Providence, RI-based ShapeUp announced on Tuesday it has raised $7.5 million in funding from Cue Ball Capital, Excel Venture Management and Silicon Valley Bank, bringing the company's total funding to $16.5 million. The latest investment will be used to broaden the capabilities of and expand engagement on ShapeUp's corporate wellness SaaS platform.
ShapeUp believes its customers will be accessing its wellness program almost entirely on mobile devices by 2015. To build the best mobile experience, Shapeup intends to use the new funding to expand the platforms's integration capabilities with other mobile apps and wellness devices.
The idea is that you could use anything from a Nike Fuel Band to the Runkeeper app, and have all the information these services provide funneled into one, easily accessible, actionable platform.
In addition to expanding platform integration, the recent financing will be used to add regional health content and enhanced localization tools to better serve ShapeUp's domestic and international customers.
“Mobile technology is finally making its way over the wall into the enterprise space for corporate wellness programs," ShapeUp founder and CEO, Dr. Rajiv Kumar, told BostInno in an email. "Our new funding will allow us to accelerate product development efforts to meet the growing demand for solutions that can keep employees engaged in their health wherever they work, live, or play.”
According to Tuesday's press release, ShapeUp plans to open a satellite office in Boston sometime in the next 24 months.
Learn more about ShapeUp in the video below.
