Fitness Platform Moxie Raises $6.3M in Seed Funding

Fitness-focused digital health company Moxie announced a $6.3 million seed round. Resolute, Bessemer, Greycroft, Gokul Rajaram, and other investors contributed to the raise.

WHAT IT DOES

The company has developed a virtual fitness platform. Moxie works with fitness coaches in order to provide a turnkey platform where they can deliver classes. The tool is designed to help coaches set up a fitness schedule, recruit clients, and stream their classes.

The company also records all classes so that students are able to watch them at a later time. Clients are able to tap into a two-way interactive streaming system. Moxie’s service also deals with all of the billing and client communication.

WHAT IT’S FOR

The company plans on using its new funds to help its instructors find new clients. It’s also launching a new homepage on its website with curated fitness classes.

Additionally, the company has teamed up with Stride Health in order to launch benefits to its coaches. The company said it plans to help give access to health insurance to those in the gig economy.

The company is also launching new team-based services.

“Later this spring, Moxie plans to debut Moxie Teams, enabling multiple instructors to teach under one account and allow students to choose from a broader range of classes and coaches under a single subscription,” the company wrote in a release.

MARKET SNAPSHOT

During the coronavirus pandemic, the at-home workout space has thrived. One of the giants of home fitness is connected-bike Peloton. The company went public in 2019. During the pandemic, the company released the second version of its bike and a cheaper version of its treadmill.

Apple is also interested in joining the space. In September, Apple announced a new video fitness-class offering called Apple Fitness+, which is based on a subscription model. Members can stream videos and integrate the service with its activity-tracking functions.

Source: Mobihealthnews