Munich-based fitness startup Freeletics has received a significant investment from a leading group of US-based venture capital firms including Courtside Ventures, Elysian Park Ventures, Causeway Media Partners, JAZZ Venture Partners, and ward.ventures. These VCs work with top US sports teams including the San Francisco 49ers, Boston Celtics, Cleveland Cavaliers and Los Angeles Dodgers.
“These investors combine a deep understanding of the fitness industry, extensive expertise in building high-growth technology and media companies, and highly strategic networks," said CEO Daniel Sobhani. "And, as importantly, they share the Freeletics vision. We are looking forward to great achievements ahead with our new partners.”
The German company has seen impressive growth since its founding in 2013, boasting 30 million users worldwide. Its flagship app, Freeletics Bodyweight, puts an AI-powered personal trainer in users’ pockets. The app is able to assess users fitness levels to create hyper-personalized training plans.
In addition to the new funding, Freeletics announced a new partnership with FitLab, a venture studio managed by former executives of Nike and New Evolution Ventures, to help recapitalize the company and provide growth capital.
“We started out as fans of the product, due to its authenticity and hardcore feel," said FitLab managing partner Mike Melby. "Then we learned of the success of the company, which entailed revenue growth and user engagement and retention unlike anything we had seen in the industry.”
The company has also apparently managed to bridge the digital-physical barrier.
“We were particularly excited to learn that the Freeletics community organically broke the digital barrier by establishing over 2,000 real-world training spots to reinforce the digital experience," commented John Spinale of JAZZ Venture Partners. "The brand identification and community engagement of Freeletics is truly next level. They seem to have cracked the code on motivation.”