Magenta Partners leads $6 million round for indoor cycling Motosumo
Copenhagen, Denmark — London-based SME growth investor Magenta Partners today announced that it has led a major Series A funding round for Motosumo, a fast-growing at-home indoor cycling platform that offers live interactive classes from any bike. Magenta led the financing round with participation from existing investors.
Tom Matthews, managing partner of Magenta, says their extensive evaluation identified Motosumo as a unique offering in a crowded market. “Our team of experts has reviewed numerous software and hardware platforms in the Connected Fitness space over the past 18 months. We believe Motosumo is an outstanding offering capable of leading the evolution in the home fitness market. It is the only platform of its kind that is hardware agnostic, which opens up significant growth opportunities across geographies,” said Matthews, whose team at Magenta has an extensive background in fitness, including previous investments in LA Fitness, The Gym Group, Pure Gym and Viva Gym.
Motosumo, a Danish fit-tech company founded in 2015, offers a global program of live indoor cycling classes with world-class instructors. Motosumo’s innovative technology means users can join the platform from home, with any bike and a cell phone or tablet. Even the simplest setup can be connected to enjoy a fully interactive class.
With subscriptions starting at just $12.99 per month, Motosumo offers an affordable alternative to the many expensive players in the market that require consumers to purchase equipment and wait weeks for delivery to get started.
“Immediate access, an interactive experience and global reach are important factors for growth, and Motosumo has all three,” says Motosumo co-founder and CEO Kresten Juel Jensen. “Our platform works with any bike, so users don’t have to invest in new equipment and can access a workout immediately. Motosumo courses include interactive games with live fitness metrics, and our trainers interact with participants in real time. We are excited about the partnership with Magenta. Their investment and strategic vision and support will help drive our experience and expansion.”
“Even before the COVID pandemic, consumer demand for home exercise options was growing. The past year has drastically changed the landscape of the fitness industry. Connected fitness at home has become a major beneficiary, and Motosumo was already ahead of the curve and uniquely positioned to drive rapid adoption of our home exercise solution,” said Juel Jensen.
This round of Series A funding will allow Motosumo to double the number of its trainers on four continents (Europe, North America, Asia and Australia), expand its technical team and significantly increase its marketing efforts. Magenta typically invests between GBP5 million and GBP20 million in each opportunity. Your investment in Motosumo is the first step in a possible long-term, working partnership.
Magenta Managing Partner Chase Emson already makes Motosumo classes part of his daily workout at home, “Motosumo is a fantastic experience. It is the only real live and interactive offer for those who have an indoor bike at home. Having taken some of the classes, I can say from personal experience that Motosumo is fun and entertaining — and I’m most excited about the results I’m getting from my training,” Emson said.
Investors in Motosumo from previous rounds include Danish venture capital fund Promentum Equity Partners and PreSeed Ventures, one of Denmark’s largest innovation incubators.
Motosumo is a live interactive platform for home cycling courses that works with any stationary bike. The company was founded by a Danish team of engineers and astrophysicists who harnessed the power of smartphone motion sensors to generate live fitness metrics, such as cadence, on each bike. They developed an app to make a fun, interactive workout and community experience accessible to almost anyone. Early on, Motosumo became a popular mainstay in gyms and fitness centers. In response to the growing demand for at-home workout options, Motosumo has evolved the platform for individual users and partnered with a network of world-class trainers to create a global offering of daily live classes. For just $12.99 per month, anyone can enjoy the same intense, interactive fitness experience at home. To turn any bike into a world-class workout experience, visit www.motosumo.com.
About Magenta Partners
Magenta Partners LLP is a UK-based private equity advisory firm founded in 2008, specializing in entrepreneur-led growth investments. Since its inception, Magenta has invested in consumer-focused companies such as Pure Gym, JoJo Maman Bebe, Maker&Son and North American Guitar Company. A critical element of Magenta’s investment style is the ability to work with management teams to achieve alignment around a common goal. Magenta funds are backed by successful entrepreneurs, and the management team itself brings experience in running and growing successful venture-backed companies. www.magentapartners.com
Promentum Equity Partners
Promentum Equity Partners is a Danish private equity fund established in 2016 as a collaboration between Promentum Capital and Alternative Equity Partners. www.promentumequity.dk
For more than two decades, PreSeed Ventures has scouted, mentored and funded Danish success stories such as Vivino, Trustpilot and Lunar. www.preseedventures.dk