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Weight-Loss App Noom Gets $540 Million in Silver Lake-Led Round

  • Noom is said to be valued at $3.7 billion after funding round
  • Company seeking to expand to business customers, new areas

Noom Inc., whose app is designed to help people lose weight by changing their behavior, raised $540 million in a new funding round as it seeks to expand into other realms of personal health.

Private equity firm Silver Lake led the round, which also included investors such as health-care funds Oak HC/FT and Novo Holdings. Noom plans to use the money to hire fresh talent, Chief Executive Officer Saeju Jeong said in an interview.