Barcelona-based boutique fitness software platform bsport has raised €30 million ($31.5 million) in a Series B funding round, setting the stage for international expansion, including a bigger push into the United States market.

Bsport announced the funding round this week, which was led by American venture capital firm Base10 Partners and U.K. firm Octopus Ventures, alongside Stanford University and joining existing investors, notably Seventures Partners and Seed4Soft.

With the new funding, bsport intends to drive expansion across the North American, European and Asia-Pacific (APAC) markets, accelerate its investment in generative AI and triple its workforce by 2026. 

“With the support of our new and existing investors, bsport is on a mission to unlock the full potential of wellness studios by providing an unparalleled, all-in-one solution that combines advanced technology and innovation with a deep understanding of our clients’ needs,” bsport co-founder and CEO Zakaria Mansour said. 

Founded in 2018 and launched in 2020, bsport serves around 2,000 gyms and fitness studios across Europe and North America, predominately small and medium-sized businesses. Its clients include U.K.-based brands Paper Dress Yoga, United Fitness Brands and Boom Cycle, according to its website. In 2022, the company raised €4 million in a Series A round led by Seventure Partners.

By next month, bsport expects to reach over €10 million in annual recurring revenue, Mansour has told Axios. 

Bsport says its software offerings are designed to “reduce operational costs and maximize revenue to enable scalable growth” for fitness studio owners. Its services include class bookings, payments, staff management, sales and marketing, and member experience tools. 

The company has its headquarters in Barcelona and additional offices in Paris, London, Berlin and the United States, employing a multilingual staff of around 160. As it pursues expansion, bsport will place a special focus on the North American, Asian-Pacific and DACH region (Germany, Austria, Switzerland) markets, the company says.

“Bsport is well-positioned to take on the needs of small and medium-sized businesses in the wellness space – an industry that has largely gone underserved by technology,” TJ Nahigian, a managing partner at Base10 Partners, said. “Zakaria and team’s all-in-one platform helps these businesses take control of their own growth, and we are thrilled to be supporting this special team.”

Bsport isn’t the only fitness software firm to reel in funding for international expansion. Hapana, an Australia-based brand, landed $17 million earlier this month to fuel expansion in the APAC region and the U.S., and launch a next-generation platform.

Sport Alliance, a software platform based in Hamburg, Germany, that serves the sports and fitness industries, got a $100 million growth investment from PSG Equity late last year to drive global growth.

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Connected fitness startup Growl has emerged from stealth mode, raising $4.75 million in seed funding for an exciting new product: a wall-mounted, AI-powered punching bag that projects a life-sized virtual boxing coach into people’s living rooms. 

Skip Capital led the seed-funding round, which included participation from Kima Ventures, Teampact Ventures and highly ranked UFC heavyweight fighter Ciryl Gane.

An Austin, Texas-based startup with ties to Paris, France, Growl on Wednesday unveiled its debut product, which uses 3D motion tracking to capture punches and AI computing to project virtual coaches directly onto the bag’s surface. Growl will also offer boxing-inspired games developed by Unreal Engine, the software powering titles like Fortnite and Gears of War. 

Léo Desrumaux, Growl’s co-founder and CEO, told Athletech News that he and fellow co-founder Nicolas de Maubeuge created the brand to “make boxing and its power accessible to everyone at home.”

“Our belief is that boxing has this uncanny, universal touch and potential,” says Desrumaux, who fell in love with the sport after moving to the U.S. from France at 16 years old. “You can realize that universal touch if you make it fun and accessible.”

To make boxing fun and accessible, Growl’s virtual coaches will provide guidance on which punches and moves users should make while motivating them to keep working out. A video trailer for the upcoming product shows users sparring with their virtual coaches and also taking part in a boxing game that involves punching moving targets to gain points. 

Besides boxing, Growl also coaches users on fitness movements like bodyweight squats, push-ups and even dumbbell exercises. The product is targeted for users aged 10 and above. 

“The versatility of Growl is what convinced us to invest: it goes far beyond boxing, evolving into a complete, immersive at-home fitness experience with limitless possibilities for future content and workouts – whether for adults, kids or anyone in between,” Skip Capital investment partner Adam Cook said in a statement. 

The startup also counts former Amazon, Peloton and Tonal hardware guru Sam Bowen among its advisors.

Coming to a Home Near You

Growl aims to begin taking pre-sale orders in April 2025 and ship its first batch of boxing bags around 12 months later, putting the brand on track for a launch in Q2 of 2026.

Growl initially plans to sell its product in the U.S. market only, eschewing retail partnerships in favor of a direct-to-consumer model. Desrumaux says the goal is to get Growl into the hands of as many affluent American homes as possible, particularly families. 

“When you’re in a connected fitness business, your customer is the household,” he says. “That household could be a person of one, it could be an early couple in their 30s advancing their careers, (or) it could be a family with kids. Our goal is to serve the whole family.”

Growl will cost an anticipated $4,500 at launch, plus a $60/month content subscription, placing it on the higher end of pricing for connected fitness products, in line with Tonal and above Peloton. Alternatively, customers can opt for a buy-now, pay-later plan, which is anticipated to cost $150/month for a 48-month plan or $190/month for a 36-month plan, including hardware and a content subscription. Those who place an order during the pre-sale period will receive discounted pricing, the company says. 

A New Type of Connected Fitness Product

For Desrumaux, Growl will be worth the relatively high price tag by providing an immersive, engaging user experience that’s unlike anything currently available on the connected fitness market, including in other connected boxing products like FightCamp and Bhout. 

“Experience is everything in connected fitness,” he says. “We recreate a life-size personal trainer who’s going to literally engage you physically, motivate you and push you as if (they were) right there with you.”

Citing the rising popularity of boxing fitness, especially among women, Growl is confident it’s striking while the iron is hot. Desrumaux believes the product will play well on social media, thanks to its striking visuals and unique functionalities. It could also be a hit at family gatherings and parties, driving word of mouth. 

“I think one of the most powerful things will be our own customers in their own homes, having a product and being able to show it off to their friends, neighbors or family members,” Desrumaux says. 

Over the next couple of years, Growl will focus on getting its product to market and refining its virtual coaching system. Looking even further ahead, Desrumaux believes the possibilities are endless when it comes to using AI to create an engaging and effective personal training experience. 

“The long-term goal is to be able to have a fully personalized, interactive training session that’s entirely AI-generated,” he says.

Update: This article has been updated with additional information on Growl’s anticipated pricing

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Coopah, an AI-powered run coaching app, has raised £1.5 million ($1.9 million) in a seed funding round backed by the London Marathon, venture capital firms and a pair of big names in endurance sports.

