Online fitness coaching platform Lenus today announced it has secured €50 million ($60.9 million) in Series A investment.
The round led by EQT Ventures is the largest Series A funding secured in Denmark to date.
WHAT IT DOES
Founded in October 2016, Lenus enables health and fitness coaches build online businesses and achieve scale by reducing time spent on non-value-adding activities and administrative tasks.
The Copenhagen-based startup has experienced rapid growth in its four years of existence and now operates in Denmark, Sweden, Germany, and the UK.
WHAT IT’S FOR
Lenus said the funding will be used for product development, cross-market recruitment and international expansion, including the US later in 2021.
It will also cover the development and launch of a non-profit certified online school, aiming at educating private fitness coaches and dieticians to become excellent online coaches.
The global health and fitness centre club industry is estimated to be worth $96.7 billion. During coronavirus lockdowns, many people turned to online fitness classes and digital health firms such as Lenus are building on this momentum.
Also in Denmark, Copenhagen-based indoor cycling platform Motosumo recently announced the completion of a €5 million ($6m) Series A funding round.
Elsewhere in Europe, Berlin-based wellness and fitness coaching app, actio recently extended its seed round to €10 million with a new investment from venture capital firm Heal Capital.
ON THE RECORD
Bertram Thorslund, founder and CEO of Lenus, said: “We are extremely humbled and honoured to achieve the biggest Series A funding ever secured in Denmark. Exercise and nutrition are vital for maintaining mental and physical health, and in general public health isn’t in good shape.
“We are on a mission to revert the declining global health trend, and help people live a healthier life. The €50 million instantly gives us the power and speed to further refine our product, strengthen our hyper-local presence in existing markets, onboard great and talented people to our team, and accelerate international expansion.”
Lars Jörnow, partner at EQT Ventures, said: “At EQT Ventures, we were drawn to Lenus’ remarkable vision of making the world a healthier place, bolstered by strong business acumen and amazing growth. People-powered health is vital and, as the pandemic has shown, remote doesn’t mean alone, so Lenus’ community approach is invaluable.
“I’m proud and excited that EQT Ventures is leading the largest ever Series A in Denmark through this investment into Lenus and look forward to this exciting new phase of the business as the team continues to push and grow.”