The Growth of Health and Fitness Tracking Apps

REPLAY VIDEO
Your next video will start in
Pause

Recommended Videos

  • Info

  • Comments

  • VIDEO TEXT

Sept. 19 (Bloomberg) -- MyFitnessPal Co-Founders Mike and Albert Lee discuss the company's fitness app with Deirdre Bolton on Bloomberg Television's "Money Moves." (Source: Bloomberg)

How did you come up with the idea for this?

A very simple story.

My wife and i were trying to lose weight for our wedding.

We went to see a trainer.

The trainer told us if you want to lose weight, you have to count calories.

Being a tech person, there was no way i was doing this on pen and paper.

I went out and look for a website, or a mobile app.

There were hundreds of solutions out there, but none of them worked the way i shot they -- thought they should work.

I decided to build my own.

I know that this has so many products.

How did you begin to collect this data?

A lot of the data we collect comes from our users.

Nutritional data is becoming more and more available, and there's a strong willingness for our customers to contribute that data.

People are responding to it.

Mike, we were saying before we came on, one of my colleagues -- betty liu was talking about your product earlier.

You have 40 million users.

How much longer can you get?

We are still growing very fast in the u.s. we are growing faster than we have ever grown before.

There's a huge international market out there that we have not tapped into at all.

All the same negative health things we are seeing in the u.s. are happening around the world.

We just localized are apt for a few languages.

Can you tell us which ones?

We have six coming out.

It's a lot of the nordic languages.

A few others.

We are working on asian languages as well.

Lots in the works.

You have had a really successful bootstrap campaign.

You have finally decided to raise funding from vc firms.

Geithner perkins, accel partners, just two of your investors.

Why take money now?

It's about being able to go faster.

We care about user success.

We have 1000 ideas on ways we can improve our product to help users succeed.

As a bootstrap company, it's hard to tackle more than one or two of those at a time.

By raising money, we will be able to scale the team much faster and really be able to deliver product features to the market faster.

You just mentioned the international expansion plan to the fact that you will be available in six languages.

What else will you do specifically with the money?

What we care about is user success.

Every day we are thinking about how we can help our users succeed, without getting into too many specifics, those are the product features we're working on.

Things like, how can we help users track more easily, help them get more meaning from their data, and what tools can be provided to help them make the behavior changes they need to make to be successful.

What do you make of all the hard tech, the wearable tech?

That contributes to your ecosystem, right?

It's fascinating.

There is an explosion of activity happening around wearable sensors.

It literally seems like every day there is a new device coming onto the market.

This text has been automatically generated. It may not be 100% accurate.

Advertisement

BTV Channel Finder

Channel_finder_loader

ZIP is required for U.S. locations

Bloomberg Television in   change