Fay

Fay is a San Francisco-based digital medical nutrition therapy company that connects individuals with Registered Dietitian Nutritionists (RDs) for personalized nutrition counseling delivered virtually or in person, with the care billed through health insurance. Fay's model matches patients to an RD suited to their goals and conditions; because most plans cover medical nutrition therapy without requiring a specific diagnosis or physician referral, many patients pay $0 out of pocket or the cost of a standard co-payment. Dietitians on the platform cover more than 30 specialties, including eating disorders, diabetes, kidney disease, weight management, gut health and general preventative care.

On the supply side, Fay operates a "business-in-a-box" franchise-style model for dietitians, providing tools for insurance credentialing and verification, claims filing, payments, patient matching, marketing and administrative work, plus AI features such as automated meal-plan generation. The company has said dietitians can earn substantially more as independent practitioners on the platform than in hospital employment. Fay works with payors including UnitedHealthcare, Aetna CVS, Blue Cross, Anthem, Cigna, Optum and Humana, and is offered through employer health plans.

Fay was founded in 2022 by Sammy Faycurry (CEO) and Mark Stefanski (CTO). It emerged from stealth in May 2024 with $25 million raised across a seed round led by General Catalyst and a $20 million Series A led by Forerunner Ventures, and announced a $50 million Series B led by Goldman Sachs' growth equity business at a $500 million valuation in February 2025.

Founding story

Sammy Faycurry began working on Fay in 2021 while an MBA student at Harvard Business School, initially bootstrapping the effort, after hearing from his mother Rita and sister Suzanna — both registered dietitians — about the difficulty of delivering nutritional counseling and the limited number of in-network RDs available to patients. About a year in, he recruited Mark Stefanski as CTO, and the company was founded in 2022 with the platform initially built for his mother and sister.

Business model

Fay operates a three-sided marketplace connecting patients, registered dietitians and payors. Dietitians use Fay's platform to run independent practices, with Fay handling insurance credentialing, reimbursement, claims, marketing, patient matching and administrative tasks; patients are matched to RDs and their sessions are billed to insurance, often at no or minimal out-of-pocket cost. Fay also distributes through employers, appearing as a benefit in employer health plans.

Care delivered on the platform is reimbursed by health insurance plans, with patients typically paying $0 or a standard co-payment; Fay also works with employers and health plans that include its nutrition services in their benefits.

Traction

Fay reported over 1,000 dietitians on its platform when it emerged from stealth in May 2024, projecting more than 2,000 by 2025, and more than 2,500 dietitians by February 2025. Coverage through insurance partnerships was described as reaching over 100 million Americans in 2024 and over 200 million in February 2025. An investor said the company grew revenue quickly while burning little capital. Its February 2025 Series B valuation of $500 million was reported as a fivefold increase on its Series A valuation.

Latest developments

In February 2025, Fay announced a $50 million Series B led by Goldman Sachs growth equity at a $500 million valuation, with existing investors General Catalyst and Forerunner participating, bringing total funding to $75 million. The company said it would use the proceeds to expand operations and development, add product features following its October 2024 patient app launch, and improve collection and reporting of patient outcome and cost-savings data for providers and payers. Stated growth plans also include integrating with food delivery platforms to address food insecurity and expanding insurance and employer coverage.