2007-03-15 14:57:52 -
SUNNYVALE, Calif., March 15 /PRNewswire/ -- Expresso Fitness, the leading supplier of interactive cardio fitness systems, announced today that it has raised $9.3M in a Series C round of funding. The financing will be used to expand the Company's sales and production capabilities, driving revenue growth.
Sierra Ventures, a new investor to Expresso, led the Series C funding. Sierra was joined by existing investor, San Diego-based Enterprise Partners Venture Capital. Jeff Loomans, Partner at Sierra Ventures, has joined Expresso's Board of Directors.
"With their formula of applying interactive software to
exercise equipment, Expresso is addressing a large unmet need in the market," Loomans said. "The Sierra partners believe that once people experience this new technology, they won't want to go back. You just can't put the genie back in the bottle!"
Erik Nierenberg, Enterprise Partners Venture Capital and Expresso Board member, noted, "Expresso systems and content have demonstrated extraordinary market acceptance in the short time since the Company's Series B financing. Expresso clearly has the right product at the right time for the multi-billion dollar fitness industry. We're looking forward to an exciting 2007."
"We've had exciting results from our first six months of selling the S2, the industry's first truly personalized indoor bike," commented Brian Button, Expresso's President and CEO. "This financing will help us build on our success, expanding our sales and scale of production."
Expresso captivated the commercial fitness industry with the launch of its two-part interactive cycling system last year. Exercisers can now ride over 30 interactive courses then use any Web browser to view their fitness results online. The virtual-reality based routes bring the excitement of biking outdoors to indoor fitness facilities; personalization tools help members stay involved and motivated. As a result, riders of Expresso bikes have logged almost 300,000 miles in over 80,000 sessions.
About Expresso Fitness
Sunnyvale, CA-based Expresso Fitness was founded in 2003 with the mission of satisfying an exerciser's need for an engaging and effective cardiovascular fitness experience. The company leverages the benefits of superior interactive technology at an affordable cost to provide the health, sports and fitness industry with fully integrated, virtual reality-enhanced cardio fitness systems and revenue-generating customer services. Bringing together virtual reality, stationary bike equipment and personalization tools into single, commercial-grade cycling systems, Expresso's first line of products are revolutionizing indoor exercise.
http://www.expressofitness.com/
About Sierra Ventures
Sierra Ventures, founded in 1982, is a privately held venture capital firm focused on investments across all areas of the Information Technology sector from semiconductors to enterprise software. Sierra Ventures has managed nine venture capital partnerships and currently has more than $1.5 billion of capital under management. Some of the firm's investments include 360Commerce (acquired by Oracle), Active Software (acquired by WebMethods), AmeriGroup (AGP), Centex (acquired by WorldCom), ConvergeNet (acquired by Dell), FatBrain (acquired by Barnes & Noble), Frontbridge (acquired by Microsoft), Healtheon (merged with WebMD), Interact Commerce (acquired by Sage), Intuit (INTU), Micromuse (acquired by IBM), OnAssignment (ASGN), OnLink (acquired by Siebel), Quinta (acquired by Seagate), StrataCom (acquired by Cisco), Sychip (acquired by Murata Manufacturing) and Teradata (acquired by NCR).
http://www.sierraventures.com/
About Enterprise Partners Venture Capital
Enterprise Partners Venture Capital was founded in 1985 and is the largest venture firm headquartered in Southern California with more than $1.1 billion in capital under management. The firm focuses on investments in wireless technologies, digital media, software, semiconductors and the life sciences.
http://www.epvc.com/
Source: Expresso Fitness
