(Reuters) – Digital health platform Noom said on Tuesday it had raised $540 million in a funding round led by buyout firm Silver Lake.
The company did not disclose the valuation at which the funds were raised. But Bloomberg News reported on Monday that the latest funding round valued Noom at $3.7 billion. (bloom.bg/3fGIyNX)
The round included new investors such as Singapore’s Temasek, life sciences-focused investment firm Novo Holdings and healthcare and fintech-focused venture capital firm Oak HC/FT.
Existing investors including Sequoia Capital, RRE Ventures and Samsung Ventures, the investment arm of Samsung Group, also participated in the raise.
Noom said it planned to mainly use the funds to expand its platform while also keeping a portion of them for share buybacks.
Adam Karol, a managing director at Silver Lake, and former TaskRabbit chief executive Stacy Brown-Philpot will join Noom’s board, the company said.
Brown-Philpot, who is also a founding member of SB Opportunity fund, a venture fund dedicated to supporting Black, Latinx and Native American founders, will be also joining as an independent director, Noom said.
Noom could go public within a year, in an initial public offering that could value the startup at around $10 billion, according to Bloomberg News.
The health and fitness app started in 2006 under the name WorkSmart Labs. It is headquartered in New York, and also has offices in Seoul and Tokyo.
Reporting by Niket Nishant in Bengaluru; Editing by Aditya Soni