London-based SME growth investor, Magenta Partners today announced it has led a major Series A funding round for Motosumo, a fast-growing, at-home indoor cycling platform offering live, interactive classes from any bike. Magenta led the funding round with the participation from existing investors.
Magenta Managing Partner Tom Matthews says their extensive evaluation identified Motosumo as a one-of-a-kind prospect in a crowded market. “Our team of experts has appraised numerous software and hardware platforms in connected fitness over the last 18 months. We believe Motosumo is a standout proposition with the ability to lead 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,” said Matthews, whose team at Magenta has extensive background in fitness, including previous investments in LA Fitness, The Gym Group, Pure Gym, and Viva Gym.
Motosumo, a Danish fit-tech company founded in 2015, offers a global schedule of live indoor cycling classes with world-class instructors. Motosumo’s innovative tech means that users can join the platform from home, using any bike and a mobile phone or tablet. Even the most basic setup can be connected to enjoy a fully interactive class.
With subscriptions starting at just $12.99 per month, Motosumo delivers an affordable alternative to the range of expensive market participants that require consumers to purchase equipment and wait weeks for delivery to get started.
“Immediate access, an interactive experience, and global reach are key considerations for growth, and Motosumo has all three,” said Motosumo Co-Founder and CEO Kresten Juel Jensen. “Our platform works with any bike, so the user is not required to invest in new equipment and can immediately access a workout. Motosumo classes feature interactive games with live fitness metrics, and our instructors interact with participants in real time. 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.”
“Even before the COVID pandemic, consumer demand for at-home workout options was growing. The last year has drastically changed the fitness industry landscape. At-home connected fitness has become a major beneficiary, and Motosumo was already ahead of the curve and uniquely positioned to drive rapid adoption of our home-training solution,” said Juel Jensen.
This round of Series A funding will allow Motosumo to double its roster of instructors across four continents (Europe, North America, Asia and Australia), expand its tech team, and significantly increase its marketing efforts. Magenta usually invests between £5m and £20m in each opportunity. Their investment in Motosumo is the first step in a potential long-term, working partnership.
Magenta Managing Partner Chase Emson already makes Motosumo classes part of his daily at-home workouts: “Motosumo is a fantastic experience. It is the only truly live and interactive proposition for those with an indoor bike at home. Having attended a number of the classes, I can say from personal experience that Motosumo is fun and entertaining – and I’m most excited by the results I’m getting from my workout experience,” said Emson.
Investors in Motosumo from previous rounds include the Danish venture capital fund Promentum Equity Partners, and PreSeed Ventures, one of the largest Danish innovation incubators.
For more information on Motosumo and how to start a 7-day trial, visit www.motosumo.com or download the Motosumo app from the Apple App Store and Google Play.
Motosumo is a live, interactive platform for at-home cycling classes that works with any stationary bike. The venture was founded by a Denmark-based team of engineers and astrophysicists who tapped the power of smartphone motion sensors to generate live fitness metrics, like cadence, on any bike. They developed an app to make a fun, interactive workout and community experience available to almost anyone. Early on, Motosumo became a popular mainstay in gyms and fitness studios. In response to growing demand for home workout options, Motosumo evolved the platform for the individual user and teamed up with a network of world-class instructors to create a global offering of live, daily classes. Everyone can enjoy the same immersive, interactive fitness experience at home for just $12.99 a month. To turn any bike into a world-class workout experience, visit www.motosumo.com.
About Magenta Partners
Magenta Partners LLP is a UK private equity investment advisor founded in 2008 specializing in entrepreneur-led growth investments. Since inception, Magenta has invested in consumer focused businesses such as Pure Gym, JoJo Maman Bebe, Maker&Son and the North American Guitar Company. A critical element of Magenta’s investment style is an ability to partner with management teams in creating alignment towards a common shared goal. The Magenta funds are backed by successful entrepreneurs and the executive team bring experience managing and growing successful venture-backed businesses themselves. www.magentapartners.com
Promentum Equity Partners
Promentum Equity Partners is a Danish private equity fund established in 2016 as a collaboration between Promentum Capital and Alternative Equity Partners. www.promentumequity.dk
For more than two decades PreSeed Ventures have scouted, mentored and funded Danish success stories like Vivino, Trustpilot and Lunar. www.preseedventures.dk