Nokia Growth Partners leads $10M round in fitness tracking app Lifesum

By Heather Mack
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Stockholm-based digital health company Lifesum has secured $10 million in a funding round led by venture capital firm Nokia Growth Partners. Draper Esprit, Bauer Media Group and SparkLabs Global Ventures also participated in the round, which will enable the Swedish health app maker to expand its growth in Europe and the US.
 
Lifesum, which launched in 2013 under the name ShapeUpClub, now has some 15 million users. The app tracks the eating and exercise habits of users and offers tailored feedback. It can be synced with several data-collecting wearables and apps including Fitbit, Jawbone, Google Fit and Runkeeper. Last year, the company launched food-choice app Life Rating for Apple Watch, Android Wear and Samsung Gear. During its first funding round in 2014, Lifesum raised $6.7 million.
 
NGP investment leader Walter Masalin will join the Lifesum board along with Draper Espirit venture partner Vishal Gulati. NGP is an independent investor sponsored by Nokia.

Nokia Technologies, a Nokia business unit, also recently acquired France-based digital health company Withings. Among other connected devices, makes wifi-connected scales which also work with Lifesum.
 
“Health and nutrition management is moving online and to mobile at a rapid pace,” Masalin said in a statement. “Lifesum has established itself as one of the leaders with a strong business model. We also found the vision and roadmap laid out by the company to be very compelling.”
 
Earlier this year, Lifesum partnered with UK-based food and juice bar company Crussh, which identifies nutritional deficiencies and then creates specialized juices for each individual, and farm-to-table delivery service PALETA in the US. 
 
“Digital health is at an early stage, but with the current exponential development in mobile technology and IOT, we will soon see rapidly increased empowerment of the individual,” Masalin said.
 
Beyond tracking food and exercise, Lifesum is making a concerted effort to partner with other companies across industries, including healthcare, DNA and pharmaceuticals. The strategic relationship with NGP will allow Lifesum to gain a firmer foothold in the US market.
 
“The truly global nature of NGP will be a great asset as we continue our global expansion,” Lifesum CEO Henrik Torstensson said in a statement. “I especially consider their Silicon Valley office to be a resource that we can start leveraging immediately since the US is becoming more and more significant to Lifesum.”