NEW YORK, July 7, 2021 /PRNewswire/ — Connected fitness company Arena Innovation Corp. today announced that it has secured $5.2M in seed financing to launch its premier product aimed at revolutionizing strength training. Several notable sports, fitness, and technology investors participated in the funding round, including major contributions from Courtside Ventures, Powerhouse Capital, and Wellness Holding, the investment office of the founders of Technogym. Angel investors among this group included Equinox Group co-founder Lavinia Errico, Anthony and Joe Vennare of Fitt Insider, New York Jets wide receiver Braxton Berrios, and Russ Angold, co-founder and former CTO of Ekso Bionics.
Developed by leaders in hardware automation and exercise science, the Arena fitness platform is a portable robotic device for dynamic resistance training. Designed and manufactured in the United States, the Arena fitness platform weighs approximately 60 pounds but is capable of generating more than 200 pounds of resistance. Users can control the resistance and take workout classes via the Arena smartphone app, training their body with hundreds of exercise movements.
«The team couldn’t be more excited to have the backing of an incredible group of investors as we fulfill our mission to democratize strength training,» said Arena co-founder and CEO Dr. Krisna Bhargava. «As we accelerate the release of our product,» Bhargava added, we’ll leverage world-class engineering and fitness capabilities to reinvent the gym.»
«We are thrilled to invest in Arena’s seed round,» said Deepen Parikh, partner at Courtside Ventures. «Nearly 60% of US adults do not participate in any form of strength training, which can greatly impact quality of life and long-term health. Arena is creating accessibility and education for this massive yet underserved market through its innovative, compact, and highly effective hardware and software solution. The background of the team is incredibly unique as they wield strong expertise across consumer hardware, robotics, digital fitness, and personal training.»
Ian Doody, co-founder and managing partner at Powerhouse Capital commented that «Arena’s innovative design and versatile, leading-edge technology offers customers a truly differentiated fitness experience. We believe the future of fitness for consumers is a hybrid solution that engages them both at home and in the gym. Arena’s combination of accessible hardware with inspirational digital training content is a perfect fit. Unlike fixed or heavy equipment that are attached to walls, Arena can be used in any room with easy storage. Arena represents a unique combination in today’s connected fitness market with the opportunity to engage users through their personalized fitness and wellness journey in multiple environments.»
About Arena Innovation Corp.
Arena Innovation Corp. was founded in 2020 to commercialize robotically assisted resistance training solutions, making strength training safe and accessible for everyone, everywhere. To date, the company has successfully generated intellectual property, begun manufacturing hardware units at a pilot scale, created mobile apps for iOS and Android, and recruited reservations from customers. Arena is engineered by technical innovators, designed by athletes and coaches, and proudly manufactured in the USA. The company maintains its headquarters and engineering laboratory in San Francisco, CA and is constructing a demonstration training facility in New York City, New York. https://goarena.co
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SOURCE Arena Innovation Corp.