Mindbody Acquires ClassPass for Undisclosed Amount

JAXJOX, a connected home fitness platform, raised $10 million in Series A funding, bringing the compnay’s total funding raised to date to $17 million. Investors include Dowgate Capital and entrepreneur Nigel Wray.

According to the company, the interactive studio fitness platform combines connected strength-training equipment with live and on-demand content, enabling users to track their performance (including repetitions, heart rate, workout consistency, steps, body weight, and fitness level) in real-time during classes.

The studio uses machine learning algorithms to calculate the user’s Fitness IQ score. The score keeps users informed on overall progress toward fitness goals and can also provide personal workout recommendations, and according to the company, its subscription provides members with daily live classes and a library of on-demand courses with 140+ videos added a week.

JAXJOX also reported 10x growth year over year and tripled the number of employees in 2020. The company’s products have been available at Apple stores and online.

“Beyond fitness-tech products, our vision is to close the gap between fitness and health. By monitoring performance metrics and using AI, we can give users a more holistic view of their health and provide recommendations on improving their wellbeing. We know working out is only one aspect of wellness and will continue to enhance our platform to provide an unparalleled experience,” said Founder and CEO Stephen Owusu.

The company also announced that it had secured an exclusive partnership with Best Buy for interactive studio retail sales.

Connected digital fitness startups raised almost $500 million in the first nine months of 2020, according to the latest Mercom funding report. More recently, Tonal, a connected home fitness system, raised $110 million in funding, bringing its total to $200 million. ClassPass, a provider of app-based unlimited access to fitness and wellness classes across multiple gyms and studios, raised $28 million in a Series E funding round.