Motosumo, a Denmark-based fit-tech startup, received a $6 million Series A round of funding this week, led by Magenta Partners.
The company, founded in 2015, designed an app to measure cycling cadence, speed, distance, and calorie burn by using the subtle movements picked up on your smartphone or tablet. All you have to do is connect it to a stationary bike.
“Even users with 20-year-old spin bikes with no sensors whatsoever can participate, climb the leaderboard, and race with our community,” Kresten Juel Jensen, Motosumo’s CEO, told TechCrunch.
After selling its software to fitness instructors and gyms, the startup is looking to push its B2C business during the pandemic. Motosumo subscriptions start at $12.99 per month and include five instructors and 40 live workouts each week.
“On the B2B side, we have over 25,000 users and, over the last year, we passed 100,000 downloads,” said Jensen. “We expect our Motosumo member base will grow very quickly from here.”
For comparison, Peloton has roughly 625,000 paying subscribers.
The round of funding will assist in doubling the company’s network of spin class instructors across the globe and boost Motosumo’s tech and marketing teams.