fitmob Raises $5 Million in Funding To Expand Passport: The One Membership That Gives You Access to Over 400 Studios and Gyms Around the U.S.
fitmob oversubscribes momentum funding with backing from Mayfield Fund, Recruit Strategic Partners and over 100 new investors breaking the AngelList record for a fitness company
San Francisco - (January 6, 2015) - Today fitmob, the company offering users fitness freedom through its ‘All You Can Sweat’ Passport, is announcing $5 million in funding, $4 million of which is new money, coming from a demand-driven raise from 112 investors aimed at accelerating fitmob’s growth as it looks to expand its unlimited fitness offering, called Passport, from 7 to 50 U.S. markets in 2015.
This funding is an endorsement of Passport, fitmob’s $99 unlimited pass that currently gives members access to thousands of monthly classes at over 400 boutique studios and gyms around the country. It will also enable fitmob to continue growing its user base, which increased 5x from November to December alone. Consumers can sign up via the fitmob iOS or Android app or the mobile website to explore and book an awesome workout nearby in just one click. fitmob hand picks the absolute best fitness experiences like Weapons of Ass Reduction, TRX training, Surfset, and Crossfit and combines them into Passport, so now all you need is one membership to gain access to all the best fitness studios, gyms and trainers in your city.
“The fitness industry has never lacked variety, but it’s lacked an easy to use, cost efficient method for people to discover, access, and enjoy the thousands of options out there,” said fitmob CEO and co-founder Raj Kapoor. “This funding will help us bring freedom of choice and community to the millions of people who are currently tied down to their memberships that only allow them to access one studio or gym.”
These funds were initially intended to serve as a small momentum round to accelerate expansion to new markets, but when fitmob investor Paige Craig posted the startup on AngelList, it quickly went viral. fitmob received investments from 92 individual investors including Ryan Spoon, Joshua Schachter, Dharmesh Shah, and Clark Landry. The high investor demand made fitmob’s AngelList funding the largest online raise by a fitness company of its kind, and it is one of only five other deals to ever raise over $750K in less than nine days on AngelList.
Of the $5 million raise, $1 million is a previously disclosed investment from Recruit Strategic Partners, and $3.25 million comes from other institutions and individual investors including theMayfield Fund, Structure.vc, Venture51, Queensbridge Capital and Vast Ventures. The funding will be used to accelerate fitmob’s growth as it launches in new markets and expands its platform to thousands of partner gyms and studios. After launching last January with workouts in three San Francisco neighborhoods, the fitmob platform now includes gyms, studios and trainers in Austin, Dallas, Philadelphia, Portland, San Francisco, San Jose, and Seattle.
This expansion means that more studios, gyms, and fitness enthusiasts will be able to benefit from the fitmob platform. Studios and gyms gain exposure to fitmob’s growing community, helping them fill classes, which generates more revenue for the studios, and fitmob gives its community access to premier studios and gyms around their city at an affordable price.
For more information on fitmob, head to its website www.fitmob.com . Studios or trainers that are interested in partnering with fitmob on its ‘All You Can Sweat’ Passport should email email@example.com .
fitmob is redefining the gym in the digital age delivering unique group workouts with top trainers, gyms, and studios in your neighborhood. fitmob is founded by Paul Twohey, previously co-founder of Ness Computing & early engineer at Palantir, and Raj Kapoor, previously co-founder/CEO of Snapfish, MD at Mayfield Fund and Lyft’s first VC investor. fitmob’s mission is to empower an active, global community through wellness. The company is based in San Francisco. For more information, visit www.fitmob.com
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