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bitewell Raises $4 Million in Oversubscribed Seed Round to Pave the Way for Food Health Benefits

Leading FoodHealth Industry Innovator, bitewell, Secures Funding from Lake Nona Sports & Health Tech Fund and Refinery Ventures

Key Takeaways:

  • bitewell, the pioneer in corporate food health benefits, successfully concludes an oversubscribed seed funding round, raising $4 million.
  • Lake Nona Sports & Health Tech Fund and Refinery Ventures co-led the investment round, joined by prominent investors including Mudita Venture Partners, Harvest Ridge Capital, BDMI (a part of Bertelsmann Investments), and Trybe Ventures led by Alex Morgan and Servando Carrasco.
  • The funding will fuel bitewell’s vision to establish the ‘Food as Health Benefits’ category, with a focus on strengthening its leadership team, expanding the sales division, conducting research with academic institutions, and enhancing the brand’s technology and data infrastructure.
  • bitewell aims to transform the way people approach food health by introducing their revolutionary FoodHealth Score, an intuitive system integrated into their expansive food marketplace.

Introduction

bitewell, the first-ever provider of corporate food health benefits, is delighted to announce the successful closing of an oversubscribed seed funding round, securing $4 million in investments. The round was led by Lake Nona Sports & Health Tech Fund and Refinery Ventures, with participation from notable investors such as Mudita Venture Partners, Harvest Ridge Capital, BDMI (a part of Bertelsmann’s corporate venture arm), and Trybe Ventures led by Alex Morgan and Servando Carrasco.

Shaping the Future of Health Benefits

Justin Driscoll, Associate at Lake Nona Sports & Health Tech Fund, highlights bitewell’s alignment with their investment thesis of improving human experiences, particularly in the realm of nutrition and food accessibility. By encouraging employers to offer food benefits that promote healthier eating options, provide greater control and transparency, and empower individuals to monitor their own health, bitewell is poised to redefine the way the world perceives health benefits. Driscoll commends bitewell’s founders, Sam and Chris, for their operational expertise, consumer-centric mindset, and visionary approach, stating that they possess the qualities sought after in successful founders. The investors are excited to witness bitewell challenge the status quo in a market ripe for disruption.

Revolutionizing Food Health Benefits

bitewell, co-founded by Samantha Citro Alexander and Chris Fanucchi, plans to utilize the raised capital to pioneer the ‘Food as Health Benefits’ category. Their strategic focus includes strengthening the leadership team with top-tier executive hires, expanding the sales division on a national scale, collaborating with leading academic institutions for research initiatives, and further advancing the brand’s technology and data infrastructure.

Samantha Citro Alexander, co-founder and CEO of bitewell, expresses her excitement for the future and emphasizes the significance of partnering with like-minded investors who share their belief that the future of health lies in food. bitewell’s mission remains unwavering, and their dedicated partners will support their drive to achieve it.

Introducing the FoodHealth Score

bitewell’s revolutionary FoodHealth Score is a key component of their comprehensive food marketplace. Ranging from 0 to 10 and represented by a color system (grey/red/yellow/green), the FoodHealth Score aids users in making informed food choices aligned with their health goals. Similar to a credit score for food, each food purchase receives a score, and the aggregate score of all food purchases provides insights into whether one’s diet contributes positively or negatively to their overall health.

Transforming the Way We Eat

Tim Schigel, Managing Partner of Refinery Ventures, emphasizes that bitewell’s service comes at a perfect time when employers recognize the importance of having healthy employees. By offering individualized FoodHealth Scores, bitewell empowers subscribed employers and their employees to make food choices based on healthfulness. bitewell’s marketplace encompasses a wide array of options, including groceries, restaurant meals, meal kits, and more, ensuring that over 85% of the US food supply is covered.

To explore bitewell’s platform and its range of product offerings, please visit bitewell.com.

About bitewell

Established in 2020, bitewell is a firm believer in the power of improving health through food. Built by a team of food enthusiasts, nutrition experts, and technologists, bitewell operates as a healthy food marketplace that collaborates directly with employers to provide food health benefits, ultimately reducing insurance premiums and enhancing user health. Leveraging the expertise of food professionals, bitewell simplifies and optimizes healthy eating by applying a customized FoodHealth Score—similar to a credit score, but for food—to users’ dietary choices. Recognized by the Denver Business Journal as one of the top startups to watch in 2023, bitewell offers a personalized food delivery experience without compromising on options or convenience.

To learn more about bitewell, please visit www.bitewell.com. Stay updated on the latest news and updates by following bitewell on LinkedIn, Instagram, Twitter, TikTok, and Facebook.

About Lake Nona Sports & Health Tech Fund

Lake Nona Sports & Health Tech Fund invests in early-stage companies that enhance human experiences through sports and health technology. Established through a partnership between leAD Sports & Health Tech Partners and Tavistock Group, the $30 million fund provides its portfolio companies access to a broad range of resources, services, strategic domain experts, international networks, world-class infrastructure, and smart capital. For more information, please visit www.lakenonafund.com.

About Refinery Ventures

Founded in 2017 by Tim Schigel, Refinery Ventures is an investment firm focused on disruptive early-scale companies. Leveraging Schigel’s extensive experience as the CEO of ShareThis, a renowned internet icon, and as the creator of the Cintrifuse Syndicate Fund, which raised over $120 million, Refinery Ventures aims to bridge the gap between the seed and Series A stages. Based in Cincinnati, Ohio, Refinery Ventures is dedicated to supporting groundbreaking ventures. Learn more at www.refinery.com.

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