Moxie, an American startup, announced on 8th April 2021 that it has raised US $ 6.3 million in its seed funding round. The round was led by Resolute Ventures along with participation from Taurus Ventures, Interplay Ventures, Greycroft, Burst Capital and a few notable angel investors.
Investors: Resolute Ventures is a California, United States, based venture capital firm that was founded in the year 2012 by Caroline Talley, Michael Hirshland and Raanan Bar-Cohen. Its investments are directed towards pre-seed and seed-stage startups in diverse sectors led by talented and spirited entrepreneurs. Over the years it has made around 140 investments and carried out around 22 successful exits. Its portfolio includes companies such as Airin, Alphaflow, Barkbox, Carmera and more.
“Our investment theory has always been to identify entrepreneurial founders solving for today’s problems. With Moxie, we saw an experienced operator in Jason, with a product that solved for the issues that instructors and consumers had experienced in the shift to online fitness, as well as a clear roadmap for continued success.”—Raanan Bar-Cohen, co-founder and partner at Resolute Ventures
Purpose of investments: The latest round brings the total funds raised by Moxie to around US $ 8.4 million and the number of investors to 21. The current round of funds would be utilised by Moxie to optimise its user experience with new features like curated selections of top Moxie classes, preview option for classes before attending them, better tools to connect to instructors and more.
Moxie was founded in the year 2020 by Diego de Jódar, Emily Baumgartner, Ignas Peciura, Jason Goldberg, Renee Wong and Sunil Khedar. It is an online fitness platform that provides regular fitness routines and fitness instructors.
Prior to the pandemic Moxie’s team of founders were focused on building software for large companies. However the pandemic, like it has done to many industries, disrupted most of the team’s projects and the team lost all of its major customers. Instead of giving up the team decided to come up with something that is relevant to the current situation.
With the pandemic driving people indoors, fitness and regular gym also began to witness a drop in footfall. But people still felt the need for movement and physical & mental wellness. That is where Moxie came in.
Moxie provides a wide range of fitness expertise to everyone from beginners to people who are already pros in fitness. Its platform includes video instructions from some of the best fitness instructors tailored to the requirements of individual users.
What the CEO has to say:
“Moxie was born during the pandemic alongside thousands of independent fitness instructors who were forced out of gyms and studios and suddenly had to become entrepreneurs and navigate the new frontier of virtual fitness. Now we are seeing widespread adoption of online fitness into people’s lives, and Moxie’s growth proves that these shifts in consumer behavior have staying power.”—Jason Goldberg, co-founder and CEO of Moxie.
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