FitLab et al. in $45m series-A for Freeletics

Courtside Ventures, Elysian Park Ventures and Ward.ventures also took part in the round, alongside business strategist Tony Robbins.

The company intends to use the fresh capital to boost its global growth and expand internationally, especially in the US.

Previous funding
A consortium of US-based VC firms invested an undisclosed amount in Freeletics in August 2018. Causeway, Jazz Venture Partners, Courtside Ventures, Elysian Park Ventures and Ward.ventures all took part in the financing.

Freeletics CEO Daniel Sobhani partnered with FitLab, a venture studio managed by former executives of Nike and New Evolution Ventures, to recapitalise the company and provide growth capital. Mark Wan of Causeway and John Spinale of Jazz joined Sobhani on the board of directors.

Company
Founded in 2013 and headquartered in Munich, Freeletics is a digital fitness app that provides personal workout plans based on the user's fitness level. The company's flagship product, Freeletics Fitness Coach, is a fitness, training and personal coaching app that uses an AI algorithm to develop a full programme of personally tailored workouts.

The business also provides other mobile applications such as Freeletics Bodyweight, Freeletics Wear, Freeletics Running, Freeletics Gym and Freeletics Nutrition, which offer users support with different aspects of health and fitness. Freeletics counts 31 million users across 160 countries worldwide and employs 120 staff.

People
Freeletics – Daniel Sobhani (CEO).
FitLab – Mike Melby (managing partner).
Causeway Media Partners – Mark Wan (managing partner).

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