San Francisco based digital health startup, MyFitnessPal, which allows users to track their calories has raised USD 18 million in its first round of funding led KPCB with participation of Accel Partners. With the round of funding, John Doerr from KPCB & Accel’s Andrew Braccia have also joined the company’s board, reports Gigaom.
MyFitnessPal has developed website and companion apps, with the help of its database of more than 3 million foods and hundreds of exercises, fitness technology partners and community insights, it helps users to accurately track their caloric intake and exercises. With this, it also helps them to figure out if they are in balance and guides them to stay on track with their weight-loss goals.
The company plans to invest the fresh capital to further evolve its team, analytics, product and international presence. “With this funding, we are now perfectly positioned to expand our product, team and audience reach and empower consumers throughout the world to reach their health goals, build healthy habits and live healthy lives,” said Mike Lee, Co-Founder of MyFitnessPal.
As per the company they have been profitable since inception and they haven’t focused on monetization to date. Lee said that they plan to do a lot of thinking around the business model.
It has managed to get more than 40 million registered users and its users have lost a total of 100 million pounds till now and since last year, it has been adding 1.5 million users every month.
MyFitnessPal also offers an API, which allows users to sync their accounts with devices and apps from other companies, few of its partners include Fitbit, Endomondo, runtastic, Body Media, etc.
Earlier this year, it had expanded its reach to more international markets by launch of its new versions in Spanish, French, German and Portugese.
MyFitnessPal was launched in 2005 by brothers Mike Lee & Albert Lee, it competes with other fitness apps like Lose It! and MyNetDiary.