Perth-based fitness start-up Vitruvian raises US$2.5 million seed round capital

November 25, 2020

Finance / Fitness / Technology / Wellness /

Perth-based fitness start-up Vitruvian has raised US$2.5 million in capital in a seed round led by South East Asian fitness operator Evolution Wellness.

This injection allows Vitruvian to ramp up production of their innovative strength training device, the V-Form Trainer, which is now available to the global retail market.

Explaining the potential of the innovative product, Evolution Wellness Chief Executive, Simon Flint explained “upon the formation of Evolution Wellness in 2017, we were clear about our ambition and direction for the company, which was to build value with a diverse and exciting portfolio of brands.

“Our investment in Vitruvian marks our first major foray into the area of connected fitness and is another stepping stone in fulfilling our growth ambition in this fast-paced industry.

“(Vitruvian founder) Jon Gregory and the team have built a first-class product which is going to perform extremely well as it takes a unique spot in the connected fitness category; we look forward to playing a pivotal role in their growth journey to bring the V-Form Trainer into new markets and help more people pursue their health and fitness goals.”

Jon Gregory, Vitruvian’s Perth-based founder - a former high frequency trader whose experience with algorithm-building is the foundation of the device’s offering - is thrilled by the success of the launch.

Gregory added “the response from consumers has been overwhelming, I knew we were onto something after spending the last 10 years iterating the technology, but I am glad the general fitness community has also bought into what we are building.”

The investment was quickly secured after Vitruvian’s successful pre-order campaign, which reportedly outsold global category leader Peloton’s pre-order campaign.

The V-Form Trainer promises to dramatically improve the efficiency and accessibility of resistance training.

Driven by intelligent algorithmic technology, the device does away with static weight entirely, rather, it modifies weight loading between 7kg and 180kg to match the user’s ability.

Evolution Wellness Group, which has portfolio of influential fitness and wellness brands, recognised the value in Vitruvian after trying one of the prototype devices and were quick to lead the round.

Images courtesy of Vitruvian.

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