MyFitnessPal, an online service that allows users to track their diet and exercise habits via mobile, has closed an $18 million round of funding to accelerate the company's growth and help it push into new markets.
Mike Lee, the co-founder of MyFitnessPal, tells Mashable that this is the first time the 40-person company has raised venture capital. MyFitnessPal had been self-funded to date and is already profitable, he says. A spokesperson for the company adds that the company's income is generated entirely by advertising to its 40 million registered users.
According to Lee, the funds will be used "to develop our product faster," and attempt to make the tracking of diet and exercise on MyFitnessPal's apps and on its the site easier.
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The company is also hoping to expand internationally and increase the language availability on its site. Presently, MyFitnessPal is available in German, French, Spanish and Portuguese, in addition to English. The site has a broad presence in the U.S., as well as a localized following in Europe and Latin America, but hopes to expand those services soon.
The Series A round was led by Kleiner Perkins Caufield & Byers, with participation from Accel. Kleiner Perkin's John Doerr and Accel's Andrew Braccia will join the company's board.