PALO ALTO, Calif. and NEW YORK, June 01, 2016 (GLOBE NEWSWIRE) — New York City-based fitness company Skyfit has raised $1.52 million in seed funding. The raise was structured as two rounds; $450k which closed in January 2016 led by Pejman Mar Ventures with participation from angel investors, and a subsequent financing of $1.07m which closed last week led by Arena Ventures with participation from Pejman Mar Ventures and Switch Ventures.
“Arena’s ongoing strategy has always been to find outliers, the atypical leaders who are attacking large markets with an incredibly novel product. Skyfit unequivocally exemplifies this,” comments Paige Craig, founder and general partner of Arena Ventures. “Unlike others in the sector, they’ve brilliantly leveraged audio to merge the experience of working one-on-one with a personal trainer with the experience of the highest quality boutique fitness class, all for a fraction of the cost. This differentiator has positioned the company for tremendous growth ahead.”
“We’re not just building an app, we’re building a business centered on developing a long-term relationship with our members.” remarked Ethan Agarwal, founder and CEO of Skyfit.
“Pejman Mar Ventures believes in supporting entrepreneurs early. Ethan and his team have focused from day one on developing the highest quality fitness experience on the market, which has resulted in unparalleled growth. We believe this focus will result in Skyfit becoming the world leader in fitness” said Ajay Kamat, a partner at Pejman Mar Ventures. Mr. Kamat will be joining the Skyfit board.
The company will use its current funding to further build out its team and launch five new workout categories including strength training, half marathon and marathon training programs, pilates and meditation.
About Arena Ventures
Arena Ventures makes seed stage investments in technology startups led by entrepreneurs that are uniquely positioned to transform their industry and create new markets. Arena invests across sectors including consumer, education, enterprise, FinTech, marketplaces, and mobile.
About Pejman Mar Ventures:
Pejman Mar Ventures redefines what it means to be a portfolio company by turning founders into family. They’ve built an environment and community where they not only share knowledge, resources, and networks, but also work together to navigate obstacles, create pivoting strategies, and invest in companies each step of the way.
Skyfit is an audio-based fitness app that provides members with the highly motivating experience of a studio class right from their phone for a fraction of the cost. By strategically synchronizing the voice of an elite trainer and beat of a song with the pace of the workout, instead of shelling out $30+ for a class, members are able to press play on a workout that transports them to a studio experience whenever they are, wherever they want. Skyfit currently offers classes in running, cycling, Elliptical, and yoga, in addition to full 5k and 10k training program. Skyfit is headquartered in New York City and is funded by Arena Ventures, Pejman Mar Ventures, and others. For more information visit skyfitapp.com.
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