Nexercise, a Silver Spring, MD-based fitness mobile application, raised funding from Militello Capital, a Northern Virginia-based private equity investment manager.
The amount of the transaction was not disclosed.
Co-founded by CEO Benjamin Young, Greg Coleman and Boomie Odumade, Nexercise is a mobile platform that uses competition and real rewards to motivate people to lose weight and stay fit.
The (free) app, which is available for iPhone and Android, motivates users who want to lose weight and maintain a healthier lifestyle by accumulating points through physical activity which can be converted into real rewards like gift cards with Starbucks, iTunes, or Amazon. They can even donate to charitable causes.
For added motivation, individuals have the ability to compete with friends and family with similar health goals.