WayBetter launched a “Test the Waters” campaign on SeedInvest last summer. The posting soliciting indications of investor interest pretty much killed it out of the gate. Now WayBetter is taking the next step to raising capital under Regulation A+ with a Series B funding round hoping to raise $20 million.
According to WayBetter information, the bulk of new funding will be used for new hires, product development, international expansion and overall operational growth.
The company was founded by Jamie Rosen in 2010. After seeing friends at work play weight loss games, Rosen decided to migrate the entire experience online. The DietBet product games weight loss by setting attainable goals tied to monetary gain. Management explains that the great news is it “really works”. WayBetter has the commitment to help inspire healthy behaviour to help people live better lives.
The social dieting platform generated over $12 million in transaction volume in 2015. WayBetter’s net revenue for 2015 stood at $3.1 million, a 53% increase over 2014. While growing rapidly, the company generated a net loss for 2014. The DietBet game has been the sole product for the past several years but the company expects to extend into new verticals such as CigaBet (smoking cessation) and SleepBot (get more sleep). So far the company has raised over $5 million from various investors including a strategic investment from China-based weight loss company Showyu.
Today the company has players in over 100 countries and expect to grow this foundation by providing a more localized experience for users.
If you are interested in investing in this offer, you may read the offering circular here.
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