Digital fitness company Future announced a $24 million Series B raise late last week. The new round was led by Trustbridge Partners, Kleiner Perkins, Caffeinated Capital, and private investors and founders.
WHAT THEY DO
Future pitches a personalized, membership-based fitness service that employs a one-on-one coaching model. Customers select a coach, and each week that coach comes up with a new fitness training plan based on the client’s goals. The fitness coach and the customer can text during the week about the fitness regime and progress.
The service also provides users with an Apple Watch to help track their fitness progress. According to the company’s web page, the program is only available for iPhone users, but Android capabilities are in the pipeline.
In the future, the company is planning to roll out a tool to help users connect and work out with friends. Future says the program comes out to $5 a day, translating to $150 a month.
WHAT IT’S FOR
The new funds are slated to go toward scaling the technology. In fact, on the Medium post announcing the investment, the cofounders advertise that they are hiring.
THE LARGER TREND
Home workout tech is on the rise, propelled by months of lockdown. In September, Freeletics, an artificial intelligence-based nutrition and fitness coach, closed a $25 million Series B funding round. Even Apple is getting into the game. Also in September, Apple rolled out a new video fitness class offering that can be used in conjunction with its Apple Watch and activity tracking functions.
Other digital fitness companies have gone a different route, pairing fitness equipment and virtual classes. One of the most notable is Peloton, which offers connected bikes and treadmills. The company went public over a year ago and has reported major strides, including a 66% year-over-year revenue increase in Q3 of 2020.