Future, maker of an app-based personal trainer and nutrition service, has raised $8.5 million in Series A funding round led by Kleiner Perkins. Mamoon Hamind, a partner at the venture capital firm, will be joining Future’s board.
WHAT THEY DO
Through its $150 per month subscription app, Future pairs consumers with a remote personal fitness coach that will provide weekly training plans that can be adjusted to the individual’s lifestyle. These coaches can check in on users' smartwatch to ensure that they are following their plans, encourage them through texts, and offer nutrition and lifestyle guidance through the app. The company’s website also advertises a welcome kit for new customers that includes a loaner Apple Watch for those who do not already own one.
"Every year 125 million Americans try to get fit to look great, feel great, or improve their overall health and longevity, but nearly 80% quit their exercise routine within 3 months," Rishi Mandal, cofounder and CEO of Future, said in a statement. "We created Future to help people stay accountable for their personal health and fitness aspirations while providing continuous support and coaching to meet those goals."
This round brings the company’s total funding to $11.5 million. Its backers include Instagram founder Mike Krieger, Khosla Ventures, Founders Fund, Caffeinated Capital and NFL players Ndamukong Suh and Kelvin Beachum.
WHAT IT’S FOR
According to the announcement, Future will be targeting new business partnerships, expanding its go-to-market strategy and building up its trainer operations with the new funding.
Despite a recent meta-analysis suggesting that consumer fitness apps may not drive significant behavior improvements, investors have remained interested in the space.
In December online fitness startup Freeletics raised $45 million in Series A funding, while in 2018 Peloton, a connected home exercise equipment and virtual workout class business, topped Mobi’s yearly funding roundup with a $550 million Series E round. That same year on-demand fitness coaching platform Aaptive raised $22 million and Dutch fitness platform Virtuagym closed a $7 million round. A number of fitness apps and services have also begun to bridge the gap between consumer offerings and full-fledged healthcare programs — for instance, Classpass, Peerfit and Vida Health.
ON THE RECORD
"Nearly 70% of people in the United States today are overweight or suffer from obesity, severely impacting their long-term health and well-being," Kleiner Perkins’ Hamind said in a statement. "We're thrilled to have Future in our portfolio as a great example of how technology can help the many, not the few."