Noom, a psychology-based digital health platform that helps people meet their health and wellness goals from weight management to diabetes prevention to stress reduction, announced a $540 million Series F funding round led by Silver Lake.
Other new investors participating in the round include Oak HC/FT, Temasek, and Novo Holdings. Existing investors Sequoia Capital, RRE, and Samsung Ventures also participated.
Noom plans to use the newly-raised capital to expand its behavior change platform that addresses a broad range of conditions, including stress and anxiety, diabetes, hypertension, and sleep.
According to the company, the funds will also enable it to reach more people in more places – from new geographies to employee benefits programs. A portion of the new capital is also being used for share repurchases as part of the company’s broader capital allocation framework, the company said in a statement.
“Most people want to eat healthier, exercise more, be less stressed, and get better sleep, but it’s not easy to change these behaviors. This strategic round of funding reflects our investors’ confidence in the immense opportunity we have in building a business around helping as many people as possible live healthier lives through behavior change,” said Saeju Jeong, Co-founder, and CEO of Noom.
Noom offers a psychology-based digital health platform powered by data, technology, and human coaches that help people meet their health and wellness goals from weight management to diabetes prevention to stress reduction.
Saeju Jeong added: “I am energized by the tremendous momentum Noom has seen over the past year. Adding a well-rounded group of seasoned investors, led by Silver Lake and new board members, provides the right combination of insights, expertise, and relationships, in both technology and healthcare as we continue to help people change their behavior for good and create transformational health outcomes.”
Digital Wellness companies raised $559 million in Q1 2021, according to Mercom’s Q1 2021 Digital Health Funding and M&A Report. Recently, BurnAlong, an online employer-focused wellness platform, announced a $7 million fundraise led by Triventures.