some cases eventually. But haven't prioritized that yet, but I I think at some point, we will.

Speaker 1: And then on the GLP-one side, is there still an opportunity in compounding? I know some telehealth providers like went down that path, others partnered. Like do you have a firm view? Are you flexible here? How have you been interpreting the different ways to vertically integrate on that side of the business?

Speaker 2: Yeah. So we we do not compound. We work with the the name brand medications and have partnerships with the, you know, the big players

Speaker 5: that you all know and and work to get those covered by insurance. Mhmm. You know, I think if you've probably seen, you know, in the last few years, there's been kind of this cash pay and compounding market. We think that was a bit of kind of just a short term solution for when there were access constraints and cost constraints that you were speaking about earlier. And where kind of the market heads is, you know,

Speaker 2: the the inverse of of cash bank compounding, which is insurance covered and name brand, and that's kind of, you know, bread and butter of the company,

Speaker 5: pun intended, is working with kind of those those health plans to to get things like that covered. And then, again, because the drug, as cost comes down, especially it becomes a commodity, I think where the value is created is in that

Speaker 2: wraparound care we we talked about. And and that's kind

Speaker 5: of the the hard work, but I think the the important work that ultimately delivers, you know, lasting outcomes.

Speaker 1: K. Last question from the chat. Are you on a boat?

Speaker 5: No. I've been in I I'm in this random conference room in our company off-site. Like I said,

Speaker 4: it's I

Speaker 1: think it's the phone. I think the phone is, like, rocking at just the right oscillations. Yeah.

Speaker 2: People were pretty convinced.

Speaker 1: Know. It might be You're not feeding

Speaker 2: the boat allegations.

Speaker 1: He denies. He denies the boat.

Speaker 5: And it does have kind

Speaker 1: of boat It does have wood paneling.

Speaker 2: It looks nice. It looks That's that of wood.

Speaker 5: Oh, we got a boring boring conference room.

Speaker 2: Okay. Wow. It's boat. It's a it's a It's a massive boat.

Speaker 1: I I I don't have a problem with company offside of the boat. That seems like a great strategy if that's what you did. I'm not gonna critique it. Enjoy the

Speaker 2: Great great to see you, Aidan. Congrats to the whole team on the milestone and keep up the great work.

Speaker 1: We'll talk to you soon.

Speaker 5: I gotta I gotta go talk to the captain to stay in

Speaker 1: this yeah. Yeah. Gotcha.

Speaker 2: Have him reset the Starlink too for your for your computer.

Speaker 5: Sorry about that, guys. Thanks for having

Speaker 1: me on.

Speaker 2: Great to see you.

Speaker 1: See you. Goodbye. I'm glad we got to the boat question.

Speaker 2: The important question.

Speaker 1: I don't think it was a boat. It looked it looked a little bit too big.