The company sealed a $7m Series A a year ago to achieve growth among consumers, which has resulted in its flagship Noom Coach app achieving more than 32m downloads.
Now Noom will use its latest round to evolve its coaching formula, which uses human and artificial intelligence to develop programmes, with support for conditions such as diabetes and heart disease. The expansion will be achieved in partnership with healthcare and pharmaceutical firms in Europe, Korea and the States.
Noom already has a number of relationships in place through its Noom Health app, which patients can download from the App Store and Google Play in order to access programmes developed uniquely from their healthcare providers – B2B partners include the likes of health insurance firm Emblem Health and Aetna.
“We have seen high interest from pharmaceutical companies in Europe that are keen on taking a holistic approach, beyond just prescribing medication to incorporating behaviour change. Our platform is ready to be used in Europe, and we are very excited about our first healthcare partnerships in 2015,” said Susanne Wechsler, MD of Noom Europe.
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Saeju Jeong, CEO of Noom, said: “We’ve had a tremendous response from the healthcare industry already this year. This round of funding will enable us to rapidly expand upon the work we have already begun in diabetes prevention to include helping cancer and congestive heart failure patients.”
The Series B was generated by Korea-based VC firm InterVest, LB Investment, Hanmi Pharmaceutical subsidiary Hanmi IT, New York-based RRE Ventures, TransLink Capital and Qualcomm Ventures.
Speaking of InterVest’s involvement, director Jinwoo Song, added: “Noom’s mobile technology makes effective behaviour change programs widely accessible, affordable and approachable to a broad range of patients. Their experience helping millions of consumers lose weight demonstrates that they know how to build a product people want to use.”
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