SAN FRANCISCO, CA, Pact has closed a $1.55 million funding to expand its workout-motivation business model to dieters.
A startup that fines users for skipping workouts and rewards them for hitting the gym has closed a $1.5 million funding round to expand its model to dieters.
Pact (currently known as GymPact) received $1.55 million from Max Levchin and Khosla Ventures, according to published reports. The company fines users $5 if they renege on a committed workout, or rewards them $.30 to $.50 for sticking to one. The company uses GPS data and photos to confirm its users have met their commitments, and even requires notes from doctors or employers to confirm excused 'absences' from commitments.
Pact is based in San Francisco, and works through smartphones using both iOS and Android systems. The company has now raised $2.4 million from two seed rounds. It takes $.50 cents from every transaction it processes.
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