Noom raises $58M to help you develop healthy habits

Written by Katie Fustich
Published on May. 06, 2019
Noom raises $58M to help you develop healthy habits
image via shutterstock

It’s Monday. You’re tired, in need of caffeine, and maybe reaching for your second doughnut of the morning. Health app Noom believes you can break these cycles with healthy habits, and just raised a $58 million in a Series E round to do so.

Even more impressive, though, is the list of investors. Leading the round was Silicon Valley stronghold Sequoia Capital, with participation from Aglaé Ventures, WhatsApp co-founder Jan Koum, DoorDash co-founder Tony Xu, Oscar Health co-founder Josh Kushner, Samsung Ventures and — wait for it — Ariana Grande and Justin Beiber’s manager, Scooter Braun.

The company plans to use its Series E round to continue internal expansion and build out its client-facing tools, according to FinSMEs. Built In has reached out to Noom for more details, and will update this article when we learn more.

Founded in 2008, Noom provides an app-based wellness program that centers around promotion of healthier habits. Noom onboards each new user with a survey to understand their unique needs and challenges. After Noom’s algorithm formulates a plan to reach those goals, the user is paired with one of Noom’s coaches, who helps support them on their journey.

While the company is best known for its consumer-facing app, the company also develops enterprise-targeted products that focus on chronic conditions like diabetes and hypertension.

Noom was co-founder by Artem Petakov, currently president of product and engineering, and CEO Saeju Jeong. Petakov is a former Google engineer and CTO, while Jeong is a member of the steering committee of South Korea’s Ministry of Science & Technology.

Since the birth of their brainchild, Noom has grown to more than 1,000 employees across the company’s New York City, Seoul and Tokyo offices.

Noom’s latest funding brings the company’s total funding raised to $114.7 million.

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