1. OxeFit Secures $17.5 Million Series A3 Funding for AI-Driven Fitness Equipment
OxeFit, a Texas-based AI and robotics fitness company, recently announced the successful completion of its oversubscribed $17.5 million Series A3 funding round. Notable investors include biohacker Dave Asprey and Solidcore founder Anne Mahlum. With this latest infusion, OxeFit's total funding exceeds $70 million. The company's core products, XS1 for consumers and XP1 for businesses, blend dynamic resistance with motion tracking data to deliver personalized workouts. CEO Rab Shanableh revealed that the new funds will be directed toward research and development, product innovation, and launching new AI-driven features like adaptive training and digital health monitoring. OxeFit also plans to raise an additional $20 million and is already in talks with potential venture capital partners.
2. Sole Fitness Expands into Virtual Fitness with New Leadership
Sole Fitness, known for its affordable home fitness equipment, has announced its entry into the virtual fitness market with the launch of Sole+ Studios. Brad White, the newly appointed CEO, stated that the company will continue its tradition of delivering quality while venturing into the virtual fitness realm. Sole+ Studios will offer free classes on Sole's best-selling equipment, led by a diverse team of professional coaches, including new Fitness Director Bradford Stevens. Stevens has extensive experience in online fitness and aims to build a strong community of users with engaging and educational content. Sole Fitness is positioning itself as a strong competitor in the rapidly growing virtual fitness market.
3. EGYM Becomes a "Unicorn" with Over €1 Billion Valuation
German fitness technology leader EGYM has secured $200 million in growth capital, pushing its valuation past €1 billion. The funding round was led by L Catterton and Meritech Capital, and it will support the expansion of EGYM's Wellpass corporate health network. EGYM specializes in AI-driven personalized training solutions and smart strength equipment, focusing on health prevention rather than just treating chronic diseases. The company has established a global presence, with 700 employees and millions of users, and is now setting its sights on further growth in the U.S. market. CEO Philipp Roesch-Schlanderer emphasized that the new investments will help accelerate the transition from disease treatment to prevention.
4. Fitnessmith Acquires Gym Source USA's Commercial Division
Fitnessmith, a leading U.S. fitness equipment supplier, has acquired the commercial sales and services division of Gym Source USA. This acquisition expands Fitnessmith's operations across 47 states, solidifying its leadership position in the industry. Gym Source USA, founded in 1936, has a long-standing reputation for high-quality equipment and services. Fitnessmith CEO Michael Scichilone expressed excitement over the acquisition, which will enhance the company's market reach and further strengthen its commitment to delivering top-tier equipment and services to its growing customer base.
5. Evolt Raises $20 Million for Global Expansion, Eyes IPO
Australian fitness tech company Evolt has raised $20 million to fuel its international growth and is considering an initial public offering (IPO). Evolt's advanced body composition analyzer tracks 40 health metrics, providing users with detailed insights into fat and muscle distribution. With the rising demand for weight-loss drugs like Ozempic and Wegovy, Evolt sees significant opportunities in the fitness and health tech sectors. CEO Ed Zouroudis emphasized that the funding will enable the company to capitalize on these trends and continue developing its technology for wider adoption.
6. Boutique Fitness Expands in Australia and New Zealand, Gains New Investment
Boutique Fitness, the master franchisee for Xponential Fitness brands in Australia and New Zealand, is set to open over 25 new studios in New Zealand by next year. The company recently received investment from Viva Leisure, Australia’s largest fitness operator, and has just opened its 50th studio, a StretchLab location in Western Australia. Boutique Fitness plans further expansion with several Club Pilates, Rumble Boxing, and StretchLab studios opening across Australia by the end of the year. The company is poised to capitalize on the growing fitness market in the region, bolstered by upcoming events like the AusFitness Expo and the launch of Xplor Gym, a new platform offering streamlined management for fitness clubs.
This week's news highlights the growing impact of AI and digital solutions in the fitness industry, with major investments driving innovation across the globe. The sector continues to evolve, with significant expansion in virtual fitness, health monitoring technology, and personalized workout experiences.
By Roger Yao (cs01@fitqs.com) from Shanghai, China
Stay tuned for more updates and insights from the fitness equipment industry in next week's report.
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