Equip Health
A fully virtual eating disorder treatment practice from Carlsbad, California, paid mostly by insurers. It has raised about $164 million in equity, never disclosed a valuation, and cut about 4% of staff in June 2026.
SEC Form D filings 2019 to 2025; Behavioral Health Business, Jun 29, 2026- Raised
- About $164M our sum of equity sold across five SEC Form D filings, 2019 to 2025; the latest round sold $54.1M.
- Valuation
- Not disclosed no round has come with a valuation; the 2025 raise was never announced by the company, only filed.
- Revenue
- $35M (2023, est.) a Forbes estimate for 2023, which Forbes expected to roughly double in 2024; the company publishes no revenue.
- Watch
- June 2026 layoff about 4% of staff cut, blamed on market dynamics; the company says it is healthy and still hiring in key areas.
- AI
- Hiring helper only its careers page says AI tools help screen applicants and take interview notes, with humans making every hiring decision.
- Liquidity
- None found no staff tender offer or secondary sale found in filings or press; no IPO filing reported.
- Hiring
- 53 → 65 remote listings since Oct 10.
Health plans pay a monthly fee per patient.
Equip is a virtual medical practice. Each patient gets a dedicated team: therapist, medical provider, dietitian and a coach with lived experience, using family-based treatment for younger patients and CBT-E for adults. Forbes reported that insurers pay it a flat monthly fee to manage each patient's care, across 25+ health plans. Patients who are out of network can pay privately.
Forbes (Colombia edition), Aug 2024; Equip FAQ, checked Nov 3, 2026- 1Paid for by insurers, not by families out of pocketForbes reported contracts with 25+ health insurers including Optum, UnitedHealthcare, Aetna and Cigna; in 2022 it already had a Medicaid plan, Partnership HealthPlan.Forbes (Colombia edition), Aug 2024; BHB, Mar 2022
- 2Publishes its own outcomes dataIts 2025 outcomes report covers 5,000+ patients aged 3 to 72; a peer-reviewed JMIR study of 1,629 adults found virtual CBT-E gave meaningful symptom gains.Equip outcomes page and research article, checked Nov 3, 2026
- 3Founders with deep roots in the fieldCEO Kristina Saffran ran the nonprofit Project HEAL; co-founder Erin Parks is a clinical psychologist. 58% of staff say they have lived experience with an eating disorder.Equip company and careers pages, checked Nov 3, 2026
- LifeStance Health$5.12Blisted, Oct 30 close
- Headway$2.30Bprivate, Jul 25
- Teladoc Health$1.55Blisted, Oct 30 close
Private values are the last reported round; they can be stale. Listed values are market value. Bars start at zero.
Every round, and what its terms give away.
Equip Health is private, so there is no share price. What its investors paid, and on what terms, is the closest thing to one.
- $164M
- raised in all
- $35M
- annual revenue, as of Jan 1
Revenue is a Forbes estimate, not a company figure; Forbes expected it to roughly double in 2024. Profit not disclosed, and every Form D declined to disclose revenue range.
