Virtual reality (VR) fitness startup FitXR has raised $7.5m in funding to expand its operations in Europe and North America and launch new VR fitness products.
FitXR creates fitness games that virtual reality users can experience on various platforms, including Oculus, Steam and PlayStationVR.
Venture capital firm Hiro Capital led the Series A round while previous backers BoostVC, Maveron and TenOneTen Ventures invested more funds into the startup. These firms invested a combined total of $6.3m.
Innovate UK, the UK government’s investment agency, also provided a $1.2m loan to the startup.
The latest funding adds to the $1.25m FitXR previously secured in seed funding.
The startup, founded in 2007 and headquartered in Swindown, UK, says it is working on new product releases over the next 12 months.
While the high price points of VR headsets has proved an obstacle to mass adoption of VR, FitXR has managed to establish itself as a leading player within the mixed reality exercise market thanks to its signature game BoxVR.
The app sees players follow boxing instructions, with movement sensors calculating how many calories they have burned and allowing them to set personal goals.
“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”.
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”.