Motosumo scores $6M to spin up a challenge to Peloton

Denmark-based Motosumo has scored a $6M Series A raise led by London’s Magenta Partners, alongside existing investors. The new funding will go on doubling its network of spin class instructors across Europe, North America, Asia and Australia, expanding its tech team and upping its marketing.

The 2015-founded fit-tech startup has developed a system for measuring cycling cadence without additional sensors — users need only affix their existing smartphone or tablet to a stationary exercise bike to get real-time feedback on their performance. No expensive Peloton-style connected bike required… Just strap on your smartphone and pedal away on that ancient exercise bike you found gathering dust in the loft.

The startup’s focus to-date has been more on the b2b side — selling its software to fitness instructors and gyms hosting spin classes who are looking to upgrade the experience with real-time tracking. But it’s now set to ramp up it b2c business, seizing the opportunity to build at home fitness business as the coronavirus pandemic continues to make life challenging for traditional gyms.

“We’ve recently made the move to our B2C offering (Motosumo),” CEO Kresten Juel Jensen tells TechCrunch. “On the B2B side (Momentum), we have over 2,500 users and, over the last year, we passed 100,000 downloads. As we launch the B2C version with Motosumo, we are making an upfront investment in attracting users to become active members.

“The B2C marketing is just kicking in now and the performance with our early members is very positive over the past few (Read more...)