Kevin Hart’s VC firm leads $35M Series B for weight-loss app Simple

Mike Prytkov understands the challenges of managing stress and health, having experienced significant weight gain while running his first startup in the adtech sector. After selling that company, Prytkov explored various weight loss methods, from calorie counting to intense workouts. However, he found that maintaining consistency was his biggest hurdle. This realization led him to create Simple in 2019, an innovative health coaching app powered by artificial intelligence aimed at simplifying weight loss. In 2023, Simple introduced Avo, an AI coach designed to provide personalized guidance based on the user's specific needs and progress. "Our mission is to help individuals shed pounds without the guilt often associated with traditional diet culture," Prytkov explained. Today, Simple boasts a remarkable annual recurring revenue of $160 million and serves 700,000 subscribers. Recently, the company announced a successful $35 million Series B funding round, led by Hartbeat Ventures, the investment firm of actor Kevin Hart, bringing its total funding to $45 million. Prytkov, who currently leads the company solo after an early co-founder departed, highlighted Avo's impressive capabilities, managing over 100,000 coaching interactions daily and processing nearly 300,000 meal logs. Users begin their journey by completing a form that helps tailor a personalized program, after which they interact with Avo, which collects data on their habits and nutritional choices. The app distinguishes itself from competitors like Noom and Weight Watchers by offering customized coaching instead of generic advice. "We focus on personalized coaching, not merely calorie tracking," Prytkov stated. Avo adjusts daily recommendations across nutrition, fasting, and activity, while providing immediate feedback on meals and regular check-ins. Although the app does not directly supply GLP-1 medications, it effectively supports users of these drugs by acting as a 'behavior engine' that helps them maintain healthy habits after stopping medication. The rise of large language models (LLMs) has significantly enhanced the app's personalization capabilities. "AI has transformed our product and approach, allowing for continuous improvement based on user interactions," Prytkov noted. Hartbeat Ventures approached Simple shortly after the launch of Avo, and despite initially not seeking investors, Prytkov felt they were an excellent match due to their existing health investments. Alongside Hartbeat, private credit firm Liquidity also participated in the funding round. Prytkov believes users appreciate the app's approachable design, which contrasts with the clinical feel of many health platforms. Looking ahead, Prytkov aims to enhance the app's GLP-1 companion features and introduce specialized programs targeting women’s health and midlife challenges. His long-term vision for Simple is to evolve it into a comprehensive health app that addresses sleep, stress, and movement issues. "We aspire to be the Duolingo of health—an engaging companion for users aiming to cultivate healthy habits in their daily lives," he concluded.