The company will use the funds to expand its behaviour change platform to address a range of conditions
The funds will help Noom to further accelerate digital health platform. (Credit: StockSnap from Pixabay)
Noom has secured $540m in a Series F funding round to speed up the expansion of its psychology-based digital health platform.
The funding round, led by Silver Lake, attracted new investors such as Oak HC/FT, Temasek, and Novo Holdings.
Existing investors such as Sequoia Capital, RRE, and Samsung Ventures have also participated in the financing round.
The newly-raised capital will be used by Noom to expand its behaviour change platform to address a range of conditions.
Through its platform, the New York City-headquartered company intends to generate positive change across the lives and health of its customers, including stress and anxiety, diabetes, hypertension, and sleep.
The funds will also allow the company to serve people in more places ranging from new geographies to employee benefits programmes.
As part of its wider capital allocation framework, Noom will use a portion of the new capital for share repurchases.
Noom co-founder and CEO Saeju Jeong said: “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.”
Silver Lake managing director Adam Karol, as well as SB Opportunity Fund founding member and former TaskRabbit CEO Stacy Brown-Philpot have joined as new board members in Noom.
Noom’s digital health platform, which is powered by data, technology and human coaches, assists people to meet their personal health and wellness goals from weight management to diabetes prevention to stress reduction.