Magenta Partners leads USDm 6 round for Motosumo

Today, London-based SME growth investor, Magenta Partners announced it has led a major Series A funding round for Motosumo, a fast-growing, at-home indoor cycling platform offering live, interactive classes from any bike. Magenta led the funding round with participation from existing investors.

Magenta Managing Partner Tom Matthews says their extensive evaluation identified Motosumo as a one-of-a-kind prospect in a crowded market. “Our team of experts has appraised numerous software and hardware platforms in connected fitness over the last 18 months. We believe Motosumo is a standout proposition with the ability to lead evolution in the home fitness market. It’s the only platform of its kind that is hardware agnostic, which presents significant opportunities for growth across borders,” said Matthews, whose team at Magenta has extensive background in fitness, including previous investments in LA Fitness, The Gym Group, Pure Gym, and Viva Gym.

Motosumo, a Danish fit-tech company founded in 2015, offers a global schedule of live indoor cycling classes with world-class instructors. Motosumo’s innovative tech means that users can join the platform from home, using any bike and a mobile phone or tablet. Even the most basic setup can be connected to enjoy a fully interactive class. With subscriptions starting at just USD 12.99 per month, Motosumo delivers an affordable alternative to the range of expensive market participants that require consumers to purchase equipment and wait weeks for delivery to get started.

“Immediate access, an interactive experience, and global reach are key considerations for growth, and Motosumo has all three,” said Motosumo Co-Founder and CEO Kresten Juel Jensen. “Our platform works with any bike, so the user is not required to invest in new equipment and can immediately access a workout. Motosumo classes feature interactive games with live fitness metrics, and our instructors interact with participants in real time. We’re thrilled to partner with Magenta. Their investment, as well as their strategic vision and support, is going to help fuel our experience and our expansion.”

“Even before the COVID pandemic, consumer demand for at-home workout options was growing. The last year has drastically changed the fitness industry landscape. At-home connected fitness has become a major beneficiary, and Motosumo was already ahead of the curve and uniquely positioned to drive rapid adoption of our home-training solution,” said Juel Jensen.

This round of Series A funding will allow Motosumo to double its roster of instructors across four continents (Europe, North America, Asia and Australia), expand its tech team, and significantly increase its marketing efforts. Magenta usually invests between GBPm 5 and GBPm 20 in each opportunity. Investors in Motosumo from previous rounds include the Danish venture capital fund Promentum Equity Partners, and PreSeed Ventures, one of the largest Danish innovation incubators.

Source: Motosumo
Picture: Motosumo

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