Fit! 💪

Setting the Scene

• Over the past few years, connected fitness has taken homes by storm, transforming free space into personal gyms. 😅

• Stationary bikes, smart mirrors, and rowers have become living room staples, but only for those who can afford them.

  • The high price points and a lack of versatility have prevented at-home fitness equipment from reaching the masses. 💰

• This week’s company democratizes connected fitness through affordable, versatile equipment and fitness content.

In a Sentence

Fit! is a connected fitness company that offers affordable equipment and influencer-led training content.

• Connected fitness: Integrates tech with fitness equipment.

• Equipment: Fit!’s first product is a compact bodyweight gym.

• Content: Users choose from influencer-led workout videos in an app.

The Basics

• Industry: Fitness, Health/Wellness

• Headquarters: Los Angeles, CA

• Year founded: 2019

• Employee count: 8

• Investors: Goodwater Capital, Tawani Ventures, Techstars, Garrett Smallwood, Jason Meltzer

• Amount raised: $900k

• Currently raising: $1m seed round ($600k committed)

• Business model: B2C subscription, hardware

• Early traction: 100k+ paying customers, $3m in 2022 revenue, approaching 60% gross margins

IN PARTNERSHIP WITH

• Amid banking changes, mixed Fed signals, and global uncertainty, Axios Pro newsroom is here to provide clarity.

• Axios Pro's journalists contextualize current market conditions, revealing how external forces impact your industry's investments.

• Download their report to understand the economic climate's implications for your company's future and plan for the year ahead.

• Axios Pro newsroom aggregates data from top VC, PE, M&A players, and industry trends to inform your 2023 decisions.

• If you're in fintech, health tech, climate, media, or retail, this may be the most important report you read all year.

Due Diligence

WHAT WE LIKE

• ⌚️ Connected fitness trends: The growth of the fitness equipment market is driven by consumers adopting hybrid fitness routines and connected products that offer various workouts.

  • Plus, influencers have accelerated the adoption of at-home exercise and equipment.

• 📱 Influencer reach: By partnering with fitness influencers for content creation, Fit! organically markets its products to new audiences across social platforms.

• 👥 Wide market appeal: Fit! caters to a larger end market than most connected fitness platforms and equipment providers with a pipeline of versatile products offered at lower price points.

POTENTIAL RISKS

• 👟 Competitive landscape: Fit! competes with established connected fitness companies and new entrants trying to take market share from dominant players.

  • Plus, the industry has faced challenges as gym memberships have nearly reached pre-pandemic levels.

• 📦 Equipment delivery: Competitors have proven that supply chain issues are common for rapidly growing fitness equipment providers.

  • Fit! must ensure logistics are integrated into the core of its operations to maintain customer loyalty and attract new customers.

• 🤝 Influencer partnerships: Relying on creator partnerships for fitness content may be expensive to scale and cause operational complexities.

Founder Profile

• Michael DeVerna, CEO: Previous COO and founding team member at Wag!

• Tyler Do, Head of Hardware: Previously worked as a mechanical engineer at Wheels and Nexus Brands.

Comps

• Tonal: Backed by L Catteron, Cobalt, Dragoneer, and others.

• Tempo: Backed by Softbank, Norwest, General Catalyst, and others.

• Oxefit: Backed by Lydia Partners, Dak Prescott, James R. Andrews, and others.

• Speede Fitness: Backed by David Meltzer, Ed Mylett, and others.

IN PARTNERSHIP WITH

📌 Bulletin Board

• 🌎 Recommended read: The tech scene in Southeast Asia is booming, so it's important to stay in the know.

  • Backscoop is a newsletter that informs thousands of investors about the Southeast Asian startup scene. Subscribe here!*

• 📈 This week in venture: While venture investing remains down,

  • VCs have doubled down on their outperforming portfolio companies.

  • Mega-investment rounds of at least $100 million are back to pre-2018 levels.

• 💡 This week in innovation: Meta’s new social app, Threads, amassed 100 million users in a week but quickly saw 20 percent of users drop off.

*This is sponsored content.

🗳 Cast Your Vote

Last Week Today

• The results are in: Farmshare, a marketplace and provider of growth tools for farms, was favored by subscribers.

• Subscriber feedback: “As the general public becomes more aware of ‘where their food comes from,’ Farmshare is in a perfect position to answer that question.”

  

✍️ Written by Brett and Sam

🗣 SHARE THIS FEATURE 🔍 EXPLORE PAST FEATURES 🎙 PITCH US 📢 ADVERTISE