London-based VC firms Redrice Ventures and Active Partners led the round, with participation from London Marathon Events, organizer of the TCS London Marathon, which previously backed Coopah in a pre-seed funding round. Alistair Brownlee MBE, a Gold Medal-winning English triathlete, and Ricky Simms, a prominent track-and-field agent whose clients include Usain Bolt, also participated in the seed round. 

Founded in 2022 by running enthusiasts including Dan Strang and Peter Cooper, Coopah says its mission is to bring the “medicine of running to everyone.” 

While running is experiencing a global resurgence thanks in part to the rise of run clubs, the London-based Coopah cites a concerning, if unsurprising, statistic: 58% of new runners quit within 30 days of starting their running journey.  

To help people stick to their running goals, Coopah offers adaptive, personalized training plans, AI-powered workout feedback and community-driven motivational support to help people of all levels improve their performance. Features include personalized pacing, strength and conditioning workouts, and integrations with popular fitness devices and wearables. 

Coopah offers an annual membership for $79.99 or a monthly option for $14.99. The app currently serves as the official training partner of the TCS London Marathon. 

“We can’t wait to show the 500 million existing global runners, and the thousands of people that start running every day, the power of Coopah,” Strang said. “Securing these funds and bringing this group of high-quality investors on board is giving us the opportunity to invest in new growth channels which will put Coopah in front of the global running world.

With the funding, Coopah plans to scale its marketing efforts and invest in improving its app functionality, including making its training plans smarter and more social-friendly.  

To help with those efforts, Coopah also announced the hiring of former Strava executive Gareth Nettleton as its new chief marketing officer. Nettleton previously led global marketing efforts for Strava, a fitness-focused social networking app that now counts over 125 million users.

“The world is in a physical and mental health crisis. Running is one of the things that we believe can have a huge impact on that. It is medicine for both body and mind,” Nettleton said. “I’m delighted to join Dan and Pete on this journey and look forward to scaling Coopah’s active community across the globe.”

Personal Training Apps Raise Cash

Coopah’s funding comes as personal training apps of all sorts gain traction with investors. 

In 2o23, Ladder closed a $12 million Series A round for its app that matches users with daily strength training workouts. Zing Coach, an app that uses AI to create personalized workout support including form correction and body composition advice, raised $10 million in a combination of equity and debt financing earlier this year.

Runna, a run coaching app that provides “couch to 5 K” training plans for beginners along with more advanced programs for serious runners, raised an additional $6.3 million in late 2023, bringing its total amount raised at that time to over $10 million.

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Global soccer star Cristiano Ronaldo is making a “significant investment” in personalized supplement maker Bioniq, adding star power to the London-based brand that matches people with the right supplements based on blood test and health quiz data. 

The sides didn’t share specific details on the size of Ronaldo’s investment, although Bioniq notes the new capital brings its total valuation to $82 million. In July, Bioniq raised $15 million in a Series B funding round that valued the company at $75 million.  

Founded in 2019, Bioniq makes highly personalized supplements available to the masses by leveraging data from blood biomarker tests and online health quizzes, creating individually tailored blends of up to 120 antioxidants, vitamins, minerals, phytonutrients, amino acids and prebiotic fibers. Bioniq uses guar granules instead of pills or capsules, which the company says improves nutrient absorption. 

Ronaldo, one of the most decorated soccer players of all time and a noted health enthusiast, has been a member of Bioniq since 2022 and a user of Bioniq supplements for nearly three years, according to the sides.

“Backing Bioniq goes beyond just an investment opportunity for me – it’s about aligning with a shared vision for health, performance and longevity,” Ronaldo said.

Ronaldo’s investment comes as Bioniq looks to accelerate its global expansion efforts, focusing particularly on the United States, Middle East and European markets. The company is off to a good start: its supplements are already sold in over 70 countries and its total user base has grown fivefold so far in 2024. 

Bioniq has also struck partnerships with sports organizations including the UFC, and its supplements have been used by top athletes in international soccer, the NBA and Ironman triathlons. 

“Cristiano Ronaldo is the perfect partner and shareholder,” said Vadim Fedotov, co-founder and CEO of Bioniq. “As the ultimate embodiment of performance and longevity, Cristiano fully aligns with the values and mission of Bioniq.”

“His personal experience with our products reinforces his belief in what we’re building,” Fedotov added. “Cristiano’s decision to invest highlights his confidence in our team’s vision and his commitment to helping us build the leading company in personalized health.”

In an interview with Athletech News last month, Fedotov shared the story of how an injury-plagued college basketball career inspired him to create a personalized supplement brand. Fedotov also gave insights into Bioniq’s unique personalization process and the brand’s global expansion plans. 

Ronaldo, who turns 40 in February but still stars for the Portuguese national team and Saudi soccer club Al Nassr, is increasingly embracing the fitness and wellness industry. 

Earlier this year, the five-time Ballon d’Or winner launched Erakulis, a wellness app inspired by his habits across fitness, nutrition and mental balance. In May, Ronaldo signed on as an investor and global ambassador for human performance brand Whoop, makers of a highly popular health and fitness wearable.

Other soccer stars are embracing fitness and wellness, too. Bayern Munich forward Harry Kane has invested in OxeFit, makers of AI-powered smart strength-training machines. 

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FluidLogic, a California company that creates advanced hydration products for race car drivers and soon, members of the United States military, has raised $15 million in a Series A extension round that will see the brand launch new direct-to-consumer products.

Solyco Capital, a Michigan-based private equity firm, led the funding round. FluidLogic’s existing athlete investors include NBA player Jrue Holiday and his wife Lauren Holiday, a former pro soccer player, former NFL player Kyle Rudolph, and Nascar legend Jimmie Johnson.

Founded in 2016, FluidLogic creates in-vehicle hydration systems for Nascar, IndyCar and other motorsports athletes. Its flagship products attach into drivers’ helmets to deliver water on-demand, eliminating the need to grab a water bottle while racing. The systems are integrated into a vehicle’s steering wheel, with a light that alerts drivers when it’s the optimal time to drink more.

According to FluidLogic, its products are used by a substantial amount of IndyCar and Nascar drivers, as well as Baja 1000 Series winning cars. FluidLogic athletes include Nascar drivers Tyler Reddick and Ricky Stenhouse. Jr., among others.

As evidence of the power of advanced hydration, the company points to a study of 20 professional race car drivers which found that on average, lap-time speeds decreased by 5 seconds for each driver using a FluidLogic system.

“Hydration is a driving pillar of peak performance,” said Sara Blackmer, FluidLogic’s CEO who is also a senior partner at Solyco Capital. “It improves reaction times, sustains focus, increases endurance, and prevents overheating by improving heat tolerance.”

