Retrofit Gets $2.7 Million from 3 Chicago Venture Funds and Angels
Mar 24, 2012 (Close-Up Media via COMTEX) --
Retrofit LLC, a data-driven weight loss program for data-driven people, announced that the company completed a $2 million financing round led by I2A Fund, New World Ventures, and FireStarter Fund, in addition to the $700,000 previously raised in late 2011.
A number of business leaders committed to defeating the nation's obesity epidemic also participated in the financing.
"Although the obesity epidemic has reached crisis proportions in the United States, there has been almost no disruptive thinking in the weight loss industry. Retrofit's data-driven nutrition, fitness, and counseling program promises to change that. The approach is intensive without being invasive and the results are promising. Over 90 percent of all clients report positive weight-loss results, with an average of 1.1 pounds lost per week," said Stuart Larkins, Managing Director, I2A Fund. "We see great potential in Retrofit's revolutionary model."
According to a release, the capital infusion will be used in Retrofit's ongoing efforts "to ensure that our customers realize long-term weight loss success," said CEO Jeff Hyman. "Our mission is to free the healthy person within all of us. We achieve this through a blend of sustainable behavior change, data analysis, and personalized support."
"Our program marries advanced internet technology with direct one-on-one counseling by a team of nutrition, fitness, and behavior professionals," Hyman said. "It is an optimal solution for busy people whose schedules and responsibilities have made achieving healthy weight levels so challenging. We are committed to turning the tide on the obesity epidemic."
During the 12-month program, Retrofit noted that its clients follow a personalized nutrition and fitness plan; attend weekly Skype video meetings with a private team of registered dieticians, behavior coaches, exercise physiologists; and use advanced wireless devices to track weight, body composition, physical activity, and sleep patterns from home.
Clients receive ongoing communication and reinforcement from their personal professional advisors that helps new habits stick. "It's a very different approach and our clients love it," Tucker Toft-Dupuy, one of Retrofit's 40 Wellness Experts, shares. "Our Wellness Experts love it too. I get the high impact expert interaction of my peers and we work together to change people's lives for good. Nothing could be more exciting."
The investment group includes:
Lon Chow, General Partner, Apex Venture PartnersBrian Jacobs, General Partner, Emergence Capital PartnersRenee LaBran, Partner, Rustic Canyon Fontis PartnersMatt Ocko - Partner, Three Kingdoms Capital PartnersShaun Abrahamson - Partner, EigenValue FundMatt Dickinson - Partner, Growth AngelsLarry Levy, Chairman, Levy RestaurantsDan Malven, Chairman, Analyte HealthSridhar Murthy - CEO, Analyte HealthJai Shekhawat, CEO, FieldglassAncelmo Lopes, CEO, AmeritoxJames Roberts, CEO, Chamberlain GroupJerry Acuff - CEO, DeltaPointJeff Hughes - CEO, BizLabTom Peterson - CEO, Social LeverageBrian Spaly - CEO, Trunk ClubHoward Lindzon - CEO, StockTwitsDan Clifford - CEO, AnswerLabMatt Gray, President, G BarDavid Rosenblatt, Vice Chairman, Arava PowerBob Brinker - Publisher, Brinker Advisory Services
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