Noom, the US-headquartered creator of an online platform that guides healthy behaviour, secured approximately $540m yesterday in a series F round featuring pharmaceutical firm Novo and electronics manufacturer Samsung.
Private equity firm Silver Lake led the round, which included Oak HC/FT, Temasek, Sequoia Capital and RRE Ventures, while Samsung participated through corporate venture capital unit Samsung Ventures. It valued the company at $3.7bn, according to Bloomberg.
Founded in 2008, Noom has built a mobile platform which combines data analytics technology with human coaching to help users take steps to manage their weight, reduce stress and prevent diabetes.
The funding has been earmarked for the company’s international expansion plans in addition to share repurchases. It had raised a total of $86m as of a $58m round in mid-2019 that was led by Sequoia Capital and backed by Samsung Ventures, Groupe Arnault’s Aglaé Ventures fund and various individuals.
Noom raised an undisclosed sum from Samsung Ventures in 2016, having received $16.2m in a 2015 series B round featuring Qualcomm Ventures and Hanmi IT – on behalf of mobile chipmaker Qualcomm and drug developer Hanmi Pharmaceutical respectively – in addition to RRE Ventures, InterVest, LB Investment and TransLink Capital.
Qualcomm Ventures and Recruit Strategic Partners, an investment vehicle for human resources firm Recruit, had joined Translink Capital, RRE Ventures, Scrum Ventures and Harbor Pacific Capital to provide $7m in series A financing for Noom the previous year.
The company had secured $2.6m from Qualcomm Ventures, Harbour Pacific Capital and M8 Capital in 2012, following a $2.5m investment by Kleiner Perkins Caufield & Byers in 2011.
Saeju Jeong, Noom’s co-founder and chief executive, said: “I am energised 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 behaviour for good and create transformational health outcomes.”
