- Toronto-based Aviron aims to make fitness fun
- The seed round in 2021 raised US$4.5 million
- Series A round led by Stripes
Connected rowing machine developer Aviron has raised $18.5 million in a Series A funding round that will see it double its workforce over the next 12 months.
The round was led by Stripes, which is also an investor in Swiss running shoe maker On, and included Global Founders Capital, Formic Ventures and 24-Hour Fitness founder Mark Mastrov.
Based in Toronto Rowing does what it calls a “rower that puts an end to boring workouts,” combining short, effective workouts with gamified content. Users can race live against other members of the Rowing community or in fully animated games that attempt to make exercising more entertaining.
“For years the fitness industry has focused on burning calories, building strength and toning muscles, in other words, the end result and not the workout experience itself. same,” said Andy Hoang, founder and CEO of Aviron.
“Our unique integration of video game elements and the camaraderie of competition makes the training experience so much more enjoyable. Let’s face it, you’ll train longer and harder when it’s fun.
Like others in the connected fitness space, Aviron has seen renewed interest during lockdown and this latest investment is a vote of confidence in the connected fitness market despite Peloton’s well-documented recent struggles.
Indeed, Peloton is reportedly working on a connected rowing machine on its own, but it remains to be seen when and if that will hit the market. Until then, Aviron plans to expand its online presence in the United States, enter the retail market, and hire engineers and software developers to improve its product and expand its library of software offerings. ‘coaching. It also plans to invest in inventory to hedge against any potential supply chain issues.
“We started for the first two years, then in August 2021, we raised a seed round of US$4.5 million which was used to augment our R&D and software development teams, and improve logistics. and distribution,” Hoang added. “Our team has grown to 36 people and our paid subscriber base has grown by 2,700% [year-on-year]. Additionally, in 2021, we experienced a 700% increase in revenue. We continue to release new updates, features, integrations, and content twice a quarter.
“Our team believes that the connected home fitness industry will continue to experience strong growth.”