FluidLogic is also planning to launch hydration products for the military and everyday fitness enthusiasts.

The company recently received $1.9 million from the U.S. Air Force to develop an “ecosystem of intelligent wearable and in-vehicle hydration systems” for military personnel. That builds on $750,000 that FluidLogic previously received from the Department of Defense.

Meanwhile, with the new Series A funding, FluidLogic plans to develop direct-to-consumer hydration products in the adventure sports and outdoor endurance categories. Those products are set to launch in early 2025, the company says.

FluidLogic’s funding round comes as brands and investors eye the advanced hydration and nutrition space. In July, Swedish brand Maurten raised 20 million ($21.7 million) for its patented hydrogel technology, which allows athletes to consume more carbohydrates per hour without stressing the stomach. 

This past summer, Daring Foods founder Ross Mackay launched Cadence, a brand offering ready-to-drink, mineral salt-based hydration beverages.

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Foundry, a personal training-focused gym chain based in London, is gearing up for serious growth, receiving a “seven-figure investment” that will see the brand expand through acquisitions and new site developments. 

Known for its “small group personal training classes” and focus on inclusivity, Foundry currently has five locations open in the London area. Those gyms recently were completely overhauled and rebranded, and new locations are soon to follow suit.   

Amid the investment, Foundry is launching a new flagship gym, slated to open this September in London’s Aldgate neighborhood. The Aldgate location will feature a 5,000-square-foot gym area, a 16-meter track, Myzone tracking tech and best-in-class functional training equipment from brands including Eleiko, Rogue and Concept2. 

Foundry also acquired another gym location in what it describes as an “affluent commuter town” in South East London. That gym will become Foundry’s seventh location after it gets rebranded. 

With the new funding, Foundry plans to expand at an aggressive pace, including opening more new sites in the coming months. 

“This raise will enable the group to grow its estate significantly across 2024, both through acquisitions from a deep pipeline of opportunities, as well as new site developments,” a Foundry spokesperson said. 

As it preps for expansion, Foundry has also added to its leadership team. Private equity vet Rob Foreman joins as chairman, with The Gym Group’s Steph McCall joining as finance director.

Voted Best Fitness Facility in London at the London Lifestyle Awards in 2023, Foundry markets itself as a gym “for anyone looking for a different fitness journey.” The brand prides itself on its inclusive environment and supportive community, carving out a niche in London’s competitive and dynamic fitness landscape. 

Foundry is best known for its small group personal training classes, which start every hour on the hour and are designed to offer the benefits of one-on-one personal training while still offering the communal aspect of group classes.

The gym brand also offers larger group classes along with traditional one-on-one personal training. Sessions see members perform functional training movements including bodyweight exercises, Olympic lifts and conditioning work on machines like rowers, SkiErgs and air bikes.

Foundry merged with W10 in 2022, setting a new course for the brand in a move that saw W10 founder Jean-Claude Vacassin take over as Foundry’s managing director. The upcoming locations in Aldgate and South East London mark Foundry’s first expansion moves since it joined forces with W10. 

“We’re really excited about this next step,” Vacassin said of Foundry’s new investment and planned expansion. “Over a decade ago, we set out to reinvent what it means to be a gym: an inclusive, customer-centric experience focused on helping our members thrive – this mission remains our guiding principle.”

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Levels, a software startup co-founded in 2019 by longevity expert Dr. Casey Means, which uses artificial intelligence for meal monitoring and personalized insights based on biomarkers, has announced a $10 million Series A extension.

The round included $3 million in crowdfunding from over 2,000 investors and follows a $38 million Series A in 2022. Crowdfunding has been part of Levels’ mission as it grows, having previously raised $5 million of its Series A in a crowdfunding round that saw over 1,400 Levels members participate.

In addition to Dr. Means, the startup has other notable co-founders on board as it seeks to solve the metabolic health crisis, including former SpaceX and Hyperloop engineer Josh Clemente and David Flinner and Andrew Conner, formerly of Google. 

Since its inception, Levels has assisted over 60,000 members in improving their metabolic health through real-time blood-sugar monitoring with an optional continuous glucose monitor that syncs to an app. From there, members can discover valuable glucose data and insights into how their lifestyle choices (such as nutrition, sleep and exercise) affect their health.

Levels members can also go beyond glucose readings and get tested for health markers such as HbA1c, fasting insulin, ApoB, triglycerides and uric acid, accessing the results on the app.

Although consumers have become increasingly health conscious, the number of Americans who are metabolically unhealthy is staggering, with more than a third of Americans having prediabetes. While grim, it’s a number that can change, say Levels’ founders.

“Consumers want to take their health into their own hands, and Levels’ expertise, data science, and guidance through the app allows them to see real improvement, whether or not they’re wearing a CGM,” Clemente said. “This is how we start to address metabolic health at scale.”

While having access to comprehensive and personalized health data is key to improving metabolic health, Levels takes it a step further with AI-powered food logging, macro tracking and an accountability feature so users can understand the most optimal choices.

“Simply tracking meals isn’t enough,” Levels CEO Corcos said. “That’s why Levels goes beyond basic food logging to actually show you how these choices affect your health and what you should do to achieve your goals. Our members see results.”

The startup is also conducting a large-scale Institutional Review Board-approved research study to better understand the glucose patterns of people of various ages, genders and races.

“Levels is an immediate answer for the metabolic health crisis, the defining health crisis of our era,” stated Marc Andreessen, Levels investor and co-founder and general partner at a16z. “Both the health of our people and the fiscal solvency of our country are at stake — Levels is a case study of the application of technology to both.”

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Hapana, a software-as-a-service (SaaS) platform used by fitness brands worldwide, has raised $17 million in a funding round led by Australian venture capital firms OIF Ventures and Bailador. The funding will support Hapana’s plans to expand its presence in the Asia-Pacific (APAC) region and the United States, as well as the launch of its next-generation platform.

Founded in 2014, Hapana provides technology solutions that manage memberships, payments and customer loyalty for gyms, fitness studios and franchises. The company’s platform, used in 17 countries, operates as a white-label solution, allowing fitness brands to maintain their identity while utilizing Hapana’s features to improve operational efficiency.

Paul Wilson, co-founder and managing partner at Bailador, remarked on Hapana’s potential, stating, “Hapana has built a solid reputation in the fitness industry, and we believe the company is well-positioned to continue its growth in Australia and internationally.”

The platform is employed by several fitness brands, including Body Fit Training (BFT), KX Pilates, Gold’s Gym, and F45. Last year, over one million fitness club members used Hapana’s platform, with more than half a billion dollars in payments processed through the system.

