FitOn Fitness App Raises $7 Million in Funding

Rachel Uranga

Rachel Uranga is dot.LA's Managing Editor, News. She is a former Mexico-based market correspondent at Reuters and has worked for several Southern California news outlets, including the Los Angeles Business Journal and the Los Angeles Daily News. She has covered everything from IPOs to immigration. Uranga is a graduate of the Columbia School of Journalism and California State University Northridge. A Los Angeles native, she lives with her husband, son and their felines.

FitOn Fitness App Raises $7 Million in Funding
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Peloton may not have killed spin classes, but there's a wave of tech-powered fitness companies trying to lure Americans away from the gym.

One of the latest, Century City-based FitOn, is betting that making sought-after celebrity trainers accessible through an at-home fitness program can convince the time-stretched and coach potatoes to sweat.


Last month, the startup raised nearly $7 million in funding, according to Securities and Exchange Commission filings.

It follows a swath of new venture-backed fitness tech companies that come on the heels of Peloton and are challenging brick-and-mortar models with streaming workout classes and fitness machines. There's San Francisco-based Tonal Systems, maker of a pricey weight-lifting machine that offers personalized training powered by a "Coach A.I." or New York startup Mirror, which sells an LCD screen that doubles for a mirror and streams fitness classes into your home.

FitOn sheds the pricey equipment. Co-founded by a former FItBit executive Lindsay Cook in 2018, FitOn tries to distinguish itself from the crowded field of on-demand fitness programs by partnering with celebrities like Gabrielle Union and influencer trainers. The service provides a menu of fitness programs including yoga, pilates and dance that are different time lengths.

As a working mother, Cook was inspired to make exercise options high quality yet practical. The platform is billed as a more affordable antidote to Peloton, the fitness bicycle that runs north of $2,000. On Wednesday, the venture-backed Peloton, which went public last year, saw its shares fall after it reported a $55.4 million loss for their last quarter and slow revenue growth.

But that hasn't soured investor optimism.

"We will see the fitness market expand as it becomes more convenient and accessible for consumers," said Gautam Gupta, a partner at M13, an early-stage consumer technology venture capital firm, in an email. The firm is an early investor in Tonal, another venture-backed fitness system that's been dubbed the weight-training version of Peloton.

According to SEC filings, this was FitOn's second funding round bringing the total raised to about $11.6 million since its founding.

There's no doubt Americans love the burn. Even as venture capitalist have poured money into making at-home fitness the next big thing, gym memberships have steadily risen.

About one in five Americans have a gym membership and the U.S. leads all international markets in gym membership according to the International Health, Racquet & Sportsclub Association with $32.3 billion in revenue during 2018.

That's an all time high for memberships. And, it came at a time when gyms like OrangeTherapy and SoulCycle fueled growth. But, the wave of fitness startups have challenged this reign.

Its unclear how much the at-home fitness cut into membership but there' s indications that gyms are trying to compete outside of their brick-and-mortar locations. Last year, Equinox Group, the parent of SoulCycle announced it would offer up their own at home equipment.

"Given consumer interest in wellness, I see no slow down to funding in this space," Gupta said.

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LA Tech ‘Moves’: Saviynt Gains New CEO, The FIFTH Taps Agency Veteran to Lead Creative Team

Decerry Donato

Decerry Donato is a reporter at dot.LA. Prior to that, she was an editorial fellow at the company. Decerry received her bachelor's degree in literary journalism from the University of California, Irvine. She continues to write stories to inform the community about issues or events that take place in the L.A. area. On the weekends, she can be found hiking in the Angeles National forest or sifting through racks at your local thrift store.

LA Tech ‘Moves’: Saviynt Gains New CEO, The FIFTH Taps Agency Veteran to Lead Creative Team
LA Tech ‘Moves’:

“Moves,” our roundup of job changes in L.A. tech, is presented by Interchange.LA, dot.LA's recruiting and career platform connecting Southern California's most exciting companies with top tech talent. Create a free Interchange.LA profile here—and if you're looking for ways to supercharge your recruiting efforts, find out more about Interchange.LA's white-glove recruiting service by emailing Sharmineh O’Farrill Lewis (sharmineh@dot.la). Please send job changes and personnel moves to moves@dot.la.

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Los Angeles’ Wage Growth Outpaced Inflation. Here’s What That Means for Tech Jobs

Samson Amore

Samson Amore is a reporter for dot.LA. He holds a degree in journalism from Emerson College and previously covered technology and entertainment for TheWrap and reported on the SoCal startup scene for the Los Angeles Business Journal. Send tips or pitches to samsonamore@dot.la and find him on Twitter @Samsonamore.

Los Angeles’ Wage Growth Outpaced Inflation. Here’s What That Means for Tech Jobs

Inflation hit cities with tech-heavy workforces hard last year. Tech workers fortunate enough to avoid layoffs still found themselves confronting rising costs with little change in their pay.

Those national trends certainly touched down in Los Angeles, but new data from the Bureau of Labor Statistics (BLS) show that the city of angels was the only major metro area that saw its wage growth grow by nearly 6% while also outpacing the consumer price index, which was around 5%. Basically, LA was the only area where adjusted pay actually came out on a net positive.

So, what does this mean for tech workers in LA County?

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https://twitter.com/samsonamore
samsonamore@dot.la

Energy Shares Wants to Offer You a Chance to Invest in Green Energy Startups

David Shultz

David Shultz reports on clean technology and electric vehicles, among other industries, for dot.LA. His writing has appeared in The Atlantic, Outside, Nautilus and many other publications.

Energy Shares Wants to Offer You a Chance to Invest in Green Energy Startups
Photo by Red Zeppelin on Unsplash

The Inflation Reduction Act contains almost $400 billion in funding for clean energy initiatives. There’s $250 billion for energy projects. $23 billion for transportation and EVs. $46 billion for environment. $21 billion for agriculture, and so on. With so much cash flowing into the sector, the possibilities for investment and growth are gigantic.

These investment opportunities, however, have typically been inaccessible for everyday retail investors until much later in a company’s development–after an IPO, usually. Meaning that the best returns are likely to be captured by banks and other institutions who have the capital and financing to invest large sums of money earlier in the process.

That’s where Pasadena-based Energy Shares comes in. The company wants to help democratize access to these investment opportunities and simultaneously give early-stage utility-scale energy projects another revenue stream.

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