1. MAGIC AI Raises $5 Million to Expand Smart Fitness Mirror Technology
UK-based fitness mirror manufacturer MAGIC AI has raised $5 million in a funding round led by IW Capital, with executives from Spotify, TikTok, and Meta also participating. Last summer, MAGIC AI secured $2.5 million in funding. Co-founder Varun Bhanot reported that the company now serves over 5,000 customers in 38 countries within its first year of launching the Magic AI Mirror. Powered by ReflectAI™ technology, the mirror tracks body positions, movements, and form, offering real-time feedback, rep counting, and personalized corrections. MAGIC AI Mirror is priced at $1,800, with optional smart dumbbells and benches available for an additional $1,000.
2. HYROX Achieves Milestone with 5,000 Training Clubs and New Performance Center
Global fitness competition brand HYROX continues its expansion with the opening of its 5,000th training club and the launch of its innovative "HYROX Performance Center." Founded in 2017 by Christian Toetzke, HYROX now hosts competitions in over 20 countries and plans to hold the 2025 World Championship in Chicago. Its 2024 achievements include a 260% annual growth in partnerships and reaching over 50,000 global members. HYROX also entered the Chinese market in November 2024, hosting its first event in Beijing, attracting nearly 2,000 participants. Future events are planned across major Chinese cities.
3. Interactive Strength Inc. Restores Nasdaq Compliance and Plans Acquisition
Interactive Strength Inc. (NASDAQ: TRNR) announced compliance with Nasdaq’s listing requirements after meeting the $1.00 per share price rule. The company is now preparing to acquire a connected fitness equipment company generating over $40 million annually with positive EBITDA. TRNR aims to enhance its market competitiveness through strategic acquisitions. Despite a sharp decline in its stock price—from a high of $28,320 in May 2023 to $3.04 in December 2024—the company projects a 15.1% sales growth for 2024 and continues to focus on business expansion.
4. Wattbike Launches Multilingual Training App and Announces New Proton Bike
Wattbike has introduced Wattbike Hub, a multilingual training app supporting Japanese, Chinese, French, Spanish, and German. The app offers personalized training plans and supports users recovering from injuries. Paired with the Proton smart bike, now available in the UK and scheduled for a global launch in March 2025, Wattbike aims to enhance accessibility for cyclists worldwide. CEO Stephen Loftus emphasized the brand's commitment to delivering tailored training solutions. Wattbike also announced plans to release a commercial-grade bike in 2025, targeting health clubs and gyms globally.
5. Health and Fitness Software Market Projected to Reach $19.1 Billion by 2031
The health and fitness software market is expected to grow at a compound annual rate of 13.83%, reaching $19.1 billion by 2031, according to a Market Research Intellect report. This growth is driven by increasing demand for personalized health solutions, M&A activity, and the rise of virtual fitness products. Notable developments include Orangetheory’s merger with Anytime Fitness under Purpose Brands and PushPress securing $20 million in funding to enhance gym platforms. North America and Europe remain key markets, while Asia-Pacific is poised for the fastest growth due to rising demand in China, India, and Japan.
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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