Moxie Raises $6.3M Seed+ Round for Virtual Workouts

The Rise of At-Home Fitness and Moxie's Growth

The global shift towards remote work, accelerated by the pandemic, has fueled significant expansion in the at-home fitness sector. Recent investment activity demonstrates this trend, with companies like Future securing $24 million in Series B funding and Playbook raising $9.3 million in Series A last October.

Into this dynamic market, Moxie emerged as a platform designed to empower fitness instructors. It provides tools for broadcasting both live and recorded classes, accessing licensed music, and managing client relationships and payments.

Moxie Secures Seed+ Funding

Moxie has recently completed a $6.3 million “seed+” funding round, spearheaded by Resolute Ventures. Bessemer Ventures, Greycroft Ventures, Gokul Rajaram, and other investors also participated in this round.

Combined with a $2.1 million seed round from October, Moxie has now raised a total of $8.4 million in funding.

Planned Improvements and New Features

The newly acquired funding will be allocated to enhancing the user experience. This includes a curated selection of top-rated Moxie classes.

New tools designed to facilitate connections between users and instructors are also in development. Furthermore, users will soon be able to preview classes before enrolling.

Exponential Growth and Instructor Benefits

The company reports experiencing substantial growth during the pandemic. In March alone, 8,000 classes were completed, totaling 1 million class-minutes.

Instructors on the Moxie platform maintain control over their schedules and pricing, retaining 85% of the revenue generated.

Moxie is also introducing “Moxie Benefits,” a partnership with Stride Health. This initiative will provide instructors with access to comprehensive health, dental, vision, and life insurance plans.

Introducing "Moxie Teams"

A new feature, “Moxie Teams,” is planned. This will allow instructors to collaborate and establish small businesses within the platform, mirroring the team-based approach seen with some Uber drivers.

CEO's Perspective on the Future of Fitness

Jason Goldberg, CEO and founder of Moxie, stated that the platform was created in response to the challenges faced by fitness instructors displaced from gyms and studios during the pandemic.

He believes the widespread adoption of online fitness demonstrates a lasting change in consumer behavior, with 89% of Moxie users intending to continue virtual workouts even after the pandemic subsides, citing convenience as a key factor.

Investor Confidence in Moxie's Potential

Raanan Bar-Cohen, partner and co-founder at Resolute Ventures, highlighted the firm’s investment strategy of supporting entrepreneurial founders addressing current market needs.

He praised Goldberg’s experience and Moxie’s ability to solve problems for both instructors and consumers in the evolving online fitness landscape, as well as a well-defined plan for future success.

What Sets Moxie Apart?

Goldberg attributes Moxie’s success to several key differentiators.

It functions as a two-sided marketplace offering live, interactive group fitness classes, distinguishing it from video-on-demand (VOD) apps and platforms like Peloton.

Unlike some platforms, Moxie allows any qualified instructor to teach, rather than relying on a selective “star” system.

The focus on live group fitness effectively replicates the experience of attending yoga studios or HIIT classes, rather than one-on-one personal training.

Top instructors are reportedly earning six-figure incomes through the platform.

The Staying Power of Virtual Fitness

Moxie has effectively capitalized on the increased demand for virtual fitness during gym closures.

The convenience and reduced intimidation of online classes are likely to retain many users even after the pandemic ends. The ease of switching between classes, akin to changing TV channels, further enhances the user experience.

As Goldberg noted, the pandemic prompted many to try virtual fitness for the first time, discovering its convenience and connectivity. He also emphasized that Peloton isn’t the right fit for everyone.