Freebeat, based in Shenzhen, China, has received $20 million in strategic funding from Susquehanna International Group (SIG) and GSR Ventures. The funding will be used to boost the production of its connected exercise bikes.
Freebeat offers indoor cycling and crosstraining classes through an on-bike 22-inch HD touch screen. Comparing to current market leaders, Freebeat said it “stands out for its accessible price in addition to unique gamification features”.
Freebeat’s investors and founders noted that they graduated from Stanford University. And its management team is said to have earned degrees from Stanford, Wharton, WashU, UC Berkeley, and U Toronto with diverse backgrounds. The product team has prior work experiences at Morgan Stanley New York, Soulcycle, Esquire, and others.
Freebeat said in a statement, “The main goal of Freebeat is to optimize global resources to empower people in a wholesome stress-relieving and barrier-free zone. In addition, the company’s mission is to create an accessible oasis where customers can ride for an average of up to 12 hours per month. The company’s premium feature, the gamification system, allows users to connect with friends and family and compete with each other. Furthermore, the platform is designed to nurture deep bonds within the Freebeat community.”
Photo courtesy Freebeat
