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FitLab Raises Growth Capital, Announces Acquisitions of Electric, Fitplan and Ragnar, as it Defines the Future of Hybrid Fitness

·5 min read

NEWPORT BEACH, Calif., Jan. 14, 2022 /PRNewswire/ -- FitLab Inc., which powers the modern fitness journey by seamlessly integrating fitness studios, connected at-home experiences and mass-participation events in partnership with iconic athletes and brands, today announced the closing of its Series A financing, bringing total capital raised to more than $15 million. Investors include Two Styx Capital, CAVA Capital, Snoop Ventures, Audie Attar of Paradigm Sports Management, and Courtney Reum of M13. The funds will be used to scale its global brands, accelerate the opening of boutique fitness studios, launch new mass-participation events, and develop new technologies to enrich fitness experiences that bridge the gap between at-home and in-person fitness.

Fitlab
Fitlab

FitLab Raises Growth Capital, Announces Acquisitions of Electric, Fitplan and Ragnar

FitLab Inc., based in Newport Beach, CA, was founded by former Nike and New Evolution Ventures executives Brian Kirkbride and Mike Melby in 2019 to solve the siloed nature of fitness and leverage the power of iconic athletes and brands to inspire you to move – wherever, whenever and however you desire. Through partnerships, proprietary development and a series of acquisitions, FitLab has developed an integrated platform that includes McGregor FAST, the combat-focused fitness experience by Conor McGregor and his lead trainers; XPT, the high-performance training system from Laird Hamilton and Gabby Reece that combines its proprietary Performance Breathing with proven training and recovery methods; and Electric, an iconic action sports brand focused on performance eyewear, apparel and accessories.

"We saw a failure from the fitness industry to put the needs of members first," said Kirkbride. "Even before the pandemic, the data showed that the future of fitness is clearly hybrid, and that has only accelerated. Consumers don't want to look for a world-class, at-home offering, and find a studio or gym that they love, and then try to track down a challenge or event to motivate them to train – let alone pay separately for all of them. They're forced to do that today, because that's how the industry is set up. Until FitLab, nothing was built from the ground up to provide truly holistic, immersive, connected experiences across the fitness continuum."

In 2022, FitLab will launch its first wave of connected fitness studios, combining the power of measurement and technology with an immersive, in-person training experience. Its global, multi-brand studio presence will expand to more than 500 locations by 2025, with partnerships already in place for 250 locations in the U.S. and plans for international development currently underway. Each connected studio will have an integrated at-home offering and event series, providing members with a rich and seamless fitness experience, no matter where they choose to train.

FitLab also announced the acquisitions of Fitplan and Ragnar, category-leading names that bolster the company's presence in at-home training and mass-participation events.

Fitplan is a leading fitness app that provides training plans, standalone workout routines, recipes and nutrition guidance, and expert advice from the world's leading fitness creators and athletes. From beginners to advanced fitness enthusiasts and aspiring athletes, the app allows users to track progress, connect with an online community, and train alongside 50+ world-class athletes, coaches, and trainers, like Mike O'Hearn, Michelle Lewin, Rob Gronkowski, Jen Selter, and Alex Rodriguez. Co-founded by Landon Hamilton and Cam Speck in 2016, more than 3.4M users from around the world have turned to Fitplan to help them reach their fitness goals.

"We are constantly searching for innovative companies that we believe add new strengths and capabilities to FitLab's integrated platform," Melby said. "Fitplan paved the way for the fitness creator boom we see today, and its roster of world-class trainers provides athletes around the world with democratized access to the biggest names in the game. Along with Electric, Ragnar, and the rest of our brands, Fitplan will leverage FitLab's omnichannel strategy to better serve its users in more places and across an increasing number of training modalities."

Co-founded in 2004 by CEO, Tanner Bell, Ragnar is the largest overnight running relay series in the world. Traversing inspiring and scenic destinations, these events create moments of heart-racing triumph through shared adventure and human connection. The more than 100,000 runners that participate each year embrace their inner wild to conquer what they thought impossible, sacrifice sleep for unforgettable moments and cross the finish line to receive their glorious finisher medal. As a leader in the space, Ragnar brings mass-participation event expertise to FitLab, which the company will leverage across each of its brands to provide goals to inspire training and opportunities for deep connection and fulfillment for its athletes.

"I am thrilled that Ragnar is joining the FitLab portfolio," Bell said. "This union will accelerate Ragnar's quest to bring moments of accomplishment and connection to athletes around the globe, no matter what their fitness interest. The best-in-class FitLab platform serves the needs of every athlete on their path to greatness."

About FitLab
FitLab Inc. powers the modern fitness journey by seamlessly integrating fitness studios, connected at-home experiences and mass-participation events. FitLab's fully integrated platform solves the siloed nature of fitness and leverages the power of iconic athletes and truly connected experiences to keep you training – wherever, whenever and however you desire. Through partnerships, proprietary development and a series of acquisitions, FitLab has established a portfolio of brands that includes Electric, Fitplan, McGregor FAST, Ragnar, Spartan FIT, and XPT, with more on the way. FitLab Inc. is based in Newport Beach, CA, with offices in Portland, OR, San Clemente, CA, and Salt Lake City, UT, and was founded by former Nike and New Evolution Ventures executives Brian Kirkbride and Mike Melby in 2019.

Contact:
Jeff Campbell |CRO
Jeff@Fitlab.com
+1 310-980-904

Cision
Cision

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SOURCE FitLab