Fitness start-up company Aaptiv combines trainers and audio music workouts to attract subscribers, and investors are betting on its model. The company just raised $38 million in series A and series B funding rounds. Also, Insight Venture Partners’ Thilo Semmelbauer, former President and COO of Shutterstock, and board member at Weight Watchers, joined its board of directors.
CEO Ethan Agarwal told Cheddar the company will use the funding to market the product, launch new programs, and bring on new “world-class trainers”.
Aaptiv says it offers over 30 new classes every week, and it's very focused on enhancing the running experience. Argawal told Cheddar that the company focuses on audio because running is the most popular workout in the U.S., and audio is a cardio booster.
“Audio is what drives cardio,” he said. “As a runner, you’re not going to run down the street while staring at a fitness video.”
The company is the latest to join the convenience workout market. Increasingly, fitness studios and digital fitness companies are looking to bring consumers workouts that fit their lifestyles. This past week, digital fitness company ClassPass announced that it would roll out at-home workouts in 2018.
Aaptiv currently has 200,000 paying customers, and the CEO says that he’d prefer to go public over being acquired.
“What I’m trying to build is a significant consumer subscription business,” he said. “I would much rather veer towards the IPO path than the acquisition path.”