Pact raises funds led by Khosla

Pact (formerly known as GymPact) has secured a $1.55 million round of funding led by Khosla Ventures and Max Levchin of PayPal. Pact was founded by Harvard students who realized that having your own money on the line helps limit excuses and get people achieving their goals. Individuals make a Pact of how many times a week they plan to achieve their healthy goals.

PRESS RELEASE

There is no argument that it can be difficult to find
the motivation start exercising and eating healthy. But, how would your motivation change if you
had real money on the line?
Pact (formerly known as GymPact) has secured a 1.55 M round of funding led by Khosla
Ventures and Max Levchin of PayPal.
Pact has exciting news coming up related to products and on January 1st will be expanding the
app to include incentives for healthy eating.
Pact was founded by Harvard students who realized that the extra monetary kick of having your
own money on the line helps limit excuses and get people achieving their goals. Individuals
make a Pact of how many times a week they plan to achieve their healthy goals. Users then set
the stakes and enter how much they would be willing to pay if they do not reach their goals.
At the end of the week, if a user reaches their goals they receive real cash rewards that come
from those who didn’t make it that week. The average user is rewarded 30 – 50 cents for each
activity completed.
GymPact officially launched on iPhone on January 1st 2012 and launched on Android January 1st
2013. During this time GymPact users have completed an impressive 5 million+ total workouts
and stuck to their goals 92% of the time.
Pact can also share data relating to exercise commitments by state and gender, and how much
money motivates the most success.