Just a year after opening its web-based doors, Chicago-based Retrofit announced today the raising of $8 million in venture capital funds. The fund raising was led by Draper Fisher Jurvetson (DFJ), and brings the company to a total of $10.7 million in Series A funds. Other investors include Correlation Ventures, Hyde Park Angels, New World Ventures, and I2A Fund. It’s a move that will allow one of the most tech-minded brands in weight loss to grow to serve a broader clientele.
“DFJ is a great backer to have,” commented Jonathan George, former CEO of Boxcar. “Their resources and knowledge will help turn Retrofit into an even bigger winner than they already are. From the looks of this, it’s a growth round that will help propel them into the future. These type of rounds don’t happen without significant traction.”
The move comes in time for Retrofit to make a major play when the January new-year diet season kicks off. Today’s announcement comes in hand with the release of their Retrofit My Company contest, which will position the brand in a corporate environment.
The company will give away $300,000 worth of complimentary services to the company that wins. According to Retrofit, “A high profile panel of judges chooses the company and up to 100 employees at that company will get their own expert weight loss teams, fun wireless devices, and full Retrofit program that is helping more than 90% of clients lose weight.”
CEO Jeff Hyman pointed out in a press release that companies have $1500 per year in additional health care expenses for each overweight or obese employee. It’s long been reported that a healthier staff is a happier and more productive staff, not to mention one that saves the company money. (more…)