Digital fitness platform FitOn raised $18M in a Series B funding round led by Delta-v Capital.
The growth equity firm was joined by existing investors Accel, Telstra Ventures, Crosscut Ventures, Maverick Ventures, and Second Avenue Partners.
Democratizing On-demand Fitness
Founded in 2018 by ex-Fitbit VP Lindsay Cook and her husband, AllTrails founder Russell Cook, FitOn has excelled through the pandemic with a model built on accessibility. Through her own experience in navigating digital fitness offerings, Lindsay Cook developed a platform designed to support busy women. In her own words:
“We’re building a brand about self-care and self-love and providing people with a wellness solution in their pocket that is always available for them to dedicate time to themselves.”
FitOn uses a “freemium” model, where the app and its basic features are free of charge. Users can access a library of no-equipment workouts ranging from yoga and barre to dance, cardio, and strength. Of note, the videos are ad-supported, much like the basic tiers of Hulu or Spotify.
The brand also offers a Pro version for $29.99/year that unlocks a wider health ecosystem and features such as premium streaming music, recipes, meal plans, and integration with fitness trackers, syncing with a real-time community leaderboard.
No Hardware, No Problem
At the onset of the COVID-19 pandemic, nearly every trainer and brand that hadn’t been online made hasty pivots to platforms like Instagram Live and Zoom, more often than not offering their content for free. As lockdowns endured, pro bono training—and quality of production—proved unsustainable.
With exercisers seeking all-in-one solutions, FitOn has capitalized, leveraging partnerships with well-known trainers and celebrities including Cassey Ho’s Blogilates, Halle Berry’s rē•spin, and Julianne Hough’s KINRGY.
- Gained 10M members since 2019
- Year-to-date app downloads 285% higher than Peloton, 588% more than Beachbody
But, they’re not alone. Hardware-agnostic, equipment-free digital platforms have attracted the fitness industry’s top free-agent trainers and the attention of investors.
- AI-driven app Freeletics raised $25M in fall 2020.
- obé fitness secured $15M in a Series A this summer.
- iFIT Health & Fitness acquired SWEAT for $300M this July.
Asana Rebel, Playbook, NEOU… the list goes on for those vying for the biggest piece in the digital-only space.
Looking ahead: FitOn is well-positioned to grow its market share in the US and beyond, but as the pandemic continues to reshape and accelerate the at-home landscape, digital-only solutions are ripe for a roll-up. And, evidenced by iFIT’s purchase of SWEAT, deep-pocketed fitness powerhouses like Peloton and Apple Fitness+ could be next in line.