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Mobile healthcare firm Noom raises $58 million for biz expansion

Jeong Sae-im  Published 2019.05.08  15:23  Updated 2019.05.08 15:23

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Noom, a New York-based mobile healthcare company, said it has attracted $58 million (67.5 billion won) investment for the expansion of its business.

Sequoia Capital led the financing, and other investors include Groupe Arnault's tech arm Aglaé Ventures, Jan Koum, co-founder of WhatsApp, Tony Xu, co-founder of DoorDash, Josh Kushner, co-founder of Oscar Health, Scooter Braun, founder of SB Projects, and existing investor Samsung Ventures.

Noom is a clinically proven behavior change program, combining human coaching with artificial intelligence-based personalized content to help users achieve health goals. A human coach directly communicates with a user, providing psychological support and customized content.

Instead of forcing the user to follow demanding exercises or fad diets that are difficult to maintain, the program searches for personal motivation and obstacles and proposes the best option for a sustainable behavior change

"Noom has many of the same traits that helped WhatsApp disrupt the communications industry," Jan Koum, co-founder of WhatsApp, said, "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, a partner at Sequoia and Noom board member, said Noom was one of the fastest growing companies that he was in business with globally.

"Sequoia is thrilled to partner with the Noom team as they help people achieve healthier lives," he said.

The investment will be spent on expanding the Noom team and researching for service improvement.

Jeong Sae-ju, CEO and co-founder of Noom, said the financing would help the firm hire more talented people who want to use their technical skills to make personalized coaching accessible to all the people in the world.

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