Noom's Ownership: A Privately Held Company
Unlike a publicly traded company where shares are bought and sold on stock exchanges, Noom is a private company. This means its ownership is not easily visible to the public. Instead, it is held by a combination of the company's founders, its employees through stock options, and a number of prominent venture capital and private equity firms. This diverse ownership structure has been the result of multiple funding rounds over the years, which brought in substantial investment to fuel the company's growth.
The Visionary Co-Founders: Saeju Jeong and Artem Petakov
At the core of Noom's ownership are its original co-founders, Saeju Jeong and Artem Petakov, who started the company in 2008. Their shared vision was to leverage technology and behavioral psychology to help people live healthier lives.
Saeju Jeong: From CEO to Executive Chairman
Saeju Jeong, originally from South Korea, served as CEO of Noom for over a decade. His mission-driven leadership guided the company through its early stages and significant growth. In a planned leadership transition in July 2023, Jeong stepped down as CEO but remains a pivotal figure in the company as the Executive Chairman of the Board. In this role, he is responsible for setting the company’s strategic vision.
Artem Petakov: Co-Founder and Head of Noom Ventures
Artem Petakov, a former Google software engineer, co-founded the company with Jeong. A key figure in the company's technological and product development, Petakov currently serves as the Head of Noom Ventures. His background in psychology and computer science has been instrumental in shaping Noom's unique, behavior-focused approach.
The Current Leadership: CEO Geoff Cook
In July 2023, Geoff Cook was appointed as the new Chief Executive Officer of Noom, succeeding co-founder Saeju Jeong. Cook is a seasoned entrepreneur with a long history of leading tech and media companies, including serving as CEO of The Meet Group. His appointment signaled a shift in leadership, focusing on leveraging Noom's strong brand and expanding its offerings into broader digital health services.
A Deep Dive into Institutional Investors
Noom has attracted significant investment from a wide array of institutional investors, which hold a substantial portion of the company's ownership. This funding has been crucial for scaling the business and expanding its product suite beyond weight loss to include programs for stress, diabetes, and other health conditions.
Key investors include:
- Silver Lake: A global technology investment firm that led Noom's $540 million Series F funding round in May 2021.
- Sequoia Capital: A prominent venture capital firm known for investing in successful technology companies.
- Temasek: A global investment company headquartered in Singapore.
- Novo Holdings: A life sciences-focused investment firm that also participated in the 2021 Series F funding.
Founder vs. CEO vs. Investor: Understanding the Roles
To understand the full ownership picture, it's helpful to distinguish between the key players and their responsibilities in the company.
| Feature | Founders (Saeju Jeong & Artem Petakov) | Current CEO (Geoff Cook) | Institutional Investors |
|---|---|---|---|
| Role in Company | Strategic Vision (Jeong), Product Innovation (Petakov) | Day-to-Day Operations, Business Growth | Financial Support, Board Representation |
| Ownership Stake | Significant, though diluted over time by funding rounds | Some ownership stake, often tied to performance | Substantial ownership, varies by funding round |
| Primary Contribution | Vision, Initial Development, Company Culture | Strategic Execution, Operational Management | Capital Infusion, Industry Expertise |
| Primary Goal | Realizing the company's original mission | Driving revenue, profitability, and expansion | Generating a high return on their investment |
How Noom's Private Ownership Impacts Its Strategy
Noom's status as a private company has significant implications for its business strategy. Unlike public companies, which face constant pressure from quarterly earnings reports and public shareholder demands, Noom has had more flexibility to pursue long-term strategic goals. This has allowed the company to invest heavily in its technology and product development without immediate public scrutiny of its financial performance.
For example, the large Series F funding round in 2021 provided a significant capital injection, which the company planned to use for expanding into treatments for chronic conditions like high blood pressure and diabetes, as well as behavioral health issues. This kind of long-term investment is often more accessible to private companies with supportive venture capital partners. While reports from mid-2021 indicated Noom was preparing for a potential Initial Public Offering (IPO), the company has remained private.
Conclusion: A Multi-faceted Ownership Structure
To answer the question, who is the owner of Noom, it's clear there isn't a single person or entity that fits the bill. The ownership is multi-faceted, stemming from its co-founders Saeju Jeong and Artem Petakov, who still play significant roles in the company's strategic direction. The current day-to-day leadership is guided by CEO Geoff Cook, who was appointed to accelerate the company's growth in the digital health space. Finally, major institutional investors like Silver Lake and Sequoia Capital hold substantial ownership and have provided the capital necessary for Noom to scale its business. This blended model of founder vision, experienced executive leadership, and deep financial backing defines the modern ownership of the health and wellness technology platform.
You can read more about Geoff Cook's appointment as CEO on Noom's official blog.
