Fit!
Setting the Scene
Over the past few years, connected fitness has taken homes by storm, transforming free space into personal gyms. 😅
Stationary bikes, smart mirrors, and rowers have become living room staples, but only for those who can afford them.
The high price points and a lack of versatility have prevented at-home fitness equipment from reaching the masses. 💰
This week’s company democratizes connected fitness through affordable, versatile equipment and fitness content.
In a Sentence
Fit! is a connected fitness company that offers affordable equipment and influencer-led training content.
Connected fitness: Integrates tech with fitness equipment.
Equipment: Fit!’s first product is a compact bodyweight gym.
Content: Users choose from influencer-led workout videos in an app.
Bulleted Version:
- Fit! is like Netflix and IKEA for fitness training, offering a variety of on-demand video content and affordable home gym equipment. 💪
The Basics
- Headquarters: Los Angeles, CA
- Employee Count: 8
- Investors:
Goodwater Capital, Tawani Ventures, Techstars, Garrett Smallwood, Jason Meltzer
- Funding amount: $900k
- Business model: B2C subscription, hardware
- Early traction: 100k+ paying customers, $3m in 2022 revenue, approaching 60% gross margins
Due Diligence
WHAT WE LIKE
⌚️ Connected fitness trends: The growth of the fitness equipment market is driven by consumers adopting hybrid fitness routines and connected products that offer various workouts.
Plus, influencers have accelerated the adoption of at-home exercise and equipment.
📱 Influencer reach: By partnering with fitness influencers for content creation, Fit! organically markets its products to new audiences across social platforms.
👥 Wide market appeal: Fit! caters to a larger end market than most connected fitness platforms and equipment providers with a pipeline of versatile products offered at lower price points.
POTENTIAL RISKS
👟 Competitive landscape: Fit! competes with established connected fitness companies and new entrants trying to take market share from dominant players.
Plus, the industry has faced challenges as gym memberships have nearly reached pre-pandemic levels.
📦 Equipment delivery: Competitors have proven that supply chain issues are common for rapidly growing fitness equipment providers.
Fit! must ensure logistics are integrated into the core of its operations to maintain customer loyalty and attract new customers.
🤝 Influencer partnerships: Relying on creator partnerships for fitness content may be expensive to scale and cause operational complexities
Founder Profile
Michael DeVerna, CEO: Previous COO and founding team member at Wag!
Tyler Do, Head of Hardware: Previously worked as a mechanical engineer at Wheels and Nexus Brands.
Comps
Tonal: Backed by L Catteron, Cobalt, Dragoneer, and others.
Tempo: Backed by Softbank, Norwest, General Catalyst, and others.
Oxefit: Backed by Lydia Partners, Dak Prescott, James R. Andrews, and others.
Speede Fitness: Backed by David Meltzer, Ed Mylett, and others.
Why Fit!
With promising early revenue and alternative products in an industry known for high costs and niche offerings, Fit! is strongly postioned to transform at-home fitness. 🏋🏼