Forbes (Colombia edition), Aug 2024; SEC Form Ds (raised, our sum)- Jul 22Equity round (unnamed, Form D)$54MFiled at $46.6M from 11 investors in Jul 2025, then amended in Sep 2025 to $54.1M sold from 12 investors of a $61.6M target. No announcement or lead named.SEC Form D Jul 31, 2025 and Form D/A Sep 16, 2025
- Jun 27Equity round (unnamed, Form D)$35MFiled at $20M in Sep 2023, amended to $35M from 5 investors in Apr 2024. General Catalyst's investment was announced with the adult expansion in Sep 2023.SEC Form D/A, Apr 11, 2024; MedCity News, Sep 22, 2023
- Feb 16Series B$58MLed by The Chernin GroupTiger Global and General Catalyst new; F-Prime, Optum Ventures and .406 Ventures returned. Total raised then about $75M.Behavioral Health Business, Feb 16, 2022; SEC Form D Mar 4, 2022
- Feb 16Series A$13MLed by Optum Ventures.406 Ventures new, F-Prime returned. Form D shows Series A preferred stock sold to 13 investors.Global Venturing, Feb 16, 2021; SEC Form D Feb 17, 2021
- Dec 23Seed$3.7MLed by F-Prime CapitalForm D shows $3.685M of equity sold to 7 investors; F-Prime led the seed.SEC Form D, Jan 16, 2020; Global Venturing
- Down or flat round?Cannot tell. No valuation has been published for any round, and the last two raises were only filed with the SEC, not announced.Behavioral Health Business, Aug 1, 2025Open
- How much the last round soldUnknown without a post-money valuation. The 2025 raise sold $54.1M of equity.SEC Form D/A, Sep 16, 2025Open
- Time since the last raiseAbout 15 months since the Jul 2025 first sale. As of Sep 2025, $7.5M of the $61.6M offering was still unsold; no later filing found.SEC Form D/A, Sep 16, 2025Open
- Unusual terms or debt-heavy?Form Ds show equity only, no sales commissions and no debt. Share terms such as liquidation preferences are not public.SEC Form D/A, Sep 16, 2025Open
- Who ledLeads of the 2023 and 2025 raises were never named. The 2025 filing adds a new director, Thomas S. Bremner, a sign of a new investor seat, but we could not confirm whose.SEC Form D/A, Sep 16, 2025 vs Form D/A, Apr 11, 2024Open
- Can staff sell shares?No tender offer or employee secondary sale found in SEC filings or press.Behavioral Health Business; SEC EDGAR, checked Nov 3, 2026Open
- Layoffs in the last 12 months?Yes. About 4% of staff cut in late June 2026, attributed to current market dynamics; headcount not disclosed.Behavioral Health Business, Jun 29, 2026Flag
Clear: checked, nothing found. Flag: found, with the source. Open: could not be checked.
What the record says, and what we think it means.
The fact is the source's. The read, in italics, is ours.
- 01Watch
Cut about 4% of staff in June 2026.
Behavioral Health Business, Jun 29, 2026Equip told staff it was cutting about 4% to streamline processes and realign people to priority areas, citing market dynamics. It said the business is healthy and it will keep hiring in key areas.
A small cut, but the first one reported, coming about a year after its last raise. Watch whether it repeats.
- 02Neutral
Its last two rounds were filed, not announced.
SEC Form D Jul 31, 2025 and Form D/A Sep 16, 2025The $35M (2023 to 2024) and $54.1M (2025) raises surfaced through SEC Form Ds; neither named a lead or a valuation. The 2025 offering was upsized from $46.6M to $54.1M after the first filing.
Quiet raises are common when a round is led by insiders or priced flat. That is a possibility, not something the filings show.
- 03Good
Forbes put 2023 revenue at about $35M.
Forbes (Colombia edition), Aug 15, 2024Forbes named Equip a Next Billion-Dollar Startup in Aug 2024, estimating $35M of 2023 revenue and expecting it to roughly double in 2024. It had treated 5,000+ patients.
Strong growth on that estimate, but it is two years old and not from the company.
- 04Neutral
Headquartered in California, not New York.
SEC Form D/A, Sep 16, 2025; Equip careers pageEvery Form D lists a Carlsbad, California address, and trade press calls it San Diego based. Staff work virtually, with home office and co-working stipends.
A fully remote employer; the registered office is small print.
- 05Good
Now takes patients stepping down from the hospital.
Equip Transition Track page, checked Nov 3, 2026Transition Track is a virtual protocol for medically stable patients aged 6 to 24 leaving inpatient care, usually 3 to 4 weeks with weekly reviews, then continuing with the same team.
Moves Equip toward sicker, higher-value patients that used to need residential programs.
- 06Good
Expanded from youth to all ages in 2023.
MedCity News, Sep 22, 2023; Equip research articleEquip added adults in Sep 2023 with a new president, Nikia Bergan, and General Catalyst's backing. A peer-reviewed JMIR study of 1,629 adult patients later reported meaningful gains from virtual CBT-E.
Roughly doubles the market it can sell to health plans, with published evidence behind it.
Operations is paid 30% under market. Clinical, 46% under.
We save every company's roles, pay by team and level, AI share and churn every day, so each month this page can say more. Sparklines use their own scale.
