Spiegel picks up stake in Berlin brain-training startup NeuroNation
Berlin-based brain-training startup NeuroNation has received a seven-figure investment from publishing firm Spiegel.net. The deal, which was done in partnership with accelerator XLHealth, allowed Spiegel to take a 25% stake in the startup, according to Venture Village.
NeuroNation is a company that provides personalized brain-training exercises for a subscription fee. Over time, users can enhance their performance and compare their results with others. The firm said its training activities are based on the most recent findings in brain research. Berlin's Free University conducted a study that proved the effect of 50 training tasks on the brain's performance, he report detailed.
According to NeuroNation, it has gained 100,000 users since its 2011 founding. The company has been profitable since June last year, and has been bootstrapped since its €50,000 seed funding from Seedmatch. The firm's founders plan to use half of the latest funding to improve its mobile product. The other half will be poured into marketing efforts, the report explained.
For now, NeuroNation only serves the market in Germany, Switzerland, and Austria. However, the startup will start launching a 2014 expansion in France, Portugal, Spain, and Russia, Venture Village reported.