This latest funding round follows Hapana’s 2023 investment from Riverside Acceleration Capital (RAC), which was aimed at expanding its sales and marketing teams as the company pursued growth in the U.S. market. With this funding round, Hapana aims to further develop its technology and expand its market reach, particularly focusing on supporting the growth of fitness brands in new markets.

Hapana CEO Jarron Aizen noted the importance of the funding for the company’s expansion efforts. “These funds will enable us to expand our go-to-market plans in the US and across the APAC region, facilitating the signing of more franchises and independent gyms,” Aizen said. 

He added that the upcoming platform update would include enhanced features for large franchise fitness brands, offering greater visibility and control over their operations.

Kevin Wilson, Partner at OIF Ventures, commented on Hapana’s progress. “We have been closely following Hapana’s journey and are impressed with their execution and commitment to becoming a leading provider of fitness management software,” Wilson said. He expressed confidence that the new funding would help Hapana continue its growth.

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Zoe, a startup that combines at-home testing with informed nutrition guidance, has raised $15 million from New York-based Coefficient Capital as part of an extended Series B round, bringing its total funding to $118 million.

The capital will be used to accelerate Zoe’s U.S. expansion plans, the company says.

Zoe — which means “life” in Greek —  offers consumers a comprehensive look at their health through three at-home tests: a stool sample to discover their gut health; a blood test to determine their blood fat response to a test meal provided by ZOE; and a blood sugar sensor worn for two weeks.

Membership is available following testing, providing results-based food scores, recipes, support and lessons on how to swap, add and combine foods to eat in the most optimal way that is specific to a member’s needs and goals. Members can then retest their gut to see how their microbiome has improved over time.

The Zoe platform currently has over 100,000 members. 

For its part, Coefficient Capital is focused on consumer brands that are redefining wellness, having invested in brands such as Oatly, a highly popular oatmilk dairy-alternative brand, Magic Spoon, a low-carb cereal, and hydration brand Hydrant.

The Zoe investment follows Coefficient Capital’s Consumer Trends Survey 2024, which explored ultra-processed foods and the common misconceptions Americans have regarding supposed healthy food and beverages.

Jonathan Wolf, co-founder and CEO of ZOE, is excited that the investment firm has decided to join the science and nutrition company’s mission to improve the health of millions.

“I’m confident their expertise in helping consumer brands to grow across the U.S. will accelerate our own growth,” Wolf continued. “The U.S., like the U.K., is in the midst of a terrible health crisis. The food that our governments tell us is good for us is, in fact, causing us to feel terrible and live fewer healthy years than our parents. The need to make smarter food choices, based on real science, has never been greater.”

Daily30+, a whole food supplement of over 30 plants, is also in the works for the nutrition startup and will roll out in the U.S. in Q4. 

The digital nutrition space has seen several notable investments as of late, with investors keen on the concept of merging healthy eating with a science-centered approach.

RxDiet, a New York-based AI-powered personalized nutrition app that generates custom food plans and delivers the ingredients right to members’ doors, just secured $3 million in a seed funding round to expand its ‘food as medicine’ model.

“Telenutrition” platforms that connect consumers with registered dietitians (RDs) for personalized nutrition advice, such as Foodsmart, Nourish and Fay, have also scored with investors, with the three brands each securing funding this year.

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Maurten, a Sweden-based sports nutrition company that’s created an advanced carbohydrate fuel ecosystem, is having a stellar month, just in time for the Olympics.

Following a €20 million ($21.7 million) investment led by IRIS Ventures, the brand is now entering its next growth phase, with plans to expand beyond sports and into the medical arena. It has also been named the official sponsor of the Bermuda Olympic Association for the Paris 2024 Summer Olympics.

The sports nutrition company has made a name for itself with its patented hydrogel technology, which allows athletes to consume more carbohydrates per hour and sustain elite performance without stressing the stomach.

The hydrogel is used in Maurten’s drink mixes, gels and its Bicarb System — designed for high-intensity training and racing and is meant to be consumed 1.5 to 2 hours before exercise to manage increased muscle acidity.

Maurten will equip Bermuda’s Olympic participants with its hydrogel-based products, which have grown popular among professional athletes and Olympians. Nonetheless, the company says its products are suitable for everyone, from professional athletes to amateurs.

In addition to the Olympics, Maurten has partnered with several other high-profile events, including the Ironman Group Global Series and the Boston Marathon,

“It’s an important moment that strengthens the diversity of our board,” Maurten founder and CEO Olof Sköld said of the funding. “I have no doubt that accessing the expertise and network of female-founded Iris Ventures, and their deep understanding of the sports culture scene, will greatly benefit our ambitions to expand the reach of our innovations — across new markets and industries.”


Maurten also plans to focus on female-specific fueling research, which it says will be accelerated by IRIS Ventures.

The round also included participation from existing investors, including Dan Sten Olsson, CEO of Stena Sphere. 

Other brands are eyeing the advanced hydration and nutrition space. Cadence, a mineral salt-based hydration beverage, launched in the United States earlier this month.

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RxDiet, an AI-driven personalized nutrition app that creates custom food plans and delivers fresh ingredients, has secured $3 million in a seed funding round as it plans to spread the growing concept of ‘food as medicine’ and improve the health of its members.

The New York-based startup will use the funding to grow its team, bolster its grocery network and reach additional healthcare payers.

After downloading the RxDiet app, users are asked to provide their healthcare membership ID number. They can then provide information on their health concerns, body makeup and food preferences before a personalized nutrition program and recipes are created with the help of AI and RxDiet’s live care team. The ingredients are then delivered to RxDiet users.

The platform has already partnered with two of the largest health insurers in the U.S., covering the program’s cost for their health plan subscribers. A low-cost digital tool is slated to launch this year to offer greater affordability for insurers.

Notably, RxDiet has a 76% app usage rate among seniors, who can connect with fellow users, sharing their challenges and achievements.

“We want food to be at the forefront of medicine,” co-founder and CEO Roman Kalista said. “Using food to treat chronic conditions is often cost-prohibitive, and RxDiet has lowered the bar significantly for healthcare payers to adopt a program that drives unprecedented engagement, clinical outcomes and member satisfaction.”

Kalista, who founded RxDiet with Jan Skvaril, added that the funding round will enable RxDiet to reach more patients in the U.S.

“RxDiet is a game changer for healthy eating,” said Jia Lin of Giant Ventures, which led the funding round. “As the disease burden from chronic conditions grows, RxDiet’s holistic solution serves a critical function not only in managing and reversing these conditions but also preventing them. We are excited about RxDiet as their highly scalable AI platform breaks down the barriers of healthy food, making it equally affordable, personalized, and engaging for someone in urban New York as it is for someone in rural Georgia.”

