Swedish health startup Lifesum today announced that its eponymous fitness app has amassed 35 million users worldwide. The company has also secured $5 million to expand its business as it looks to fend off growing competition from sporting-goods giants that have launched their own fitness apps.

Lifesum did not disclose how many paying customers it has but said its subscriber count rose 150 percent in the U.S. and 70 percent globally last year. It also announced that it has added more than 2 million users worldwide in 2019 alone. The app, which had about 11 million users in 2015, received a boost in popularity after Apple mentioned it during the unveiling of Apple Watch that year.

ALSO READ   Upstart raises $50 million and partners with banks to expand its AI lending business

The app helps users keep tabs on the number of calories they are consuming and encourages them to keep active, as well as displaying healthy recipes. Its premium offering starts at $3.30 a month.

Lifesum secured $5 million from Balderton Capital, a European early-stage venture capital firm. Lifesum is the first startup Balderton is investing in via its $145 million Liquidity I fund. Founded in 2013, Lifesum had secured $16.7 million prior to today’s announcement.

ALSO READ   the best makeup tips for contact lens users

Henrik Torstensson, cofounder and CEO of Lifesum, told VentureBeat by email that the company is planning to raise a significant round later this year. He added that Balderton is buying from existing shareholders and that Nokia and Bauer Media are among its early investors.

Torstensson said Lifesum will use the fresh funding to grow its business, features offerings, and headcount and to launch in additional markets. The company also plans to expand its U.S. operations.

ALSO READ   Vince Zampella: Respawn will reveal Apex Legends on Monday morning

Lifesum competes with the likes of Adidas’ Runtastic app and Nike’s Run. Adidas bought fitness app Runtastic for $239 million in 2015. As of 2017, the app had over 100 million registered users.

Sign up for Funding Daily: Get the latest news in your inbox every weekday.

Comments

comments

LEAVE A REPLY

Please enter your comment!
Please enter your name here