ShapeUp, a Providence, RI-based provider of social networking and incentives-based employee wellness solutions, raised $7.5m in new funding.
The round is comprised of $5m of equity from venture capital firms Cue Ball Capital and Excel Venture Management and $2.5m of debt from Silicon Valley Bank.
The company intends to use the funds for strategic investments in mobile technology and global capabilities to drive member engagement and expand platform accessibility.
Founded in 2006 by Dr. Rajiv Kumar, CEO, ShapeUp provides clinically-proven, social networking and incentives-based employee wellness programs that help people exercise more, eat healthier, and improve their overall well-being.
Its social wellness platform covers over two million lives across 109 countries and is used by more than 250 employers and health plans.
The company, which reached profitability in 2013 and currently has 75 employees, plans to further its offerings by adding global marketing expertise, regional health content, and enhanced localization tools.
FinSMEs
05/11/2013
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