In addition to Giant Ventures, RxDiet saw participation from Better Ventures, Form Life and angel investors.

Platforms including Foodsmart, Nourish and Fay, all of which connect people with registered dietitians (RDs) for personalized nutrition advice covered by healthcare, have also reeled in funding in recent months as investors and consumers embrace the use of food as medicine. 

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The desire for hyper-personalization in all aspects of health and wellness has reached supplements. 

Bioniq, which offers artificial intelligence (AI)-powered personalized supplements based on blood biomarker data, has raised $15 million in an oversubscribed Series B funding round led by HV Capital and Unbound.

The London-based brand says it will use the capital for product development and growth in the United States and the Middle East and a corporate platform for medical, wellness and athletic institutions.

Earlier this year, Bioniq announced a partnership with Al Borg Diagnostics, a diagnostic health services provider in Saudi Arabia.

Founded in 2019 in London, Bioniq says its personalized approach has led to sizable growth in the last twelve months —particularly in the U.S. — which is over 50% of its customer base. Certain other regions have grown over 500% in the last two quarters, according to Bioniq.

“We’ve entered a new era in nutritional supplementation over the last six years, where it’s become clear that one-size-fits-all solutions are simply inefficient,” said Bioniq co-founder and CEO Vadim Fedotov. “Everyone’s health journey is unique and fluid. Customers need advanced, adaptable products that provide evolving support for personal health goals.”

The company has amassed an extensive proprietary biochemical database using blood test data from its customers. Its patent-pending algorithm considers a user’s height, weight, age, lifestyle and health goals to identify micronutrient imbalances and develop a personalized supplement blend. 

The health tech startup offers consumers two options: Pro and Go. 

Bioniq Pro is comprehensive and highly personalized, incorporating blood biomarker data into its AI-powered algorithm. Users can either upload existing bloodwork to receive recommendations or schedule a blood test through a Bioniq partner lab. The data is analyzed for nutrient status and imbalances, providing users with a specially-made daily supplement formula. Users can also discuss their needs with a registered dietitian.

The Go option is designed to be accessible for wellness-seekers and is based on a questionnaire. Bioniq’s AI algorithm still plays a role with the Go route, recommending supplement blends based on individual responses and previous users’ blood biomarker data. 

Instead of pills or capsules, Bioniq’s personalized supplements come in the form of granules for better absorption and are shipped globally with a subscription model. 

“Bioniq’s exceptional growth is a testament to its innovative approach for high-quality personalized health solutions that professional athletes across the world rely on,” HV Capital general partner David Kuczek said. “With sales from across 60 countries, with the majority coming from North America, the most important market for health solutions globally, Bioniq is well-positioned to continue its trajectory of rapid expansion.”

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Cheers are in order – non-alcoholic ones, that is.

Athletic Brewing Company has completed a $50 million equity financing round headed by General Atlantic to support its long-term growth as consumers reach for cans of its non-alcoholic beer. Existing investors were also part of the round.

The NA beer brand recently purchased a third U.S. brewing facility, its second in San Diego, with another situated in Milford, Connecticut. The brand plans to renovate the new San Diego facility, which will feature a new packaging line. The renovations will take about eighteen months, but once operational, Athletic Brewing says it expects to double its U.S. brewing capacity.

“We’re thrilled to welcome General Atlantic as a key growth partner at a time when we’re significantly expanding our West Coast capacity to meet increasing demand for Athletic beer,” Athletic Brewing co-founder and CEO Bill Shufelt said. “We are passionate about transforming the way modern adults drink and converting critics into believers. We’re at the start of a long-term trend, and we couldn’t be more excited to have General Atlantic by our side as Athletic begins its next phase of growth.”

Shufelt left his position at a hedge fund in 2017 to co-launch what is now America’s number-one NA beer brand with John Walker, a craft brewer, but the climb to the top was no small feat. Convincing investors about the viability of tasty non-alcoholic beer was nearly impossible, with over a hundred venture capitalists reportedly passing on the idea. 

By 2022, Keurig Dr. Pepper purchased a $50 million minority stake in the NA beer brand, which has done the seemingly impossible in creating award-winning brews and marketing Athletic Brewing as a trendy (and healthier) alternative to traditional beer. The brand produced 875 barrels in 2018; by 2023, it had sold over 258,000 barrels.

It’s found a home at retailers like Whole Foods Market, cases of Athletic Brewing displayed with packaging that depicts a sense of adventure — landscapes of rolling hills, a sun peeking above mountains, a surfboard among the waves. The brand has become Whole Foods Market’s top-selling beer.

In 2023, Jet Blue became the first major U.S. airline to sell non-alcoholic beer at 35,000 feet following a partnership with the brand. Athletic Brewing has also partnered with fitness wearable company Whoop to encourage people to ‘Give Dry a Try,’ and counts former NFL players JJ Watt, Justin Tuck and athlete Lance Armstrong among its investors. 

Part of Athletic Brewing’s success can likely be attributed to the brand’s non-judgemental approach to drinking — one that celebrates sobriety if that’s a chosen path, but also a ‘flex sober’ philosophy, where there is room (and flexibility) for both NA and traditional beers. 

The new round values Athletic Brewing at around $800 million, according to a report from the Wall Street Journal.

Eyeing International Expansion

While Athletic Brewing has become a household name in the U.S. as it leads the NA beer category, General Atlantic managing director and global head of consumer Andrew Crawford noted that the brand is well-positioned to take advantage of the expanding global demand for NA beer. 

“We intend to leverage our international platform and capabilities across technology, digital marketing, and merchandising to help the business achieve its potential,” Crawford said. 

Non-Alcoholic Drinks Gain Ground

The future looks bright for non-alcoholic beverages, buoyed by Gen Z’s interest in better-for-you food, beverages and low or alcohol-free drinks.

Major beer brands have launched NA beers, including Guinness, Sam Adams, Corona, Heineken and more.

Solidcore founder and entrepreneur Anne Mahlum is bullish on the alcohol-free space, recently investing in herbal remedy startup Apothékary, which sells products like herbal red wine alternatives.

“The mocktail industry is going to continue to become more robust,” she predicted in a wide-ranging interview with Athletech News in April. 

“People are really waking up — especially for those folks who work out — about how much alcohol is undoing all of the progress that they’re trying to make with the food that they eat and the work that they’re putting in the gym,” Mahlum said.

