MyFitnessPal said Monday that it has received $18 million in Series A funding. The lead investor was Kleiner Perkins Caufield & Byers. Accel Partners also participated in the round. In addition to the news about the funding, John Doerr, a partner at KPCB and Andrew Braccia, a partner at Accel Partners, have joined the company’s board. Headquartered in San Francisco, Calif., MyFitnessPal is a diet and exercise tracking app.
Mon Aug 12, 2013 12:00am EDT
MyFitnessPal, the leading free personal health and fitness system, today announced it has closed an $18 million Series A round of funding led by Kleiner Perkins Caufield & Byers with participation by Accel Partners. Both John Doerr and Andrew Braccia have also joined the company’s board.
“MyFitnessPal users have lost more than 100 million pounds to date, demonstrating the massive potential of digital health technology to improve the lives of millions,” said John Doerr, partner at KPCB. “We’re excited to help MyFitnessPal reach millions more users in global markets and accelerate innovations in personal health.”
The company has been profitable since its inception and has not accepted outside funding until now. The capital and resources raised will allow co-founders, Mike and Albert Lee, to accelerate both hiring and global growth. With localized services already available in many European and South American countries, MyFitnessPal plans to further evolve its team, analytics, product and international presence.
“The bootstrapped environment has given MyFitnessPal a foundation to focus on the primary driver of our business, creating a fantastic user experience to help our 40 million members reach their health and fitness goals,” said Mike Lee, Co-Founder of MyFitnessPal. “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.”
During the past year, MyFitnessPal has seen an increase of more than 1.5M new users per month, and since its launch in September 2005, has amassed more than 40 million users worldwide. The rapid adoption of the MyFitnessPal technology has provided millions of members with the tools and information necessary to take the first step towards improving their overall health and wellness through diet and exercise.
“MyFitnessPal has successfully built a category defining consumer technology company in the span of only a few short years,” said Andrew Braccia, partner at Accel Partners. “We are thrilled to partner with MyFitnessPal as they continue to execute their mission to improve the health and wellness of millions across the world.”
MyFitnessPal has helped more than 40 million people achieve and maintain a healthier and happier lifestyle. With a database of more than 3 million foods and hundreds of exercises, top fitness technology partners and community insights, MyFitnessPal is the leading free resource for achieving and maintaining health goals. MyFitnessPal is headquartered in San Francisco, CA. For more inspiration, visit http://www.myfitnesspal.com/. For more information about jobs at MyFitnessPal, visit http://www.myfitnesspal.com/jobs.
About Kleiner Perkins Caufield & Byers
For more than 40 years, Kleiner Perkins Caufield & Byers (KPCB) has backed entrepreneurs in more than 700 ventures leading to nearly 200 IPOs and the creation of over 375,000 jobs. The firm has helped to build pioneering companies like Amazon, Electronic Arts, Flipboard, Genentech, Genomic Health, Google, Intuit, Juniper Networks, Nest, Netscape, Square, Symantec, VeriSign, and WebMD, among others. KPCB accelerates the success of entrepreneurs with a team of partners experienced in strategy, operational scaling, recruiting, business development, product delivery and marketing. The firm has offices in Menlo Park, San Francisco, Shanghai and Beijing.
Founded in 1983, and managing over $9.6 billion in capital, Accel Partners has a long history of partnering with outstanding entrepreneurs and management teams to build world-class businesses. Accel today invests globally using dedicated teams and market-specific strategies for local geographies, with offices in Palo Alto, California, New York City, London, and Bangalore, as well as in China via its partnership with IDG-Accel. Accel has helped entrepreneurs build over 300 successful technology companies, many of which have defined their categories, including 99designs, Actuate, AdMob, Agile Software, AirWatch, Alfresco, Angry Birds (Rovio), Atlassian, BBN, Bonobos, Braintree, Brightcove, Cloudera, ComScore, Diapers.com (Quidsi), Dropbox, Etsy, Facebook, Flipkart, Fusion-IO, Gameforge, GlamMedia, Groupon, HasOffers, IronPlanet, JBoss, Kayak, Lookout, Macromedia, metroPCS, MoPub, Myntra, OPOWER, Polycom/PictureTel, Playfish, QlikTech, Rapt, Real Networks, Responsys, Riverbed, Spotify, Squarespace, SunRun, Trulia, Walmart.com, Webroot and Zimbra.