AI-Powered fitness app Freeletics secures £20m Series B funding
Freeletics, the AI-powered fitness coaching app, today announced the closing of its £20m Series B funding round.
This latest round is led by US-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, fuelling major product innovations as well as global expansion, including markets such as the UK,” 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 one of the most popular fitness apps in Europe, Freeletics is on track to double its new customer revenue in 2020, with user activity within the app already doubling amongst UK users in the last year. 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; and 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
“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,” 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 behaviour change. In an ocean of non-personalised 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.”