When we broke the news in July of the shutdown of Pact, a startup that aimed to motivate users to go to the gym with monetary carrots and sticks, we noted that the reasons for the company's demise weren't readily apparent. Now a new missive from the FTC (first spotted by Gizmodo) is shedding some additional — and, truth be told, not very flattering — light on that story.
While users were promised...
Pact, the startup that incentivized users to healthy behaviors by getting them to essentially bet money on their own adherence, has shut down, according to an email the company sent out to its users on Friday. The company will pay out its final rewards to users on July 11th and will continue supporting users until the end of August.
“Thanks for choosing Pact - we hope it has helped you live a...
Fitness incentivizing app GymPact has rebranded, changing its name to Pact and raised $1.5 million in a round led by Khosla Ventures and PayPal alum Max Levchin. This brings their total funding to $2.5 million.
Until now, Pact has offered users money only for exercising more, just so long as these users pay $5 if they don't make their goals. The money that users must pay for missing their goals...
