Karel Komarek’s KKCG has invested $25 million in Freeletics series B funding round. Freeletics is the developer behind one of Europe’s largest fitness applications of the same name that is powered by artificial intelligence.
Jazz Venture Partners fund led the Series B and, in addition to KKCG, Causeway Media Partners joined. It focuses on investing in activities around sports. For example, the owner of the NBA club Boston Celtics and other personalities from American sports competitions work through it. Both Jazz and Causeway participated in the previous round of funding. Freeletics raised a total of $ 70 million.
“We are very grateful for our success and the support of our fantastic community over recent months and years. With our current trajectory and strong growth efficiency, this funding will drive us through the next turning point in our journey, fueling major product innovations as well as global expansion, especially in markets such as the U.S.,” says Freeletics CEO Daniel Sobhani. “Now more than ever with the effects of COVID-19, it’s crucial that we provide the most holistic and personalized solution we can to help people become their best selves physically, mentally and emotionally.”
KKCG is investing in a German startup for the first time. This time it did not do so through its startup fund Springtide Ventures (Techloop, PlainID, Geewa, NejŘemeslníci.cz, ThreatMark, and others), but directly as KKCG.
The investment comes two years after the previous round, in which Freeletics raised a total of $45 million. The Munich startup currently wants to focus primarily on the American market, where, despite growing competition in fitness applications, there is still huge potential. Apple has also started to focus on health with its new Fitness + or Fitbit service – both companies also use their own activity measurement devices.
Freeletics offers personalized exercise courses, statistics, nutritional advice, and other sports methodologies. The number of subscribers exceeded 600,000. The application started mainly in Europe and now wants to expand more to the USA. The new investment came as Apple introduced a new Fitness + subscription, where it offers related training courses on Apple Watch.