Digital fitness company Freeletics closed on a $45 million Series A funding round led by FitLab, Causeway Media Partners and Jazz Venture Partners, with participation from Courtside Ventures, Elysian Park Ventures, ward.ventures, and business strategist Tony Robbins.
The investor group is affiliated with several professional sports franchises, including the San Francisco 49ers, Boston Celtics, Cleveland Cavaliers, and Los Angeles Dodgers.
Freeletics, a promoter of increasing physical fitness and mental acuity, willpower and self-confidence, reported “generating overwhelming interest since its launch.” The company said the backing from the investment group of industry leaders is a “testament to the future of Freeletics’ global movement.”
“The funding outcome reflects tremendous global confidence in a product we have always believed represents the cutting edge of self-development for today’s tech-savvy and health-conscious consumers,” said Freeletics CEO Daniel Sobhani. “Our investor portfolio has a deeply rooted understanding of the fitness industry as well as high-growth tech companies. This new round will enable us to once again intensify our strategy for global growth. This round of funding will also support our ongoing commitment to continue delivering a best-in-class digital fitness proposition that’s both effective and easy to use in any place and at any time.”
Freeletics was founded in 2013 and has grown to create “some of Europe’s No.1 fitness and personal coaching apps with 31 million users worldwide in over 160 countries.”
The company’s flagship app, “Freeletics Fitness Coach,” enables users to train with personally tailored workouts anytime, anywhere. The program’s AI algorithm allows the app to learn from a user’s workout and then develops “smart” Freeletics training programs for the user.
“With 120 percent record growth in core markets, including the U.S., over the last six months,” the company reported it is poised for exponential growth.
“Freeletics is a phenomenal success story, having achieved so much in such a short period of time,” said Mike Melby, managing partner at FitLab. “We look forward to this partnership and are thrilled to be a part of the continued growth and progress of Freeletics in the US and internationally.”
“Freeletics is a true industry leader, and the company’s success story is no accident,” said Mark Wan, managing partner at Causeway Media Partners. “The oversubscription of this investment round underlines the brand’s continued growth and further commitment to world-class operational execution.”
Image courtesy Freeletics
