Freeletics, an AI-powered fitness coaching app, announced the closing of its $25 million Series B funding round, bringing its total funding raised to date to over $70 million.
The round was led by U.S.-based Jazz Venture Partners and Causeway Media Partners, with participation from KKCG.
According to the company, the new funds will be used to develop innovative technologies, expand its global footprint, and build new business verticals.
“Despite the significant user success we’re already seeing, we are just at the beginning of a new industry paradigm,” said Freeletics CEO Daniel Sobhani.
Daniel Sobhani added: “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.”
Founded in 2013, Freeletics provides AI-based fitness and mindset coaching through its app for 48 million users in over 160 countries. Further, the AI technology allows the app to learn from millions of users and their feedback to develop ongoing smart Training Journeys uniquely designed to suit every user, down to the last exercise, the company said. To date, the company has completed more than 200 million workouts through its app.
Digital fitness apps raised almost $3 billion since 2012, according to Mercom Data. Recently, Tonal, a connected home fitness system, announced $110 million in new capital. The funding round was led by existing investors: L Catterton, Sapphire Sport, Shasta Ventures, Mayfield, Evolution Media, and THVC. New investors include Delta-v Capital, the Amazon Alexa Fund, and Mousse Partners. Trainiac, a provider of one-on-one personal fitness training programs through its app, closed $2.2 million in a Seed funding round.