Digital health company Noom, which provides behavior change programs for weight loss, raised $540 million in Series F funding 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 intends to use the newly-raised capital to expand its behavior change platform to address a broad range of conditions with meaningful opportunity to further generate positive change, such as stress and anxiety, diabetes, hypertension, and sleep. The funds will also enable Noom 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.
Noom was founded in 2008. It is a psychology-based digital health platform powered by data, technology, and human coaches to help millions of people meet their personal health and wellness goals from weight management to diabetes prevention to stress reduction. It uses behavior change and consumer-first technology to create long-term positive health outcomes. Its flagship program is focused on weight management. The company has been awarded multiple grants from the National Institutes of Health and was the first mobile application to be recognized by the Centers for Disease Control as a certified diabetes prevention program.
The company also announced two new board members, Adam Karol, Silver Lake Managing Director, and Stacy Brown-Philpot, former TaskRabbit chief executive officer and SB Opportunity Fund Founding Member. Stacy Brown-Philpot joins Noom as an independent director, bringing industry expertise in scaling mission-driven, consumer brands.
This was reported by Noom on May 25, 2021.