Fitness startup Retrofit adds $8 million in funding
Nov 13, 2012 (Chicago Tribune - McClatchy-Tribune Information Services via COMTEX) --
Local fitness startup Retrofit has raised $8 million in a new funding round, bringing its total investment to $10.7 million.
The company, which is based in Skokie but moving to Chicago early next year, crafts 12-month weight loss programs for customers, particularly busy professionals, based on data collected via wireless tracking devices such as a scale and pedometer. Clients consult with dietitians, behavior coaches and exercise physiologists via Skype videoconferences. The company says its customers will lose at least 10 or 15 percent of their current weight, depending on the program they select, and keep it off for12 months.
Silicon Valley-based venture capital firm Draper Fisher Jurvetson led the $8 million funding round, which also included investments from local groups Hyde Park Angels, New World Ventures and I2A Fund. New World Ventures and I2A Funds had previously invested in Retrofit.
The company's data-based approach to fitness is part of a broader consumer technology trend that has seen wireless health gadgets rise in popularity. New generations of pedometers, wearable activity trackers and sleep monitors give users instant access to data and some allow consumers to share their statistics with friends on social networks.
"We firmly believe in the power of data-driven weight loss as a massive market opportunity," Mohanjit Jolly, managing director of Draper Fisher Jurvetson, said in a statement.
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