Pact Raises $1.5M to Help People Hit Health Goals by Putting Money on the Line

Liz Gannes December 17, 2013 (c) 2013 Dow Jones & Company, Inc.

 

A motivational startup called Pact Inc. has raised $1.55 million, led by Khosla Ventures and Max Levchin, for its mobile apps, which help people set monetary stakes for meeting their goals.

 

Pact, currently known as GymPact, had initially focused on workouts. Its 500,000 members (about 100,000 of them are active per month) have completed five million workouts over two years.

 

Users pledge via iOS or Android app to pay at least $5 if they fail to complete one of their committed workouts. And all those who do complete their goals gets cash rewards split out from the flakers–generally 30 cents to 50 cents per workout.

 

Now Pact wants to apply the same ideas to eating, so it is broadening both its name and focus. New versions of the app under the new brand are set to launch January 1.

 

Read more here
http://www.gym-pact.com