Freeletics, a Munich, Germany-based digital fitness company, received a significant investment from a group of US-based venture capital firms.
Backers included FitLab, a venture studio managed by former executives of Nike and New Evolution Ventures, Causeway Media Partners, JAZZ Venture Partners, Courtside Ventures, Elysian Park Ventures and ward.ventures, which are affiliated with several sports franchises including the San Francisco 49ers, Boston Celtics, Cleveland Cavaliers and Los Angeles Dodgers. Mark Wan from Causeway and John Spinale from JAZZ will join the board of directors.
The company intends to use the funds to accelerate growth.
Founded in 2013 by Joshua Cornelius, Mehmet Yilmaz and Andrej Matijczak, who will be exiting the company, and led by CEO Daniel Sobhani, Freeletics provides Freeletics Bodyweight, a fitness app featuring an advanced AI technology to enable users to train anytime, anywhere.
Freeletics Bodyweight, which approximately has 30 million users in over 160 countries, can be downloaded for free in the App Store and Google Play Store.