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Gymdesk, a management software provider for gyms and fitness studios, will have deeper pockets from here on out. The fit tech company has secured a $32.5 million growth investment from software-focused investment firm Five Elms Capital. 

With the new capital, Gymdesk intends to expand and strengthen its solutions while growing its customer base via new verticals.

“At Gymdesk, we’ve created an industry-leading product in a market dominated by outdated solutions,” said Eran Galperin, the company’s founder and CEO. “We’re excited to partner with Five Elms and leverage their resources and expertise to continue growing our company as we take our operations to the next level.”

Launched in 2016 and steered by individuals with substantial industry knowledge, Gymdesk currently provides software for over 2,000 fitness gyms and studios across 34 countries. The brand manages memberships, billing, marketing, attendance tracking and more with different software solutions for gyms, martial arts schools, gymnastics, yoga studios, dance studios and Pilates studios. Gymdesk has made a name for itself especially among martial arts studios, with clients including Kaijin MMA and Heroes Martial Arts. 

Five Elms Capital specializes in fast-growing, B2B software business investments. Practice Better, an all-in-one practice management software platform for health and wellness pros, received a $27 million growth investment led by Five Elms Capital last year.

Outside Gymdesk, things remain fluid in the global fitness software space. Clubessential Holdings, a SaaS provider for health and fitness clubs, public golf courses, military organizations, camp organizations and more, is reportedly exploring a $3 billion sale. PerfectGym, a Poland-based software provider specializing in management solutions for fitness and leisure businesses, was just bought by German fit tech brand Sport Alliance. 

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America’s fastest-growing sport — pickleball — is experiencing a flurry of investment activity in 2024.

The Picklr, a Utah-based indoor pickleball franchise that counts former NFL player Drew Brees as an investor, owner/area developer of 30 locations across the Midwest and brand ambassador, recently closed its Series B funding round at a $59 million valuation, bringing its total raise to $9 million.

The pickleball franchise sold over 300 franchises in the last 12 months with 98 locations under contract, and by early next year, expects to have a presence in over 32 states to secure the title as the largest provider of indoor pickleball clubs globally.

Led by Pickleball Inc., the parent company to Carvana Professional Pickleball Association (PPA Tour), Pickleball Central, Pickleball Brackets/Pickleball Tournaments, PickleballTV, Pickleball.com and TopCourt, The Picklr will have over 1,080 pro-style indoor courts available by the end of 2025.

“It’s no secret that the game of pickleball has exploded in popularity,” The Picklr CEO and co-founder Jorge Barragan said. “Guided by strong corporate leadership and inspired by our enthusiastic team of franchise owners, The Picklr heads into this next chapter with an eye on bringing even more courts and a strong, like-minded community to pickleball players worldwide.”

Courts in High Demand

Indoor pickleball facilities are high in demand, with The Picklr averaging founder memberships in the 500-600 range for new clubs, according to Jonathan Fornaci, Picklr’s president and chief operating officer.

The pickleball franchise brand will be promoted on the PPA Tour, live broadcasts, and commercials, while pickleball superstore Pickleball Central will be available at all Picklr locations for demos and pre-releases of new equipment. Pickleball-specific performance apparel band (and Picklr sister company) Stack Athletics will also be sold at Picklr locations. 

As for its global endeavors, The Picklr confirmed recently that final master franchise agreements will be announced for Canada, Australia, New Zealand and the European Union. 

Investors, Franchisees Embrace Pickleball

With pickleball participation surging (over 48 million adult Americans have played the sport at least once in the past 12 months, according to March 2023 research released by the Association of Pickleball Professionals) and infrastructure lacking in terms of courts, leading pickleball brands have won over investors. 

Late last month, urban pickleball purveyor CityPickle received a significant minority investment from The Avenue Sports Fund, a firm managed by former Milwaukee Bucks owner Marc Lasry, to establish additional permanent indoor pickleball facilities in New York City and other metro locations around the U.S. The investment amount was not disclosed.  

Pickleball has also emerged as the next hottest franchise, thanks to high demand for courts and the sport’s universal appeal to all generations and abilities. 

Along with The Picklr, indoor pickleball franchise Pickleball Kingdom is expanding to meet demand, with 140 clubs built or being built in the U.S. 

Similarly, Ace Pickleball Club has seven franchised clubs projected to open this year across the U.S. with a minimum of 16 franchises open and operating by the end of the year. The indoor pickleball brand offers unlimited open play and glow-in-the-dark technology as an added bonus. Dill Dinkers, another indoor pickleball franchise that launched in 2022 by husband-and-wife team Will and Denise Richards, has over 200 locations in development across the nation. 

The low-impact, inclusive sport has also found a fan in Life Time founder and CEO Bahram Akradi, who has overseen a rich investment into pickleball across the luxury athletic country club brand, including a seven-court pickleball complex in New York City. 

Akradi’s passion for (and investment in) the sport has paid off; in 2023, Life Time reported a 51% growth of pickleball players on its courts.

The post Pickleball Boom Has Investors Circling the Growing Racket Sport appeared first on Athletech News.

EoS Fitness, an amenity-rich, high-value, low-price (HVLP) fitness operator, is reportedly seeking new capital to fuel its growth. In Q1, EoS Fitness opened five new gyms in four states as it aims to open over 250 gyms by 2030.

Bloomberg, citing anonymous sources close to the matter, says bankers have sourced investors, including private credit firms, for at least $100 million to support the HVLP fitness brand’s growth strategy. The bankers are said to have emphasized the profitability of Eos Fitness on a per-location basis, according to the publication, with some lenders viewing the capital infusion as a potential pathway to a future public offering.  

The ‘Better Gym. Better Price’ fitness chain, which launched in 2014, has over 125 locations open or in the works and has reinvested $4 million in its gyms to enhance the member experience and plans to invest an additional $12 million throughout the year. 

The fitness chain has signed six new leases in the first quarter of the year for Texas and Arizona and plans to open its first locations in Dallas, Celina and Hurst over the next two years.

Texas has been a focal point of EoS Fitness, moving its headquarters to the Lone Star state in 2022 and recently partnering with the NFL’s Houston Texans and becoming a Houston Texans Cheerleaders sponsor to inspire people to conquer their goals. Elsewhere, the fitness chain is a gym partner of the Arizona Cardinals Cheerleaders and an official gym partner of the Las Vegas Raiders and Raiderettes.

Most EoS locations offer three membership tiers starting at $9.99 monthly, with rates varying by gym location.

The chain touts rich amenities and premium equipment, with new facilities featuring EoS Smart Strength Equipment powered by EGYM for an interactive strength-training experience and ‘The Tank,’ an innovative recovery zone with assisted stretch services at select locations before a planned national rollout. Last year, EoS partnered with Power Plate to add its whole-body vibration technology to its gyms.

