Kleiner Perkins, the investor behind Google and Amazon, and Accel Partners, best known for its investment in Facebook, are putting $18 million into MyFitnessPal, a little-known digital-health startup that has helped its 40 million-plus users shed a collective 100 million pounds.
Despite those accomplishments, this is the first time MyFitnessPal has raised money from professional investors, which raises the question: Do venture capitalists have any idea what they're doing in the networked fitness market?