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Last week, Instacart IPO'd on the public markets. And the digital grocery delivery service is making healthcare moves, starting with the launch of Instacart Health, an initiative to increase nutrition security via new products, strategic partnerships, research, and policy advocacy. Instacart also recently announced early results of its food-as-medicine social support program, “Good Food for All,” which provides produce credits to families. This comes on the heels of other food-as-medicine news from grocers such as Kroger Health, whose collaboration with Performance Kitchen offers medically tailored meals for people living with health conditions like diabetes and heart disease.
Instacart’s IPO is an encouraging sign given the recent IPO dry spell in the public markets; however, Instacart debuted with a valuation of $10B, far short of its $39B valuation at the time of its last funding round in 2021. Signals of renewed IPO optimism, while promising, may be tempered by a funding climate of compressed valuations and heightened investor focus on profitability. For digital health companies eyeing exits in the year ahead, we may see a similar story of deals getting done, but for less than earlier valuations.
Rock Health Summit is this Wednesday, September 27! The agenda features sessions on healthcare AI, leadership, balancing frontlines and frontiers in a mixed market climate, and more. For a flavor of what to expect, check out the third installment of the Rock Health Summit virtual series, a conversation featuring Rock Health port co Synapticure co-founders, Sandra Abrevaya and Brian Wallach, led by Bill Evans from Rock Health Capital. Virtual Rock Health Summit tickets are still available—register today!
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