Munich-based startup Freeletics has closed a Series A financing round with $45 million. The company plans to use the fresh capital to accelerate its international growth.
FitLab, Causeway Media Partners, JAZZ Venture Partners, Courtside Ventures, Elysian Park Ventures, and ward.ventures are participating in the financing round. The US investors already invested in August in the wake of the founders' exit Mehmet Yilmaz, Joshua Cornelius, and Andrej Matijczak joined the company. In addition to the existing investors, life coach and business strategist Tony Robbins has also joined the Munich-based company.
“Freeletics is a phenomenal success story”
Within the last six months, Freeletics says it has recorded a 120 percent sales growth in its core markets.
“The financing result reflects the enormous global confidence in a product that we believe represents the most advanced solution for tech-savvy and health-conscious people,”
says Freeletics CEO Daniel Sobhani.
"Our investor portfolio has a deep understanding of the fitness industry and high-growth technology companies. With this new investment round, we will further expand our global growth strategy."
Founded in 2013, the company has 31 million users worldwide. After several years of organic growth from its own profits, Freeletics now aims to grow exponentially with external capital. The company says its goal is to become the world's leading fitness app.
“Freeletics is a phenomenal success story and has achieved a lot in a very short time,”
says Mike Melby, Managing Partner at FitLab.
“We are very happy with this partnership and look forward to being part of Freeletics’ continued growth and progress internationally.”
