If I were an angel investor, I would invest in FitNow, Inc a Boston based start-up. Its flagship product is Lose It! an iPhone and Android based health and fitness app which allows users to record and manage their diet and fitness activities. It has a huge database of nutritional information for everyday foods as well data from several restaurant chains. Additionally, the user can add new foods and exercise information to the database. It has one of the cleanest and easy to use interfaces which makes it simple for users to stick with the app.
Lose It! targets individuals who want to stay informed and smart about their health. The app is offered for free in the store but there are premium offerings for more advanced users. The company partners with health professionals and other fitness related companies to promote raise awareness about the benefits of Lose It!
In my opinion, investing in FitNow is a good idea because it has huge and growing customer base. It has remained one of the best fitness apps on iTunes and Android since it was introduced and has received rave reviews and publicity from various TV shows and health magazines. Consumers are making smarter choices and are looking for simple ways to keep it all together and this company is well positioned to ride this trend. Lose it has formed crucial partnerships with Fitbit and other companies which allows users to view and summarize their fitness and diet information on a single platform
Another unique business advantage is their social platform. This allows users to ask questions and share their progress. Users are rewarded with badges and medals for meeting their health goals. Such unique offerings translates to users sticking with the platform for a longer amount of time. Network effects make it difficult for users to migrate to other platforms.
The founders, JJ Allaire and Charles Teague are experienced serial entrepreneurs who have been successful at other ventures. For example, in 2006 Microsoft acquired Onfolio, one of their earlier ventures for an undisclosed sum. Based on their track record, I am quite confident in their abilities to make this another success story.