Good morning! Citi chief Jane Fraser gets a big pay bump, Kelly Loeffler is confirmed to lead the Small Business Administration, and the eating disorder startup Equip found the right celebrity partner.
– Who gets help. In late 2023, the actor Kerry Washington published her memoir Thicker Than Water. In her book, the Scandal star got very personal; one of the stories she shared was her experience with an eating disorder. By the time she reached college-age, Washington wrote, she cycled back and forth between binge eating and severe food restriction, sometimes not eating for days at a time or compulsively exercising.
“Food and exercise were at first ideal ways to indulge compulsive behaviors because I could hide them more easily than drugs or alcohol,” Washington wrote. “And that constant manipulation of my own behavior allowed me the illusion of control…Though they eventually led to unfathomable levels of depression.”
Washington now says that sharing that experience has connected her deeply with readers. “So much of what allows eating disorders to thrive is the shame and the secrecy,” Washington tells Coins2Day. One of those readers was Kristina Saffran, the cofounder and CEO of Equip, an eating disorder treatment startup. The startup offers virtual eating disorder care, covered by insurance for as many as 120 million people in the U.S.; it first focused on treating minors but expanded to adults and illnesses including anorexia, binge eating disorder, bulimia, and ARFID in 2023. “I was on maternity leave when Kerry’s book came out and I was reading it,” Saffran remembers. “I texted [my cofounder] and a couple of our investors and said, ‘We have to get in touch with her.'”
Saffran had been looking for a celebrity partner to work with her business and amplify its cause. But it’s not easy to find the right celebrity to serve as a voice for eating disorder awareness. That person would have to be comfortable talking about their own experience—and Saffran didn’t want to reinforce the stereotype that eating disorders mainly affect thin, white women. That cultural misconception causes real harm, Equip cofounder and chief clinical officer Erin Parks says, because doctors and therapists often don’t receive much training specific to eating disorders. “The cultural stereotype becomes the medical stereotype,” Parks says. Saffran herself fit the stereotype and says her pediatrician still didn’t raise any red flags when she rapidly lost weight at age 10. “If I’m being missed, everyone’s being missed,” she says.
That mission resonated with Washington, too, who was well aware of the cultural narratives around eating disorders. “There have been so many stereotypes about who has eating disorders and I don’t really fit the bill,” she says.
So Washington is now joining Equip as an investor and adviser. Equip declined to disclose the size of Washington’s investment, but the actor has a growing portfolio that includes the Black-owned social media platform Spill, the direct-to-consumer jewelry startup Aurate, and the women’s health brand Winx. Equip has raised $110 million in total from investors including General Catalyst and Tiger Global Management as well as Plus Capital, which helps startups bring on celebrity investors; other angel investors include Katie Couric and soccer star Alex Morgan.
With Washington’s support, Equip aims to increase awareness of all the different ways eating disorders can present and all the different people who can be affected by them; one initiative encourages pediatricians to run standard screenings for all patients, “not just thin white girls,” Parks says. The startup is also working to increase insurance access, especially for patients using Medicaid.
Washington got treatment for her eating disorder, and she says she was excited by the opportunity to help more people access treatment. “It shouldn’t be that because I’ve been so lucky financially that I’ve been able to heal,” she says. She adds that she appreciated Equip’s founders “who understood that eating disorders come in all different shapes and sizes and ages and ethnicities.”
Emma Hinchliffe
emma.Hinchliffe@coins2day.com
The Most Powerful Women Daily newsletter is Coins2Day’s daily briefing for and about the women leading the business world. Today’s edition was curated by Nina Ajemian. Subscribe here.
ALSO IN THE HEADLINES
- Pay day.Citigroup CEO Jane Fraser saw her total compensation jump to $34.5 million for 2024, up a third from 2023’s $26 million; the majority of her pay is in stock-linked awards. Fraser’s raise in 2024 is the highest among her banking CEO peers. Coins2Day
- Confirmations carry on.Kelly Loeffler was confirmed by the Senate to lead the Small Business Administration. And labor secretary nominee Lori Chavez-DeRemer began her confirmation hearing yesterday.
- Alexander allegations.Eleven more women accused real estate agents Tal and Oren Alexander, and their brother Alon, of sexual assault. The brothers, who plead not guilty and are currently in jail ahead of their trial, now face at least 17 lawsuits alleging sexual assault. New York Times
- Meeting blocked. One hundred and twenty women’s Division I basketball players signed letters asking the Big Ten and SEC commissioners for a meeting to discuss partnership opportunities—both conferences turned them down. Over the past six months, the players formed an association, looking to advocate for themselves ahead of a potential settlement allowing schools to pay athletes through name, image, and likeness deals. Washington Post
MOVERS AND SHAKERS
Harvard Business Review named Amy Bernstein editor-in-chief. She was previously editor of the bimonthly magazine.
Condiment company Truff appointed Esi Seng as CEO. Most recently, Seng was CEO of Tate's Cookies.
Nordstrom namedCatherine Bloom director of luxury styling. She was previously a personal stylist at Neiman Marcus.
Hazel Health, a telehealth company for schools, named Marianna Spanos COO and appointed Jessie Woolley-Wilson to its board of directors. Spanos was previously SVP, platform operations at Oscar Health, and Woolley-Wilson is an operating partner at Owl Ventures.
Petco named Sabrina Simmons CFO. Previously, she was CFO at Gap.
Dataminr, an AI-powered risk detection platform, appointed Deb Wolf as CMO. Most recently, she was CMO at Lookout.
ON MY RADAR
The scientists behind DataVisor are using AI to spot financial scams before they begin Forbes
How Crown Affair became the queen of it-girl hair careBusiness of Fashion
The women who are reinventing R&BNew York Times
PARTING WORDS
“As long as you never feel that you are stagnant, you feel that you’re being appropriately challenged, you’re learning new skill sets, you know that you’re moving forward.”
— Sarah Walker, Cisco’s U.K. CEO, on the importance of patience
