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Local Tech Wire
RALEIGH, N.C. – Triangle executives Pete Durand and Paul Boyer are off to a fast start with a new venture, , that uses the Web to promote fitness, health and nutrition.
Durand, the chairman, and Boyer, the chief executive officer, announced Wednesday that they had closed on $130,000 in seed funding. The investors were not disclosed.
They also are seeking an additional $500,000 in backing and plan to close on the funds within the next 60 days.
The two men formed the firm in March and plan a formal launch in the first quarter of next year.
Durand is former chief executive officer at Integrian, a mobile video venture that recently was sold.
Boyer helped launch , a Triangle-based provider of chief financial officer and other services.
“While at FinOps, I helped Pete at his last company where he was CEO through the M&A process,” Boyer told Local Tech Wire. “That is where Pete and I developed a strong working relationship.”
Boyer and Durand had funded RivalHealth themselves until raising the first seed money.
“This new cash infusion by outside angel investors will be used to accelerate key platform and content programs and position the company for launch in the first quarter of 2010,” Boyer said.
As more funding is raised, the company will add more people.
“Right now there is just Pete and I,” Boyer said. “Over the course of the next year, post funding, we anticipate adding 2-3 more full time employees. More beyond that.”
The two have developed a Web-based platform that is customizable for users who want to improve fitness and nutrition. It includes a proprietary database and in-house developed video.
“Our web platform provides members with a fitness and nutrition routine that dynamically changes with each individual as their life changes,” Durand explained.
“Injuries, sicknesses, conditions, etc. are all taken into account in their profile and the system automatically adjusts,” he added. “In other words, there is no ‘going off’ our program; we adjust to your life.
“We can even adjust your fitness and nutrition routines if you decide to take on a triathlon or other competitive event, all with one mouse click.”