LifeSum Closes $6.7 Million Series A For Fitness App

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Swedish digital health startup LifeSum announces a $6.7 million Series A round led by German-based Bauer Media Group and Palo Alto-based SparkLabs Global Ventures. The new funding is the startup’s first outside money, having bootstrapped through its first several years of growth.

Founded in 2008, LifeSum has been steadily building a user base for a fitness app that helps consumers count calories and track activity throughout the day. Barcode scanning streamlines calorie counting, and integration with third party activity trackers allows users to capture a full picture of their daily burn. The app operates in the same space that LoseIt! and MyFitnessPal do, but LifeSum operates entirely in the European markets. To date, the company’s app has racked up an impressive 6.5 million downloads on the iOS and Android ecosystems, propelled by claims that its users average 13 pounds in weight loss during the first three months of use. The app is advertisement free, and is monetized by converting users over to its premium subscription services.

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Last year, LifeSum began planning its expansion into the international market. In May, it recruited several Stockholm-based IT executives to take over senior leadership positions at the company. Henrik Torstensson, the former head of premium sales for Spotify, took the reins as CEO, an uncommon relinquishing of control for a company whose founder is still on board and financially in control. Since Torstensson’s arrival, a number of other high profile ex-Spotify employees have been lured over to LifeSum team.

Now sitting on top of several profitable years, a recent surge in new user enrollment, and employing a staff of 21, LifeSum is looking for opportunities to expand beyond the European market, which was the driving factor behind its decision to seek external funding. The company will use both the funding and the partnership with both US and locally-based investors to help it ramp up to the international level. Frank Meehan, Partner at SparkLabs Global, explains, “Lifesum represents a rare combination of high customer engagement, rapid growth, a successful business model, and first-rate team.”

The company will funnel the new funds directly into recruitment efforts as it builds up its staff across all divisions of its operations to support its entrance in the international market.


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