Healthcare Startup Noom Raises $15 Million in Series B Funding

Noom

Healthcare startup Noom has raised $15 million in Series B investment since last February, when the company secured an already impressive $7 million in Series A funding.

According to TechCrunch and Mobihealthnews, Noom received its funding from Han-Sing Hi-Tech Fund, as well as earlier investors like TransLink Capital and RRE Ventures. The company currently possesses at least $24.6 million in total funding.

Founded in 2007, Noom launched its flagship app, Noom Coach in 2008. Noom Coach is a weight loss app that tracks personal diets. The platform provides users a virtual coach that assigns educational articles and dietary challenges tailored to their respective daily schedules. The app is currently available on Android and iOS.

Noom Coach boasts more than 28 million aggregate downloads in Google Play and App Store. Noom Coach’s iOS version was part of Apple’s HealthKit platform launch. The company announced in June that it would be part of Google’s new Google Fit platform as well.

The new $15 million investment will be used for funding app research and development, along with general administrative expenses, according to a Form D filing with the Securities and Exchange Commission.

Noom has now raised in total seven investment rounds. It had received two rounds of seed funding in 2011 and a follow-on investment from Harbor Pacific Capital in 2012. In February 2013, Noom received a $7 million Series A funding, led by RRE Ventures, one of New York’s highest-profile venture capital firms. The company also received funding from the New York Digital Health Accelerator last July.

The reported amount represents only the money currently deposited into its bank account. Their total investment sum may be even larger.

Headquartered in New York, Noom operates in five countries, including: Germany, Japan, the U.K. and South Korea. Noom has collaborated with Mount Sinai on a National Institutes of Health grant-funded study testing an intervention using mobile technology to treat eating disorders.

– Inspired by Platum

Boosik is a writer with Tech for Korea where he writes about interesting tech trends and innovations. His main interests lie in the intersection of technology, entrepreneurship and public policy. Boosik is a currently a senior at Columbia University, studying Economics-Political Science. Boosik can be reached at boosikc@techforkorea.com.

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