To appeal to Gen Z, EoS Fitness members, the fitness operator offers The Set, a dedicated space geared for content creators with custom art, fun backdrops, mood lighting and specialty playlists. While The Set has launched in select gyms, it will soon be implemented in other EoS locations.

The clubs also feature elevated fitness fare — turf functional training zones, cardio equipment, free weights, certified personal trainers and weekly group fitness and cycling classes. Select locations tout outdoor workout areas, 20-minute full-body circuit areas, basketball courts, pools, hot tubs, saunas, cryolounges and cryotherapy.

“We’re raising the bar for the fitness industry and empowering people of all fitness levels with affordable options,” EoS Fitness chief operating officer Richard Idgar has said. 

Eos Fitness didn’t immediately respond to a request for comment for this article.

EoS’ potential funding comes as the HVLP fitness space is getting crowded, with fitness operators seeing the value of appealing to a wide range of fitness enthusiasts — and budgets. Operators in the U.S. like Planet Fitness, Crunch Fitness and Chuze Fitness, among others, are enjoying steady growth in locations and memberships. The low-price gym model is also resonating in the U.K., with operators like PureGym enjoying a boom.

The post EoS Fitness Seeking $100M To Fund Growth, Per Report appeared first on Athletech News.

CityPickle, an urban pickleball purveyor, is gearing up to build more permanent indoor pickleball clubs in New York City and other metropolitan areas around the United States, fueled by a significant minority investment from The Avenue Sports Fund, a firm run by former Milwaukee Bucks owner Marc Lasry.

It’s welcome news to city-dwelling picklers, who have been woefully underserved, according to a 2023 participation and infrastructure report that revealed major metropolitan cities in the U.S., like New York and Los Angeles, have been in a pickle — lacking the infrastructure needed to meet the player demand for the fast-growing sport. The report stated that 25,000 courts and a $900 million investment were required to match the enthusiasm, demonstrating just how popular pickleball has become.

CityPickle co-founders Mary Cannon and Erica Desai, who launched the urban pickleball brand in the summer of 2021, noted that they have been experiencing an “overwhelming demand” for increased access to the sport. The brand has been opening facilities that offer a one-stop shop for physical activity and fun, with pickleball clubs that combine indoor courts and a full bar and restaurant as well as seasonal courts.

“There is a significant opportunity to provide permanent and pop-up pickleball locations to service the growing and passionate demand for this sport,” Lasry said. “We are excited to join with the CityPickle team to support its expansion strategy.”

A CityPickle spokesperson declined to comment on the investment amount.

NYC’s Hottest Rec Sport

The pickleball club brand has been putting down roots in The Big Apple and was recently selected by NYC Parks to revive Anchorage Plaza, a 60,000-square-foot space under the Brooklyn Bridge. The project, slated to debut next spring, will have pickleball courts, public art, community programs and food trucks.

Last fall, CityPickle opened its first permanent pickleball club in Long Island City and has become a seasonal partner of the famed Wollman Rink in Central Park, which touts 14 permanent courts. There is also an indoor, seven-court location at Brooklyn’s Industry City that CityPickle operates, along with activations at high-profile locations at Hudson Yards and Union Square Park. In Philadelphia, CityPickle has an activation at City Hall. 

In addition to court reservations, clinics and open play, CityPickle offers private coaching and a space for private and corporate events.

“We are thrilled to have the Avenue Sports Fund join our team at CityPickle as we further our mission to spread the joy and community of pickleball in New York City and other metropolitan areas,” Cannon said.

The Great Pickleball Race

Luxury athletic country club operator Life Time has also seriously invested in pickleball, establishing over 600 permanent courts. Its founder and CEO, Bahram Akradi, once remarked that it’s the most unifying sport he’s seen in 44 years. He’s also made it clear that Life Time is intent on being the nation’s largest pickleball provider.

“It is the sport that we have to provide for our members,” Akradi said in an interview with That Pickleball Guy. This spring, Life Time opened the doors to its long-awaited pickleball space at NYC’s PENN 1, which boasts seven street-level courts.

Life Time reported a 51% growth of pickleball players on its courts in 2023 and recently partnered with Lululemon to provide athletic apparel at events, including the Life Time Pickleball Classic.

The bigger picture, however, is that pickleball has become a promising franchise model. 

With demand high for indoor pickleball facilities, franchises like Utah-based The Picklr are cashing in. The indoor pickleball franchise, backed by former NFL star Drew Brees (who is also an owner/area developer and brand ambassador) has partnered with Pickleball Inc., which oversees the largest pickleball brands, including Carvana Professional Pickleball Association (PPA Tour), Pickleball Central and PickleballTV.

The Picklr has 2,760 new courts in the works for the U.S. and has final master franchise agreements in the works for Canada, Australia, New Zealand and the European Union.

Pickleball Kingdom, another indoor pickleball franchise, has over 140 clubs built or being developed in the U.S. and is targeting the Ontario market as well as Dubai, India and Abu Dhabi, resulting from a recent agreement with Franchise India Group.

“Universally, the biggest complaint against pickleball is that there aren’t enough courts to meet the demand to play,” said David Haynie, chief pickleball officer at Pickleball Kingdom.

The post NYC’s CityPickle Gets Investment To Fuel Urban Pickleball Expansion appeared first on Athletech News.

Foodsmart, a telenutrition provider and food benefits management platform, has received a $200 million-plus investment from TPG’s The Rise Fund, which invests in mission-driven companies intent on achieving the United Nations’ Sustainable Development Goals.

The transaction is expected to close next month.

The “foodcare” platform offers Americans access to a national network of virtual registered dietitians along with nutrition support including money-saving methods such as SNAP registration, grocery price comparison, budget-based recipes and weight management support.

“We are excited to partner with TPG’s Rise Fund given their strong track record scaling the reach of organizations that create sustained impact for people of all income levels–including Medicaid members and blue-collar workers,” said Foodsmart CEO and founder Jason Langheier, MD, MPH. “We support all people, regardless of economic status, with nutrition counseling and food buying support that changes their access to quality food, eating habits and health outcomes for the long run.”

Already a Robust Platform

Founded in 2010, Foodsmart has grown to serve over 2.2 million members via contracts with over a thousand employers, regional and national Medicaid Managed Care Organizations, Medicare Advantage plans and commercial insurers.

In addition to helping members save money, Foodsmart has also improved the hemoglobin A1C (HbA1c) of platform users, according to the company. The platform also helps those using GLP-1 weight-loss drugs or undergoing bariatric surgery reach their goals and learn long-lasting healthy eating habits.

