Led by JAZZ Venture Partners and Causeway Media Partners with support from KKCG, the funding was driven by strong revenue growth and user engagement, as well as continuous product innovation
NEW YORK–(BUSINESS WIRE)–Freeletics, the leading AI-powered fitness coaching app, today announced the closing of its $25M Series B funding round. This latest round is led by U.S.-based JAZZ Venture Partners and Causeway Media Partners, with support from KKCG. The funds will be used to develop new technologies, expand the company’s global footprint and build new business verticals.
“We are very grateful for our success and the support of our fantastic community over recent months and years. With our current trajectory and strong growth efficiency, this funding will drive us through the next turning point in our journey, fueling major product innovations as well as global expansion, especially in markets such as the U.S.,” says Freeletics CEO Daniel Sobhani. “Now more than ever with the effects of COVID-19, it’s crucial that we provide the most holistic and personalized solution we can to help people become their best selves physically, mentally and emotionally.”
Already a household name of fitness apps in Europe, Freeletics is on track to double its new customer revenue this year and is establishing a stronger presence in the U.S. market. In the last 18 months, the company has:
- Doubled its subscribers to an industry benchmark of more than 600,000
- Tripled daily active users year-over-year
- Seen more than 200 million workouts completed within the app – a testimony to the quality of the product
- Introduced product enhancements such as mindset coaching with educational and mindful audio courses, innovative running workouts, Apple Watch and Spotify integrations and more flexible and customizable personal coaching options to fit users’ needs
“While a relatively new player in the U.S., Freeletics is a clear global leader in at-home fitness, and we believe they are perfectly positioned to continue leading the fitness industry into the future post COVID-19 in the U.S. market,” says investor and lead John Spinale, Managing Partner at JAZZ Venture Partners. “Not only is their hyper-personalized digital fitness coaching based on the most advanced AI technology in the industry, but they also take a completely holistic approach to long-term behavior change. In an ocean of unpersonalized fitness streaming concepts, they offer a sophisticated and adaptive personal coach for every aspect of performance and well-being – whether mental or physical. This is a promising indication of what is still to come.”
“Despite the significant user success we’re already seeing, we are just at the beginning of a new industry paradigm,” comments Sobhani. “Our vision at Freeletics is to provide a life-changing experience at scale, delivering our users ten times the long-term behavior change typically achieved by people starting a new fitness regime. To achieve this, we have to think unconventionally and take big steps, expanding into further markets and introducing new verticals. The next few years are definitely going to be very interesting for the industry.”
For more information on Freeletics, visit www.freeletics.com. To download the Freeletics app for free, visit the App Store or Google Play Store. To review the app or arrange an interview, please e-mail [email protected].
Editorial images and assets can be downloaded here.
Freeletics was founded in 2013 with the mission to challenge and inspire people to become the greatest version of themselves, both mentally and physically. Since then, the company has become the leading provider of AI-based fitness and mindset coaching, with 48 million users in over 160 countries. The Freeletics app is not just the #1 fitness app in Europe, but also offers the most advanced AI technology in the industry. It puts a personal trainer in your pocket, enabling you to train anytime, anywhere, with hyper-personalized training plans and workouts. Its AI technology allows the app to learn from millions of users and their individual feedback, so it can develop ongoing smart Training Journeys uniquely designed to suit every single user, down to the last exercise.
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