Vitruvian, an in-home strength and personal training platform, has today announced its Series A funding round of USD $15 million, with investors including Larsen Ventures and Ten13.
PERTH, Australia, April 21, 2022 /PRNewswire-PRWeb/ -- Vitruvian, an in-home strength and personal training platform, has today announced its Series A funding round of USD $15 million, with investors including Larsen Ventures and Ten13.
As the digital and connected fitness market resets and evolves, Vitruvian is an integrated product and platform using artificial intelligence that adapts workouts to individual users in real time. Loading the optimal resistance for them at any given point in time. The All Access monthly membership provides access to hundreds of classes from world-class fitness coaches, goal oriented programs, the ability to create and share workouts, and advanced data tracking and performance insights.
The Vitruvian product packs 200kg of software-driven weight training into a slim, free-standing unit, meaning it can be easily stored away and doesn't require third party installation. It also has double the resistance of its nearest competitor, allowing users to experience a product that is truly powerful and intelligent.
Founder Jon Gregory started building the Vitruvian product in 2012, after a career as a high frequency trader. Applying algorithmic thinking to strength training, Gregory prototyped the first-generation Vitruvian product, the V-Form, which launched in November 2020 and immediately found a loyal and engaged customer base.
The second-generation Trainer+ was released in November 2021 and the initial manufacturing run sold out within three months. A higher volume production line will be producing units at significantly greater numbers from May 2022 to satisfy demand.
Having proven product market fit and with a highly engaged early customer base, this funding will accelerate Vitruvian's US market expansion where the opportunity is immense with approximately 64 million gym memberships in the US in 2019, out of 184 million gym memberships globally.
Jon Gregorgy, Founder and CEO, Vitruvian said, this funding will allow us to meet the overwhelming demand for Vitruvian's Trainer+ product, "Since Vitruvian's inception we've taken the time to create smart and fully integrated hardware and software that adapts to our users every time they train, whether they are having a rest day or a powerful day. We've created a product that is smarter than anything else on the market, and it's only going to continue to evolve and improve because of the AI which is at its core.
"This funding allows us to scale and build market share at a time when consumers want the flexibility to train how they want, where they want and with a product that is powerful, portable and looks good in their home."
Andrew Larsen, Investment Director - Larsen Ventures said, "I'm excited about the Vitruvian product and platform. It brings intelligence into the fitness market not yet seen before at a time when a growing number of consumers are demanding smarter, technology led solutions to help them train more efficiently and effectively wherever they may be. We see immense market opportunity globally and particularly here in Asia Pacific and throughout North America."
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SOURCE Vitruvian
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