“Diet-related diseases and food insecurity are estimated to cost the US over $1 trillion per year, and disproportionately affect low-income and minority populations,” The Rise Funds business unit partner and healthcare lead Tom Verghese said. “Foodsmart’s unique virtual care platform meets these challenges by providing access to the largest network of registered dietitians in the U.S. alongside medically tailored nutrition guidance to improve metabolic and whole body health.”

The Rise of Telenutrition

The age of wellness and greater access to health support has led to other notable investments in the personalized nutrition counseling space.

Last month, Fay, a platform that matches individuals with registered dietitians covered by their insurance plans, raised $20 million in a Series A funding round, bringing its total to $25 million.

Nourish, a similar platform aiming to expand access to registered dietitians, raised $35 million in a funding round earlier this year, which included participation from professional soccer star Alex Morgan. All told, Nourish has amassed a total funding of $44 million since 2021. 

Late last year, Austin-based food-as-medicine platform Season Health secured $7 million to grow its operations. The platform offers personalized food recipes, nutrition education, pre-made meals, and one-on-one meetings with a dietitian. 

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Function Health is having a stellar year. Not only has the health tech startup partnered with luxury lifestyle and fitness brand Equinox to deliver biomarker lab testing, but the longevity-centered health platform has secured $53 million in a Series A funding round that attracted a slew of celebrities and wellness experts.

The funding will be used to scale Function’s technology and increase testing access, the company said.

Andreessen Horowitz (also known as a16z) Bio + Health led the round, with support from the a16z Cultural Leadership Fund. Backers also include Matt Damon, Kevin Hart, Zac Efron, Pedro Pascal, podcaster Jay Shetty, athletes Joel Embiid (Embiid Ventures), Blake Griffin, Jimmy Rollins and Colin Kaepernick, Levels co-founder and author Dr. Casey Means, former Oura CEO Harpreet Singh Rai and Equinox chairman Harvey Spevak.

Going Beyond the Doctor’s Office

“Function is the first with a mission of empowering you to live 100 healthy years,” Function co-founder and CEO Jonathan Swerdlin said. “We’re introducing a revolutionary approach to lifelong health, starting with the most comprehensive lab testing to help you understand what’s actually happening inside your body and what to do to stay ahead of disease and feel your best.” 

The health platform, co-founded by Dr. Mark Hyman, offers 100-plus lab tests across all areas including heart, thyroid, hormones, brain, cancers and fertility (five times more than the average physical, according to Function) and provides detailed and actionable insights from doctors for $499 per year, or $42 per month.

Results are stored so members can spot health trends over time and easily share the results with doctors. Members can re-test anytime at a low cost and can purchase non-routine tests (Lyme, STDs, allergies) at any point. They also have access to the latest developments in testing, such as multi-cancer early detection.

“The possibilities are boundless,” Swerdlin added. “This is about health, not healthcare, happening outside traditional systems, yet supported by the world’s top doctors and experts.”

While Function doesn’t accept insurance plans, it is FSA/HSA eligible. 

Biomarker Testing Becomes Mainstream

Biomarker testing may have once been reserved for pro athletes and biohackers, but amid the growing longevity movement, it’s poised to have mass appeal to the many consumers who have become health-conscious and prefer a more personalized approach to preventative healthcare.

This month, nutrition app Lifesum acquired Lykon, a biomarker-based personalized nutrition company, which will allow Lifesum’s 65 million users to soon use at-home biomarker testing to gain insights into their nutrition needs and metabolic health. 

Even gyms and fitness facilities are integrating biomarker testing with training — and it’s not just Equinox. 

Fitness SF, a chain of Bay Area health clubs, has teamed with InsideTracker to offer personalized biomarker tracking and health recommendations for internal employees and club members. 

Austin Simply Fit, a chain of personal training studios in Austin, Texas, has partnered with wellness and health management platform Keyspan to similarly provide biomarker data to its members, informing functional coaching into fitness regimens.

“This is the new normal, making every aspect of health measurable and understandable,”  Austin Simply Fit CEO Krista Bergeron said.

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JF Fitness of North America, a Crunch Fitness franchisee operating gyms in Virginia, Maryland and the Carolinas, has received fresh private equity funding and become one of the five largest Crunch Fitness franchisees with 24 gym locations following its acquisition of fellow Crunch franchisee Team Roldan.

Recent investments from Trive Capital, a Dallas-based private equity firm, and 808 Capital Partners will support JF Fitness in expanding its footprint in the Southeast with new gym openings and select acquisitions.

With the new funding, JF Fitness acquired Team Roldan’s eight Crunch gyms in Alabama, Georgia and South Carolina, and is eyeing further growth.

“We are delighted to partner with Trive and 808 in this next phase of our growth,” JF Fitness CEO John Freeland said. “In addition to aligning culturally, our teams possess a shared vision for the long-term success of our company, comprised of thoughtfully executing our defined growth strategy, investing in our key leaders and employees and relentlessly delivering a market-leading experience for our valued members.”

Trive Capital managing director Jared Reyes stated that Freeland, who founded Virginia-based JF Fitness in 2014, has an impressive track record of successfully launching new gyms.

“We look forward to supporting the team as they build on this track record and expand the company’s club footprint within its attractive Southeastern U.S markets,” Reyes said.

HVLP Gyms Attract Investors

Trive Capital partner Shravan Thadani referenced Crunch’s high-value, low-price (HVLP) model as a burgeoning concept in the fitness industry – one that has resonated with cost-conscious Gen Z fitness consumers who desire a gym experience that offers strength training and group fitness classes, as well as amenities such as personal training and recovery services. 

“The HVLP segment remains a compelling sector for investment given the consistent, long-term growth trends we’ve seen in both the value and broader fitness categories,” Thadani said.

Crunch Is Growing Fast

System-wide, as of early 2024, Crunch had around 2.5 million members across 460-plus gyms in the U.S. and in Australia, Canada, Costa Rica, Portugal, Puerto Rico and Spain. The brand is plotting further expansion both domestically and abroad.

Crunch Fitness CEO Jim Rowley predicted that 2024 would be the fitness franchisor’s biggest year yet, with plans to increase its growth rate by 20 to 25%.

Last month, Dallas Cowboys quarterback Dak Prescott partnered with CR Fitness Holdings, the largest operator of Crunch Fitness franchise locations, to expand the brand in Dallas and beyond while also appearing in Crunch Fitness commercials and social media posts.

In addition to domestic growth, Crunch Fitness is plotting its entrance into new international markets, onboarding John Kersh, the former chief international development officer of Xponential Fitness, as its new managing director of international development.  

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