Perth-based connected fitness start-up Vitruvian raises USD$2.5 million capital in seed round led by Evolution Wellness.
Aussie Connected Fitness Technology company Vitruvian has announced that they have raised USD $2.5m (AUD$3.42m) in capital from industry-leading strategic investors, despite a global pandemic.
This injection allows Vitruvian to ramp up production of their revolutionary strength training device, the V-Form Trainer, which opens to the global retail market tomorrow after months of demand.
Evolution Wellness Group, based in South-East Asia with a portfolio of influential fitness and wellness brands, recognised the value in Vitruvian after trying one of the prototype devices and were quick to lead the round.
“Upon the formation of Evolution Wellness in 2017, we were clear about our ambition and direction for the company, which was to build value with a diverse and exciting portfolio of brands. Our investment in Vitruvian marks our first major foray into the area of connected fitness and is another stepping stone in fulfilling our growth ambition in this fast-paced industry.
Jon and the team have built a first-class product which is going to perform extremely well as it takes a unique spot in the connected fitness category; we look forward to playing a pivotal role in their growth journey to bring the V-Form Trainer into new markets and help more people pursue their health and fitness goals,” said Flint.
The investment was quickly secured after Vitruvian’s successful pre-order campaign, which outsold global category leader Peloton’s pre-order campaign.
The V-Form Trainer promises to dramatically improve the efficiency and accessibility of resistance training.
Driven by intelligent algorithmic technology, the device does away with static weight entirely, rather, it modifies weight loading between 7kg and 180kg to match the user’s ability.
Perth-based founder Jon Gregory, a former high frequency trader whose experience with algorithm-building is the foundation of the device’s offering, was thrilled by the success of the launch.
The response from consumers has been overwhelming, I knew we were onto something after spending the last 10 years iterating the technology, but I am glad the general fitness community has also bought into what we are building,” says Gregory.
Visit www.vitruvianform.com for more information.