Freeletics, a creator of fitness and personal coaching apps, has closed a $45 million Series A round led by FitLab, Causeway Media Partners and JAZZ Venture Partners. Courtside Ventures, Elysian Park Ventures, ward.ventures and world-renowned life and business strategist Tony Robbins also participated.
The company was founded in 2013 and has since created some of Europe’s most popular fitness and personal coaching apps, and claims to have 31 million users worldwide in over 160 countries. Its flagship training app, Freeletics Fitness Coach, uses artificial intelligene technology to learn from a user’s workout feedback and then develop “uniquely designed” plans.
Described as a “personal trainer in your pocket”, the app allows users to train anytime, anywhere with a full programme of personally tailored workouts. It is available for free in the App Store and Google Play Store.
Daniel Sobhani, CEO of Freeletics, said:
“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. 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.”
Mike Melby, managing partner at FitLab, adds:
“Freeletics is a phenomenal success story having achieved so much in such a short period of time. 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.”
Having enjoyed record growth of 120 per cent in core markets, including the US, over the last six months, Freeletics says it is now poised for “exponential growth”. It plans to use the funding and the experience and resources of its new investors to “advance the company in this next chapter”.