Weight loss platform Noom bulks up to $540 million in new-found funding

Since pandemic began last year, nearly 61% of adults in the gained weight, with the ordinary adult surveyed gaining 15 pounds, according to a report from the American Psychological Club. Likely as a result of that within girths,   Noom perceived a surge of demand for for weight-loss app, generating $400 million in revenues inside of 2020 — almost occasions this $237 million it accomplished the year before .

Following on the heels of a typical banner year, and to energy resources expansion into new classes and new countries destinations, Noom announced this morning it seemed to be raised a $540 million Series F round provided by Silver Lake. More investors who participated on the round included Oak HC/FT, Temasek, Novo Holdings, Sequoia Capital, RRE, and Useful Ventures.

“Most people want to eat more fit, exercise more, be significantly stressed, and get better sleep, but it’s not easy to alteration these behaviors, ” stated that Saeju Jeong, co-founder with CEO of Noom at a statement. “This strategic circle of funding reflects this investors’ confidence in the interminable opportunity we have in creating a business around helping compared to numerous other people as possible live healthful lives through behavior coins. ”

Noom also launched the addition of two new boat members, Silver Lake running director Adam Karol, so former TaskRabbit CEO Stacy Brown-Philpot.

Most of the Noom app may be a very good now with 45 million retrievals to date in 100 territories including the U. S., FRENCH, Canada, Australia, Ireland, while New Zealand, but cofounders Jeong and Artem Petakov officially founded their login in 2007 as a unlike venture entirely, experimenting with one connected bike and calorie-counting app. It had some early outcome , but it wasn’t through 2017, when Jeong but Petakov released a customer-focused and weight-loss-oriented app that your chosen startup finally hit the country’s stride, resonating with legions of people who longed to shed the weight they’d gained. They improved $58 million of loan in mid-2019 led by Sequoia.

“If you go and you say, ‘Hey, I can solve hypertension for you, nobody cares, ” is the reason Noom president and co-founder Artem Petakov. “So both of us put our heads next to each other, and thought, ‘how do your friends make it work with consumers? ’ Well, weight loss is a individual value proposition that’s making an effort. Can we double-down on which will? ”

The Noom app enables folks to count the number of calorie consumption they consume each day — a feature that other software like MyFitnessPal, LoseIt!, and as a consequence MyPlate Calorie Counter stake — Noom says the factor to its users keeping the weight through in the medium-to-long term is its use of Cognitive Behaviour Therapy, a goal-oriented hypnotherapy treatment that helps people examine and combat the things that deliver negative thoughts, compulsive actions, combined with unwelcome consequences.

Whether Noom can maintain its momentum remains to be seen. According to a Bloomberg report last week, the startup has apparently met with potential advisers if you want to gear up for an BÖRSENDEBÜT later this year or beforehand next year with a targeted appraisal of nearly $10 billion.

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