Copenhagen-based indoor cycling platform, Motosumo has announced the completion of a €5 million ($6m) Series A funding round led by London-based SME growth investor, Magenta Partners and existing investors.
Investors in Motosumo from previous rounds include the Danish venture capital fund Promentum Equity Partners, and PreSeed Ventures.
WHY IT MATTERS
Motosumo’s tech allows users to join the platform from home, using any bike and a mobile phone or tablet. The fit-tech company delivers an affordable alternative to the expensive market participants that require consumers to purchase equipment in addition to membership fees.
The investment will allow the company to expand its selection of instructors across Europe, North America, Asia and Australia, bolster its tech team, and increase its marketing efforts.
Magenta’s investment in Motosumo sets the way for a potential working partnership which will enable the fit-tech company to benefit from Magenta’s background in fitness, including previous investments in LA Fitness, The Gym Group, Pure Gym, and Viva Gym.
After appraising several software and hardware platforms over the last 18 months, Magenta’s experts praised the platform as a “one-of-a kind” prospect in an oversaturated market.
“It’s the only platform of its kind that is hardware agnostic, which presents significant opportunities for growth across borders,” added Tom Matthews, managing partner at Magenta.
THE LARGER CONTEXT
Meanwhile, connected fitness company Peloton has completed three acquisitions in the past several months. These include AI voice assistant company Aiqudo in February, as well as fitness smartwatch maker Atlas Wearables and interactive workout mat Otari in the final quarter of last year.
ON THE RECORD
Kresten Juel Jensen, Motosumo co-founder, said: “Immediate access, an interactive experience, and global reach are key considerations for growth, and Motosumo has all three.
“Our platform works with any bike, so the user is not required to invest in new equipment and can immediately access a workout. Motosumo classes feature interactive games with live fitness metrics, and our instructors interact with participants in real time. We’re thrilled to partner with Magenta. Their investment, as well as their strategic vision and support, is going to help fuel our experience and our expansion.
“Even before the COVID pandemic, consumer demand for at-home workout options was growing. The last year has drastically changed the fitness industry landscape. At-home connected fitness has become a major beneficiary, and Motosumo was already ahead of the curve and uniquely positioned to drive rapid adoption of our home-training solution.”