Retrofit is packing on the dollars to help you shed the pounds.
The provider of corporate weight loss programs closed $5 million in new funding.
Retrofit works one-on-one with employees to help them achieve their weight loss goals, and keep those pounds off over time. It takes a data-driven approach to the matter, using wireless tracking devices to monitor users’ weight, activity, and sleep. This biofeedback is combined with personal consultations from highly trained health professionals, such as registered dietitians, exercise physiologists, and behavior coaches.
Retrofit claims that more than 90 percent of its clients are losing weight, and that the average weight loss is approximately 20 pounds a year.
Obesity is a huge (ha) problem in America. More than one-third of U.S. adults are obese, which leads to obesity-related conditions such as heart disease, stroke, diabetes, and certain types of cancer.
Obesity costs are thought to cost the U.S. a staggering $190 billion a year, exceeding smoking. Employers pay $10,000 per employee for healthcare, and if obesity-related illnesses drive these costs up.
A Gallup poll found that workers who are overweight or obese miss an estimated 450 million additional days of work, as compared to healthy workers, costing an approximately $153 million in lost productivity a year.
It is clearly in employers’ best interest to help their employees maintain a healthy weight.
Employers seem to agree — RetroFit tripled its client base in 2013. Current clients include Salesforce, Google, NFLPA Former Players, DeVry, the America Medical Association, and VISTA Staffing Solutions, whose 60 employees collectively lost 800 pounds.
Cambia Health Solutions led this round of funding, with previous investor Draper Fisher Jurveston which led RetroFit’s $8 million round of funding in 2012.
RetroFit is based in Chicago. It has raised $15.7 million to date.