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Fundraising: E-coaching for weight loss with video sessions raises $1M

6:13 pm by | 0 Comments

Company name: HealthFleet Inc.

Industry: Health and wellness, digital health.

Location: Norwalk, Connecticut.

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Solution/product: A Web-based e-coaching system, 360WeightLoss program uses proprietary health risk assessment tools. Subscribers get a customized plan covering nutrition, fitness and lifestyle. Users communicate with a personal trainer through a high-definition video. E-coaching sessions give private, one-on-one counseling on nutrition and fitness and meeting goals. Customized workout regimens are emailed to users and include the correct exercises, order, weight, repetitions and sets in the form of a wristband.

Money raised: $1.14 million since May 2011.

Investors: 32 investors are listed in its Form D filing.

Management team: Bill Van Wyck is the founder and president of the company. He describes himself as a serial entrepreneur in e-commerce and was previously founder and president of RedRoller. Darrin Ullerick was the president and chief financial officer of Calabogie Peaks Resort and has worked as a CFO for two New York broadband service providers, successfully raising $20 million in angel and venture capital financings, according to the website. Dr. Riza Yaravi is the director of program development. He is an endocrinologist and founder of Beyond Care, a preventive care and lifestyle management company with metabolic syndrome, diabetes and obesity programs for individuals, hospitals and corporate wellness sites. Yavari’s clinical obesity center is affiliated with the Yale Sleep Center.

Market size: How long is a piece of string? Seriously, this is probably a tough market to overestimate, but Parks Associates put the digital health market at $1.7 billion in 2010 and projected it would balloon to $5.7 billion by 2015 primarily coming from the mobile market: chronic-care monitoring; systems for seniors and wellness and fitness apps and programs.

Competitors: There’s the Enforcer health coaching startup from TV’s Dr Mehmet Oz and by Cleveland Clinic wellness chief Dr. Michael Roizen, and American Specialty Health, but it doesn’t look like they are duplicating each other.

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Stephanie Baum

By Stephanie Baum

Stephanie Baum is the East Coast Innovation Reporter for MedCityNews.com. She enjoys covering healthcare startups across health IT, drug development and medical devices and innovations deployed to improve medical care. She graduated from Franklin & Marshall College in Pennsylvania and has worked across radio, print and video. She's written for The Christian Science Monitor, Dow Jones & Co. and United Business Media.
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