Millions have moved their fitness training from gyms to living rooms over the last year — and the revolution appears here to stay.
Liteboxer, the connected boxing machine and workout class company, raised $20 million in a Series A funding round led by Nimble Ventures including a contribution from Grammy-winning music artist Timbaland.
Outside of its innovative boxing tech, Liteboxer supplements workouts with songs users select through the company’s exclusive partnership with Universal Music Group.
Launched in 2020 by Spark Capital co-founder Todd Dagres and MIT-trained engineer and personal trainer Jeff Morin, Liteboxer has raised $28.5 million in total capital.
The company is comparable to Peloton, as it offers a pricey product – the boxing machine costs $1,495 – and a $29 monthly subscription for training sessions and workouts.
Liteboxer’s inventory also includes accessories that range from $39 to $350.
It’s only the latest episode in a fundraising frenzy for the at-home fitness market.
- Tonal, a wall-mounted system, raised $250 million at a $1.6 billion valuation in March with contributions from Drew Brees and Sue Bird.
- Ergatta, a connected rowing company that gamifies workouts, raised $30 million at a $200 million valuation in April.
- Home fitness startup Tempo raised $220 million in April and has more than tripled its $250 million valuation from last June.
- CLMBR, a connected climbing machine company, raised $13.5 million in May that included contributions from tennis star Novak Djokovic and business mogul Jay-Z.
“The fitness industry needs innovation, and what the Liteboxer team has achieved over the last year is the start of something remarkable,” said Nimble Ventures founder John Burbank.