Fitness tech startup Motosumo has secured a Series A funding round, which it will use to expand and develop its at-home indoor cycling platform.
The US$6m investment has been led by London, UK-based SME growth investor, Magenta Partners, with the participation from existing investors – including Danish venture capital fund Promentum Equity Partners, and PreSeed Ventures, one of the largest Danish innovation incubators.
Magenta has a strong background in fitness and has previously invested in LA Fitness, The Gym Group, Pure Gym, and Viva Gym.
Motosumo will use the funding to "double its roster of instructors across Europe, North America, Asia and Australia, expand its tech team and significantly increase its marketing efforts".
Founded in 2015, Motosumo offers a global schedule of live indoor cycling classes with instructors – riders can use any bike and a mobile phone or tablet.
The model allows even the most basic setup to be connected to Motosumo classes, which feature interactive games with live fitness metrics and instructors interacting with participants in real-time.
With subscriptions starting at US$12.99 per month, Motosumo is aiming to challenge at-home fitness offerings such as Peloton by offering a more affordable alternative.
Magenta's managing partner, Tom Matthews, said investors had identified Motosumo as a "one-of-a-kind prospect" in an increasingly crowded market.
"Our team of experts has appraised numerous software and hardware platforms in connected fitness over the last 18 months," Matthews said.
"We believe Motosumo is a standout proposition with the ability to lead the evolution in the home fitness market.
"It’s the only platform of its kind that is hardware agnostic, which presents significant opportunities for growth across borders."
Motosumo CEO Kresten Juel Jensen said: "Immediate access, an interactive experience and global reach are key considerations for growth and Motosumo has all three.
"Our platform works with any bike, so the user is not required to invest in new equipment and can immediately access a workout.
"We’re thrilled to partner with Magenta. Their investment, as well as their strategic vision and support, is going to help fuel our experience and our expansion."
Read Fit Tech's interview with Kresten Juel Jensen, CEO and co-founder and Nick Coutts, chair of Motosumo, here.
