Fitmob secures an additional $5M to expands to new cities

Fitmob

Fitness startup Fitmob has managed to secure $5 million in additional funding to accelerate its growth and expand into new cities.

The company has recently began partnering with gyms and had launched a monthly subscription plan, which has led to a huge jump in revenue. Said plan offers unlimited classes and gym trips for a flat $99 fee each month.

But the subscription model can only work if customers have tons of things to do. To solve this “conundrum,” Fitmob has been adding new gym and training studios left and right. In the last three months alone, the company has added more than 400 partners across seven cities, including the San Francisco Bay Area, San Jose, Austin, Dallas, Portland, Seattle, and Philadelphia.

The new funding was catalyzed by an AngelList Syndicate led by Paige Craig that raised $750,000 for the company from a total of 92 individual investors. The rest of the money was provided by institutional investors such as Mayfield Fund, Kapoor, Sean Moriarty, John Troiano, Arjun Rao, Jonah Goodhart, Powder & Fitness to the People, Phil Kaplan, Narendra Rocherolle, Vast Ventures, Craig, Expansion VC, BAM Ventures, Queensbridge Capital, Rocketship.vc, Mark Britto, Structure Capital, Venture51, Pi Capital, and Rachel Aram.

Previously, Fitmob had raised a $9.75 million Series A round led by Mayfield, with Silicon Valley Bank and other angels investing, as well.

[Via: TechCrunch]