At-home subscription gym platform Vitruvian has raised US$15 million (A$20m) in a Series A.
The raise was led by Larsen Ventures and Steve Baxter’s syndicate group, Ten13.
Vitruvian – not to be confused with the Sydney-based personal training service Vitruvian Health – will use the capital injection to increase its 40-strong team and ramp up production of the hardware side of the business.
CEO and founder Jon Gregory, a former quant trader who began working on his idea in 2013, said there had been overwhelming demand for the Trainer+ product since it first hit the market in 2020.
“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,” he said.
“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.”
The Vitruvian platform has 200kg in software-driven weight training in a slim, free-standing unit. It costs around $4000 uses artificial intelligence to adapts workouts to individual users to create optimal resistance.
The hardware is connected to a monthly subscription membership that provides access to classes with fitness coaches, as well as allowing users to create and share workouts, and get performance insights.
The second-generation Trainer+ was released in November 2021 and sold out within three months. A higher volume production line ramp up from next month.
Larsen Ventures investment director Andrew Larsen, Investment Director said he sees “immense market opportunity globally” for the weights training product, especially in the Asia Pacific region and North America.
“I’m excited about the Vitruvian product and platform,” he said.
“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.