VR fitness developer secures £6.7m
Posted on July 10, 2020 by Alistair Hardaker
VR fitness company FitXR has secured $6.3m in investment funding, led by Hiro Capital, with continued support from U.S.-based BoostVC, Maveron and TenOneTen Ventures, together with an additional $1.2m in the form of an innovation loan, from Innovate UK.
London-based FitXR, who had previously secured $1.25m in seed funding from investors, will use the new investment to expand its operations in Europe and North America, and to accelerate launch of new products and services for people to keep fit in Virtual Reality.
Its first product, the boxing rhythm game BoxVR, was released last year on the Oculus, Steam and PlayStationVR platforms.
“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 added: “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”.