Health training app developer Noom announced today it has increased $58 million led by Sequoia Capital.
Other participants include Aglaé Ventures, the technology investment arm of French holding company Groupe Arnault, WhatsApp co-founder and former CEO Jan Koum, DoorDash co-founder and CEO Tony Xu, Oscar Health co-founder Josh Kushner, SB Job co-founder Scooter Braun and coming investor Samsung Ventures.
Headquartered at New York City with offices in both Seoul and Tokyo, Noom is famous for its direct-to-consumer weight reduction app, but in addition, it develops business products, such as an app focused on hypertension and diabetes. Noom’s consumer app competes for consumers with Under Armour’s MyFitnessPal and Weight Watchers, but its nearest rival is likely nutrition and weight loss app Rise since both provide personalized apps and training for a subscription fee.
Noom intends to set itself apart from focusing on long term lifestyle and behavior changes, along with nourishment and workout monitoring. Consumers gain access to 1:1 training and physical fitness apps personalized by means of an algorithm according to how they answer a survey.
Artem Petakov, who is basically the Co-Founder and President of Product and Engineering said, “We have more product ideas to serve and delight our community than we have product managers, designers, and engineers to build them right now, and we’re excited to close that gap. It is our mission to use technology to help people live healthier lives — and these folks will help us do it”
The business will use its new funding to employ more individuals for product growth.
In a media statement, Koum stated he spent in Noom since it “has many of the same traits that helped WhatsApp disrupt the communications industry. Noom is so far ahead of the competition when it comes to technology, execution and brand recognition that it will be difficult for any company to catch up.”
Michael Abramson, who is a partner at Sequoia and Noom board member stated, “Noom is by far one of the fastest growing companies that we are in business with globally. Sequoia is thrilled to partner with the Noom team as they help people achieve healthier lives”