June 16, 2011
Lumosity Lands $32.5 Million for Brain-Training Business
By Jennifer Van Grove
Lumosity, makers of brain-training exercises and applications for web and mobile, has just raised $32.5 million — more than 10 times the amount raised in its last funding round in 2008.
The substantial figure was raised to help the startup pump out more mobile applications, build for its international audience and finance more aggressive growth. The figure is also meant to carry Lumosity until its public offering, which CEO Kunal Sarkar anticipates will occur in two to three years.
“What we’re seeing is that [brain training] is a really big category,” Sarkar tells Mashable, “and it’s a category that we’re defining.”
Lumosity, first launched in 2007, is now a booming business. The startup has been profitable for several months running and is now touting more than 14 million members, up from 11 million at the end of February.
While Lumosity won’t reveal its actual revenues, Sarkar tells Mashable it has paying subscribers in 180 countries and has grown revenues 25% quarter-over-quarter since its launch.
“We see an opportunity to build a household brand name,” Sarkar says.
Lumosity also has relationships with 25 top academic institutions specializing in neuroscience, and is actively working on a number of behind-the-scenes brain-related research projects in conjunction with these universities.
Lumosity’s $32.5 million Series C round was led by Menlo Ventures, and included participation from existing investors FirstMark Capital, Harrison Metal and Norwest Venture Partners.
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