CHICAGO--(Retrofit, the expert-led, data-driven weight loss program for busy professionals, has raised $8 million in a Series A financing led by Draper Fisher Jurvetson. DFJ has invested $6 million in the innovative company dedicated to combating America’s obesity epidemic. This round includes new investments from Correlation Ventures and Hyde Park Angels. Previous investors New World Ventures and I2A Fund also participated.)--
“The passionate team at the company has demonstrated in just a short time how powerful the platform can be in changing lives for the better, and we firmly believe in the power of data-driven weight loss as a massive market opportunity.”
“Retrofit is thrilled to partner with venture capital pioneer DFJ,” said Retrofit CEO and Founder Jeff Hyman, who points out that more than 90% of Retrofit’s clients are losing weight. “With this investment, we will continue on our mission to achieve unrivaled weight loss outcomes for our clients.”
DFJ is based in Menlo Park, Calif. and has a history of investing in emerging trends before they become mainstream. Retrofit will use the Series A financing to enhance its highly-effective online weight loss program as it continues to turn the tide on America’s obesity crisis. Mohanjit Jolly, DFJ Managing Director, will join the company’s board of directors.
Retrofit is a high-tech, high-touch weight loss program, which uses the latest technology in wireless tracking devices along with highly-trained wellness experts. Each Retrofit client consults with a registered dietitian, exercise physiologist and behavior coach via Skype™ videoconferences. Retrofit delivers weight loss through behavior change to achieve results that can last a lifetime.
“Retrofit’s mission is a big one: to reverse the course of the obesity epidemic by addressing the underlying physical and psychological hurdles of losing weight,” said Jolly. “The passionate team at the company has demonstrated in just a short time how powerful the platform can be in changing lives for the better, and we firmly believe in the power of data-driven weight loss as a massive market opportunity.”
The Series A financing brings the total investment in Retrofit to $10.7 million. Hyman created the company and initially raised $700,000 after he and his wife visited a destination wellness resort. Working with a personal team of experts inspired him to create a holistic program using technology to deliver the same kind of personalized weight loss program to consumers via the Internet. The company now has 80 full-time & part-time employees nationwide.
“Retrofit is a game-changer for the weight loss industry," said Brad Feld, a Retrofit client and Managing Director of Foundry Group. "A private team of wellness experts helped me re-program some bad patterns so I could lose those 'last 20 pounds' I had been talking about for a decade. Retrofit provided a positive and powerful feedback loop for success. Not only does the program help you lose weight, but also it helps you establish the skills to keep the weight off for life."
Two-thirds of America’s population is overweight and related health conditions, including cardiovascular disease and Type 2 diabetes, are soaring. Retrofit is committed to changing those statistics as it transforms companies into healthy and energized workplaces. The weight loss company is so passionate about its mission and proven success with busy professionals that it is giving away almost $300,000 worth of weight loss programs in the groundbreaking Retrofit My Company contest.
Applicants simply submit a 500-word essay describing why they should win a free year of Retrofit weight loss for up to 100 of their co-workers at RetrofitMyCompany.com. Prominent judges include: J.B. Pritzker, Managing Partner of The Pritzker Group; Larry Levy, CEO of Levy Organization; Bruce Cazenave, CEO of Nautilus Inc.; Wayne Cooper, Publisher and Chairman of Chief Executive Group; Jeffrey Yordon, CEO and President, Sagent Pharmaceuticals; and Dr. Holly Wyatt, Clinical Researcher at The Center for Human Nutrition.
The contest goes live on November 13, 2012 at 12:00 AM (CST) and closes on December 12, 2012 at 11:59 PM (CST). Retrofit will announce the Grand Prize winner on January 2, 2013.
Retrofit, the expert-led, data-driven weight loss program for busy professionals, is designed to deliver lasting results. Its innovative year-long program includes wireless monitoring of a client's weight, activity and sleep, as well as private lessons with a registered dietitian, exercise physiologist, and behavior coach. Retrofit can be found on the Web at www.retrofitme.com and (855) 4-RETROFIT. Follow the company on Facebook and Twitter at @retrofitme.
DFJ is a venture capital firm that partners with extraordinary entrepreneurs who set out to change the world. Since 1985, DFJ and the DFJ Global Network have had $7B committed to their funds and have managed more than 400 portfolio investments, including AdMob, Baidu, Box, Skype, Hotmail, SpaceX, Tesla Motors, SolarCity, Twitter, Tumblr and Yammer. DFJ works with companies at seed, early and growth stages, with the goal of creating iconic and lasting businesses. DFJ pioneers investing in emerging markets including consumer and enterprise information technology, digital media, and disruptive technologies. The DFJ Global Network is a federation of 16 independent venture funds operating on four continents that cooperate on investment diligence and co-investing. Learn more at dfj.com.
About Correlation Ventures
Correlation Ventures, a $165 million venture capital fund, leverages world-class analytics to offer entrepreneurs and other venture capitalists a dramatically better option when they are seeking additional co-investment capital to complete a financing round. The firm makes investment decisions in two weeks or less and offers reliability and transparency about reserves and its intentions to follow in future financings. Correlation Ventures invests across all industry segments, U.S. geographies and investment stages – from seed through late stage. Current portfolio companies include Aldea Pharmaceuticals, Bunchball, edo interactive, Framehawk, Getaround, MOGL, SAY Media, Telly, and Virsto Software. Correlation Ventures has offices in San Diego and Palo Alto, CA. For more information, visit http://www.correlationvc.com.
About New World Ventures
New World Ventures, a member of The Pritzker Group, is a multi-stage venture capital firm helping entrepreneurs build market-leading information technology companies. Since its founding in 1996, the firm has worked side-by-side with entrepreneurs at more than 70 companies by providing a broad network of strategic relationships, advice based on decades of experience, and flexible capital. Recent successes include SinglePlatform (acquired by Constant Contact in 2012), Zinch (acquired by Chegg in 2011), and Playdom (acquired by Disney in 2010).