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Are in-person gyms or at-home workouts the future of the fitness industry?
While much hype surrounds the latter in the wake of the pandemic, FitLab is betting on both. The Newport Beach-based company announced that it has closed a Series A funding round that takes its total capital raised to more than $15 million. Its investors include Two Styx Capital, Cava Capital, Snoop Ventures, Paradigm Sports Management founder Audie Attar and M13 co-founder Courtney Reum.
Founded in 2016 as a venture firm focused on sports and fitness, FitLab has partnered with and acquired a portfolio of fitness brands including UFC fighter Conor McGregor’s McGregor FAST and surfer Laird Hamilton’s XPT.
Without disclosing the exact size of its latest funding round, FitLab said it is using the new capital to roll out its new “connected fitness studios” starting this year. The studios are expected to blend in-person training with at-home offerings; FitLab says it has plans underway for 250 locations in the U.S. and more internationally, with the goal of 500 locations by 2025.
Additionally, the company announced that it has acquired the fitness app Fitplan, sports apparel company Electric and running events organizer Ragnar.There are more than 30,000 gyms operating in the U.S. today, according to fitness trade group IHRSA. While many health clubs shuttered due to the pandemic, at-home fitness companies boomed as a result; equipment-focused firms such as Peloton and Tonal saw sales skyrocket, while apps like Nike Run Club and Strava saw downloads surge. Yet as life gradually returns to normal, at-home brands like Peloton have found the adjustment difficult.
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