Funds Allow Telehealth Lactation Leader To Expand Services
FARMINGTON, Conn., Feb. 17, 2021 /PRNewswire-PRWeb/ — Nest Collaborative, the creator of the first virtual lactation consultation platform, announced it has raised $2.1 million in its first seed funding. The round was led by Altitude Ventures, a healthcare-focused venture capital fund with offices in Houston, TX, and Nashville, TN. Other investors participating in the round include Bread and Butter Ventures, Wavemaker 360, Portfolia FemTech Fund II, Connecticut Innovations, Carnrite Ventures, and the Hustle Fund.
The company’s services, which are covered by most national payers, have quickly scaled to serve thousands of moms and babies across the country.
“More than 3 million mothers in the US try to breastfeed every year, but two-thirds of them do not reach the 6-month mark recommended by the USDA and the American Pediatrics Association,” said Nest CEO Amanda Gorman. “We’ve proven that by offering accessible consultations delivered to moms virtually, Nest Collaborative can improve outcomes for families.”
The Affordable Care Act labeled breastfeeding support offered by licensed clinicians as preventative services that must be provided to moms with no out-of-pocket insurance fees. The importance of feeding infants breast milk was reinforced at the end of 2020 when, in its first-ever guidelines for infant and toddler diets, the US Department of Agriculture (USDA) joined the American Academy of Pediatrics in recommending that babies be exclusively fed on breast milk in their first six months. But factors including a scarcity of Board-certified lactation providers (IBCLCs) have made it difficult for moms to get the help they need.
Investors in the round noted that Nest has staked out a leadership position in a telehealth service that could meaningfully improve health outcomes in the US.
“We believe Nest is fundamentally transforming this important aspect of maternal health in two ways – accessibility and affordability,” said Mary Grove, General Partner at Bread and Butter Ventures. Jay Zeidman, Managing Partner at Altitude Ventures added, “The company is demonstrating that telehealth approaches are essential to reaching and caring for the needs of new mothers.”
The seed round represents the company’s first outside financing from a diverse group of value-add investors. Funds will allow Nest to scale its team, invest in additional breastfeeding support offerings and increase marketing and partnerships. The company will also focus on expanding the platform’s scale and technological capabilities to continue serving women throughout their prenatal and postpartum breastfeeding journeys.
About Nest Collaborative:
Nest Collaborative created the first nationwide network of lactation consultants, available to mom 24/7 through virtual consultations. The company was also the first to offer mom a no-cost, insurance-paid experience – which means when she has a problem, she can connect to a consultant within hours. Nest takes care of all the payment and paperwork on the back end.
About Bread and Butter Ventures:
Bread and Butter Ventures is an early stage venture capital firm based in Minnesota. We invest globally while leveraging our state and region’s unparalleled access to strong corporate connections, commercial opportunities, and industry expertise for the benefit of our founders. Our team, led by Managing Partners Mary Grove and Brett Brohl, focuses on food/ag tech, healthtech, and enterprise software – the essential backbone sectors or bread and butter of the modern economy.
About Altitude Ventures:
AV provides early-stage venture capital financing to healthcare services and technology startups that improve healthcare. The firm, through its offices in Nashville, Tennessee and Houston, Texas, leverages its combined industry expertise, relationships, investment experience, and infrastructure to benefit entrepreneurs, investors, and the overall healthcare system.
SOURCE Nest Collaborative