Noom Secures $7 Million in Series A Funding to Continue Innovating Mobile Tools for Weight Loss Guidance and MotivationNoom.com Feb 04, 2014 Back to press
Noom, Inc., the creator of fun and easy-to-use health and wellness apps, announced today that is has closed a $7 million Series A round of funding led by New York-based RRE Ventures with participation from Translink Capital, Recruit Group Japan, Qualcomm Ventures and Harbor Pacific Capital. RRE’s Jim Robinson IV will join the company’s board.
“Noom has designed a comprehensive mobile weight loss program complete with guidance and motivational support accessible to anyone with a smartphone,” said Jim Robinson IV, RRE Ventures. “We’re eager to support their mission of coaching people around the world to change their lives for the better.”
The team at Noom plans to use the funds to build upon the strong momentum created in 2013. In the past year, Noom Inc. reached more than 20 million installs across the company’s suite of apps attracting users from every country around the world, with its flagship Noom Weight Loss Coach reaching 10 million. Google Play named the app one of the Best Apps of 2013 and it was Android’s highest grossing health and wellness app for the year.
Noom’s award-winning engineering team also released several new products in 2013 including Noom Weight for iPhone, which is currently featured on the App Store as one of 2014’s Best New Health & Fitness apps; and Noom Walk, a pedometer for Android that takes advantage of Android™ 4.4's new sensor technology. Noom Weight for iPhone also features a pedometer, which utilizes Apple’s M7 motion co-processor. Noom’s users have taken a combined 265 billionstepsto date.
“All of our products motivate and coach users to make healthier choices, rather than just data tracking. We have found that this combination is essential for long-term positive outcomes,” said Saeju Jeong, Co-Founder and CEO of Noom. “With this funding, we can continue to expand our reach internationally and enhance our apps to help as many people as possible enjoy a healthy life.”
Among Noom’s other accomplishments in 2013, Noom Weight Loss Coach officially launched in Germany and Japan and the company received a grant from the National Institutes of Health (NIH) to fund a study in conjunction with New York City’s Mt. Sinai Hospital on the impacts of smartphone technology in eating disorder treatment.