FitOn Raises $18M to Expand Fitness Platform | Delta-V Capital

FitOn Secures $18 Million to Expand Accessible Fitness Solutions

Finding time for exercise, typically requiring 45 to 60 minutes, can prove challenging amidst work, family commitments, and everyday life. Recognizing this hurdle, FitOn, a digital fitness and wellness company, was established to offer workouts lasting 15 to 20 minutes. The aim is to empower individuals to incorporate movement into their routines whenever possible.

Series B Funding Details

The company recently completed an $18 million Series B funding round. This investment was spearheaded by Delta-v Capital, with contributions from existing investors including Accel, Telstra Ventures, Crosscut Ventures, Maverick Ventures, and Second Avenue Partners.

Reaching 10 Million Users

This funding arrives as the Los Angeles-based company surpasses 10 million app members. The app delivers personalized fitness and wellness programs, alongside a distinctive social experience. Content is provided by renowned trainers from brands like Orangetheory Fitness, KINRGY, and Zumba.

Celebrity Endorsements further enhance FitOn’s appeal, with ambassadors such as Gabrielle Union, Julianne Hough, Halle Berry, Jonathan Van Ness, and The Chainsmokers contributing to the platform.

Company Origins and Mission

FitOn was founded by Lindsay Cook, a former Fitbit executive, and Russell Cook, the founder of AllTrails. Launched two years ago, the app operates under a core principle CEO Lindsay Cook describes as a “democratization of digital fitness.”

“Having worked within the fitness industry, I observed a lack of accessible options for individuals with limited time,” she explained. “Many existing apps presented barriers, such as costly equipment or subscription fees. I identified an opportunity to broaden access to fitness for a wider audience.”

The founders envisioned an app mirroring AllTrails’ success in the outdoors and Calm’s impact on meditation, providing a comprehensive health and fitness experience.

Freemium Model and Features

FitOn operates on a freemium model, granting members access to a vast library of workouts encompassing cardio, strength training, yoga, stretching, and meditation.

A premium subscription unlocks additional features, including curated music tracks, integration with health monitoring devices, offline access, personalized meal plans, and recipes. A built-in social platform with a chat function allows members to connect, share progress, and participate in programs and challenges.

Funding History and Future Growth

With this latest round, FitOn’s total funding reaches $30 million, including seed funding in 2018 and a Series A round in 2020.

“FitOn is successfully delivering millions of workouts monthly by prioritizing innovation, fostering a strong community, and offering high-quality content, establishing itself as a leading health and fitness community,” stated David Schaller, managing partner at Delta-v Capital. “We are excited to welcome FitOn to our portfolio of digital fitness and wellness innovators, alongside companies like Tonal.”

Impressive Growth Metrics

Since the Series A funding, the company has experienced significant growth, with revenue from its subscription model increasing by 500% year-over-year. CEO Cook anticipates reaching 25 million members by the end of the following year, having already surpassed 10 million.

Members have collectively completed over 1 billion workout minutes, with the majority exercising three to four times per week.

The app’s download numbers exceed those of Peloton by 285% and Beachbody by 588%. It consistently ranks among the top 20 health and fitness apps, boasting over 300,000 five-star reviews.

Expansion Plans

The new funding will be allocated to team expansion, key position recruitment, and the continued rapid release of new products. Over 78 new features have been launched in the past two years.

Currently focused on the United States market, FitOn intends to expand its reach internationally.

“Considering we are only two years into this venture, we are pleased with our revenue performance and see substantial opportunities for scaling the business,” Lindsay Cook commented. “In a culture shifting away from restrictive diets, our focus is on promoting self-care. We are building a lifestyle brand that encourages individuals to incorporate short, accessible workouts into their daily lives.”