Carving out 45 minutes or an hour for a workout can be difficult between work, home and daily life. Digital fitness and wellness company FitOn was created to provide 15- or 20-minute workouts aimed at getting people moving in whatever time they can make.
The company closed on an $18 million Series B round of funding, led by Delta-v Capital, with participation from existing investors Accel, Telstra Ventures, Crosscut Ventures, Maverick Ventures and Second Avenue Partners.
The funding comes as the Los Angeles-based company hits 10 million members for its app that offers personalized fitness and wellness programs and a unique social experience from trainers likes Orangetheory Fitness, KINRGY and Zumba, and even some celebrity ambassadors like Gabrielle Union, Julianne Hough, Halle Berry, Jonathan Van Ness and The Chainsmokers.
Founded by the husband-and-wife team of former Fitbit executive Lindsay Cook and AllTrails founder Russell Cook, the app launched two years ago with a mission of what CEO Lindsay Cook called a “democratization of digital fitness.”
“I was super immersed in the category and working at a fitness company, but found that I did not have a lot of time for fitness myself,” she said. “I was underwhelmed by some of the apps, which were not premium products and had so many barriers to entry, like expensive bikes or hardware equipment. I saw a change to democratize fitness when I saw that no one was going after the mass market.”
She teamed up with her husband, who had spent 20 years in digital products, to put together a health and fitness app that would do what AllTrails did for outdoors and what Calm did for meditation, Cook added.
FitOn app
FitOn is a freemium product, and members have access to hundreds of workouts in cardio, strength, yoga, stretch and meditation. It also has a pro subscription model that includes music tracks on top of the workouts, connection to health monitoring devices, offline downloads, meal plans and recipes. It also has a social platform built in with a chat feature, and members can invite friends to participate in programs and challenges.
The latest round of funding gives FitOn a total of $30 million raised to date, which includes a seed round in 2018 and Series A in 2020.
“FitOn is delivering millions of workouts a month to its members by prioritizing product innovation, community and premium content to build one of the largest health and fitness communities,” said David Schaller, managing partner at Delta-v Capital. “We are thrilled for FitOn to join our portfolio of innovators in digital fitness and wellness, which includes other category-leaders such as Tonal.”
Since the Series A, the company’s growth has accelerated and is up 500% year over year on revenue from the subscription model. Now that it has passed 10 million members, Cook expects to reach 25 million by the end of next year. In addition, FitOn members passed over 1 billion workout minutes, and most work out three or four times a week.
The app is seeing over 285% more downloads than Peloton, 588% more than Beachbody and is consistently in the top 20 of the health and fitness category and has garnered more than 300,000 five-star reviews, according to Cook.
The new funding will enable the company to grow its team, build out key positions and continue on its fast pace of releasing new products. In the past two years, the company released more than 78 products. FitOn has focused mostly on the United States, but it is planning to grow internationally as well.
“For a business still two years in the making, we are satisfied with revenue and have lots of opportunity to build large-scale business,” Lindsay Cook said. “In this anti-diet culture, it is not about the ‘perfect body,’ but promoting self-care. We are building a lifestyle brand encouraging people to do a 10-minute workout here and there.”