Pact might now be a San Francisco company, but I have no plans to stop writing about them. The maker of the GymPact app, which allows users to commit money against their promise to visit the gym, has raised $850,000 led by Mike Hirschland of Resolute.vc and joined by Guitar Hero creators Mike Dornbrook and Alex Rigopolous, among others. Also, since graduating TechStars Boston earlier this year, they’ve relocated to San Francisco, according to Techcrunch.
Katie Rae, Managing Director of Boston Techstars, has joined the board.
Earlier this month, I posted a Q&A with Chief Scientific Officer Steve Driver about the social science underlying the company’s focus and remain optimistic about the company’s ability to crack the motivation layer not just for exercise, but potentially areas like education, as well.
As Techcrunch reports:
The fitness platform has incentivized over 250K workouts since launch and has dished out $100K in rewards. Their approach to rewarding exercise, they said, is seeing an 86 percent success rate.
Though Pact is focused on negative reinforcement right now, my hope is they’ll expand beyond it. Loss aversion is a powerful idea, as are financial incentives. But they’re hardly the only things that motivate us.