Tech startup raises $22 million for “Netflix for fitness”

The Netflix model has proven to be a success in terms of the instant availability of entertainment and escapism. One tech company has decided to combine this model with the world of health and fitness, offering a new service for people who enjoy an active lifestyle.

According to Tech Crunch, “A startup whose app offers users a selection of audio-based, personal-trainer-led workouts that also monitors users as they progress through them, has closed a major round of funding that underscores how software — and specifically apps — are also capitalizing on that trend. Aaptiv, which makes what its founder and CEO Ethan Agarwal described as ‘the Netflix of fitness’ — providing streams of music-based fitness training on demand — has raised $22 million in funding.”

The company raised $52 million in funding from venture capitalists, proving that its concept has real popularity. Based on the money raised, experts say that Aaptiv has a valuation of $200 million. The company has picked up 200,000 paying members in the last two years, and says that its audio classes have been streaming more than 14 million times.

Investors say they were attracted by the company’s growth.

“We are most excited by how fast Aaptiv has established itself as a category leader in the wellness and fitness space,” said Ray Cheng, Partner at Millennium, in a statement. “The company’s growth and user engagement metrics over the past two years are some of the best we have seen, and we believe a large opportunity awaits as Aaptiv continues to deliver the best in class workout experience.”

“Connected fitness is emerging as a compelling new domain for consumers,” said Paul Bernard, director of Amazon’s Alexa Fund, in a statement. “We’re excited about Aaptiv’s voice-first approach to personal training and look forward to helping them explore innovative ways to bring that experience to Alexa.”

Aaptiv covers 22 fitness categories, from boxing to jogging to yoga, and it will be looking to expand to more.

“We might be the only people willing to acknowledge that we will not use AI to replace trainers,” said Agarwal. “The trainers create the classes and that will be always the same. That relationship and drive and the passion cannot be matched by anyone or anything.”

“As evidenced by their strong growth, Aaptiv is running toward becoming the next big name in the fitness tech market, due substantially to a rather advanced technology strategy and approach to growth,” said Harley Miller, Vice President, Insight Venture Partners. “We are thrilled to further our investment in Aaptiv and look forward to working together to continue scaling their innovative product.”

By |2018-09-02T20:12:10+00:00July 10th, 2018|