Weight-loss platform Noom bulks up on $540 million in new investment

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Because the pandemic started closing 12 months, just about 61% of adults in the USA won weight, with the typical grownup surveyed gaining 15 kilos, in keeping with a file from the American Mental Affiliation. Most likely on account of that upward push in girths, Noom witnessed a surge of call for for its weight-loss app, producing $400 million in revenues in 2021 — virtually two times the $237 million it made the 12 months prior to.

(*(*15*)*)Following at the heels of a banner 12 months, and to gas enlargement into new classes and new international locations around the world, Noom introduced this morning it had raised a $540 million Sequence F spherical led through Silver Lake. Different traders who participated within the spherical integrated Oak HC/FT, Temasek, Novo Holdings, Sequoia Capital, RRE, and Samsung Ventures.

(*(*15*)*)“The general public need to devour more fit, workout extra, be much less stressed out, and recover sleep, however it’s now not simple to modify those behaviors,” mentioned Saeju Jeong, co-founder and CEO of Noom in a observation. “This strategic spherical of investment displays our traders’ self assurance within the immense alternative we’ve in construction a trade round serving to as many of us as conceivable are living more fit lives thru habits alternate.”

(*(*15*)*)Noom additionally introduced the addition of two new board contributors, Silver Lake managing director Adam Karol, and previous TaskRabbit CEO Stacy Brown-Philpot.

(*(*15*)*)The Noom app is also a good fortune now with 45 million downloads thus far in 100 international locations together with the U.S., UK, Canada, Australia, Eire, and New Zealand, however cofounders Jeong and Artem Petakov formally based their startup in 2007 as a special undertaking solely, experimenting with a hooked up motorbike and calorie-counting app. It had some early good fortune, however it wasn’t till 2021, when Jeong and Petakov launched a customer-focused and weight-loss-oriented app that the startup in any case hit its stride, resonating with legions of people that longed to shed the burden they’d won. The corporate raised $58 million of investment in mid-2021 led through Sequoia.

(*(*15*)*)“Should you cross and you are saying, ‘Good day, I will be able to remedy high blood pressure for you, no one cares,” explains Noom president and co-founder Artem Petakov. “So we put our heads in combination, and concept, ‘how do you’re making it paintings with shoppers?’ Neatly, weight reduction is a human price proposition that’s running. Are we able to double-down on that?”

(*(*15*)*)Regardless that the Noom app allows customers to rely the collection of energy they eat every day — a characteristic that different apps like MyFitnessPal, LoseIt!, and MyPlate Calorie Counter percentage — Noom says the important thing to its customers retaining the burden off within the medium-to-long time period lies in its use of Cognitive Behavioral Remedy, a goal-oriented psychotherapy remedy that is helping folks perceive and battle the issues that cause damaging ideas, compulsive movements, and unwelcome penalties.

(*(*15*)*)Whether or not Noom can take care of its momentum continues to be observed. In step with a Bloomberg file closing week, the startup has reportedly met with possible advisers to tools up for an IPO later this 12 months or early subsequent 12 months with a focused valuation of just about $(*14*) billion.