Can AI agents do business with Equip Health?
We checked the agent payment programs, developer docs and site rules an AI assistant would meet.
Readable, not bookable. Open robots.txt, but no llms.txt, API or agent channel to start care.
Still Remote read- YesLets AI crawlers read its siterobots.txt allows all user agents (Allow: /) and points to a sitemap. No AI bots are named.checked Nov 3, 2026
- Not found
- Not foundAn MCP server or API agents can callNo public API, developer docs or MCP server is linked from the site.Equip site, checked Nov 3, 2026
- Not foundCan an agent book a visit?Care starts with a human discovery call or the my.equip.health portal plus an insurance check; no partner or agent booking channel is described.Equip FAQ, checked Nov 3, 2026
- MixedReady to share data with machines safely?It says its platform is HIPAA compliant and SOC 2 certified, and adult patients' BodyTrace scales send weights to the care team automatically. No outside data interface is offered.Equip FAQ, checked Nov 3, 2026
Where Equip Health puts AI to work.
- 1AI screens applicants, people decideIts careers page says AI tools help with applicant screening and interview notes, humans make all hiring decisions, and candidates may not use AI to answer in live interviews.Equip careers page, checked Nov 3, 2026
- 2Care is still delivered by peopleEvery patient has a human team of therapist, medical provider, dietitian and coach; we found no AI therapist or AI clinician product on the site.Equip FAQ, checked Nov 3, 2026
More listings than on Sep 7, led by clinical.
What Equip Health puts on its own channel.
Short videos from Equip Health's official YouTube channel, played here. We only use a channel that links equip.health and carries the company's name.
- Parents are influenced by diet culture, too | Dr. Erin Parks on Good Inside Podcast1.3 thousand views
- How Family-Based Treatment (FBT) Helps Kids Recover from ARFID | Equip Health169 views
- We asked people what they do to support their mental health daily | Street Interviews165 views
- Young Men Want to Get Big For Some, It's Becoming an Obsession866 views
The signals, and which way they push.
- TailwindInsurers already pay for it.
25+ health plans, including the largest national carriers, pay Equip a monthly fee per patient.
- TailwindMoving up to sicker patients.
Transition Track takes patients straight from inpatient care, while in-person operators such as Acadia have closed eating disorder services.
- HeadwindBelt tightening.
A 4% layoff in June 2026 citing market dynamics, about a year after the last raise.
- HeadwindLittle public money data.
No valuation, no named lead for two rounds, and Form Ds decline to give a revenue range, so outsiders cannot price the equity.
Where Equip Health ends up, if we had to bet.
Our calls, not facts. Each one is tied to something that already happened, so you can judge the reasoning.
- 1
Equip lists on a public exchange by 2031.
Long shot 16%IPOIts last two raises were filed quietly and no IPO filing has been reported. A 4% layoff in 2026 points to cost focus rather than IPO preparation.
SEC EDGAR; BHB, Jun 29, 2026 - 2
A health plan, provider group or larger behavioral health company buys Equip by 2031.
Coin flip 50%M&AOptum Ventures led its Series A and payers already fund its care. About $164M raised with no staff liquidity on record builds pressure for an exit.
Global Venturing, Feb 2021; SEC Form Ds - 3
Equip adds more higher-intensity programs that replace residential stays.
Likely 72%ProductsTransition Track already serves patients leaving inpatient care. Its CEO has pitched virtual care against residential treatment costing about $45,000 a month.
BHB, Mar 20, 2022; Equip Transition Track page - 4
AI takes over notes and admin work, while human teams stay the product.
Likely 72%AIEquip already uses AI in hiring but describes care as delivered by a human team of four roles. Payers are paying for outcomes from that team, not for software.
Equip careers page and FAQ - 5
Equip wins Medicaid contracts in most large states.
Coin flip 50%CompetitionIt had a California Medicaid plan by 2022 and the CEO called Medicaid the next focus. Progress since then has not been published state by state.
BHB, Mar 20, 2022
Read by the Still Remote research agent on November 3, 2026 from the sources linked on this page. Facts and scenarios only, not investment advice.