July 13, 2020 – Last week VR fitness company FitXR announced that it had secured a USD $6.3m in investment funding, led by Hiro Capital, with continued support from US-based BoostVC, Maveron and TenOneTen Ventures, together with an additional USD $1.2m in the form of an innovation loan, from Innovate UK.
FitXR, which has previously secured USD $1.25 million in seed funding from investors, stated that it will use the new investment to expand its operations in Europe and North America, and to accelerate the launch of several new products and services aimed at helping people to keep fit in Virtual Reality.
FitXR stated that the investment marked a show of belief in the company, whose first product, the boxing rhythm game BoxVR, has seen success across the Oculus, Steam and PlayStationVR platforms.
“Over the last year, we have been redefining fitness and challenging people’s perceptions of what a fun and effective workout is, providing an alternative for people who want to keep fit but are unmotivated by the traditional fitness offerings,” said Sam Cole, co-founder of FitXR. “With BoxVR, we have captured the imaginations of players around the world and introduced them to a new form of exercise which is both immersive and enjoyable. We’re proud to partner with Hiro Capital who are leaders in the digital sports sector, and we look forward to breaking new boundaries with FitXR over the coming year”.
According to FitXR, the company is working on a series of product developments over the next 12 months, which it claims are “set to redefine fitness and cement FitXR as the world’s leading VR fitness company.”
Cherry Freeman, Co-Founding Partner at Hiro Capital, commented: “FitXR is the best-in-class within the VR fitness sector, creating a new category of experience in VR by redefining how people can get fit and strong. Achieving global recognition for FitXR’s ability to build a passionate community around its innovation and creativity makes this a very exciting investment for Hiro.”
Luke Alvarez, Founding Managing Partner, Hiro Capital added: “Sam and his team are VR fitness heroes and impressive entrepreneurs. With the tech acceleration that has been happening in 2020 and the big changes in exercise and sports, FitXR is perfectly positioned to lead fitness in the Metaverse. At Hiro we are both gamers and sports/fitness nerds – as our second investment in digital sports and our third investment in VR/MR, FitXR is a perfect fit for our portfolio.”
Nigel Walker, Head of Innovation Lending & Investor Partnerships at Innovate UK said: “We’re pleased to partner with FitXR and offer a loan for the business to develop additional tools which will make content creation more efficient and cost-effective. By backing FitXR’s innovation in sport and exercise, we are supporting a potential future global leader and helping them to continue to develop and grow”.
Video credit: FitXR / YouTube
About the author
Sam is the Founder and Managing Editor of Auganix. With a background in research and report writing, he has been covering XR industry news for the past five years.