Funding story
Fitness wearables are a great way of providing real-time data to users and their fitness coaches. Technological innovation in this regard plays a key role in making fitness training effective and fun. One of the key movers in this segment, GOQii, recently made a huge step forward by raising $13.4 million in a round led by New Enterprise Associates and China-based Cheetah Mobile. The Great Wall Club, and Singapore-based DSG Consumer Partners also participated in this round.
About GOQii
Founded by Vishal Gondal, GOQii produces wearables which are specifically geared towards empowering fitness coaches. The cloud-based platform which GOQii products create helps provide real-time information to coaches. One of GOQii’s major products, the GOQii App is a comprehensive communication portal between coaches and users. It keeps track of a huge set of data, including meals, water intake, sleep and health history. While GOQii also produces standalone products, its primary focus is on improving the quality of fitness coaching, since the startup operates on the premise that fitness coaches, and their guidance, are integral to any fitness campaign. Over 1,000 coaches are already affiliated with GOQii, and the number is set to grow further, for the platform greatly helps coaches too.
Overall, the startup provides an extremely comprehensive fitness platform which emphasizes psychological and spiritual development, in addition to physical development. The startup believes in the interrelatedness of these various forms of development, and awards “Karma points” to its users, with 1 karma point being won per 390 steps. The startup even associates with several donor partners to monetize karma points, which can then be lent for charitable purposes.
What we think
The shipment of fitness wearables is expected to treble this year, with even sharper increases being projected in the near future. GOQii seeks to make a big splash in this market by connecting users to coaches through the use of innovative technology. This is expected to keep their fitness platforms relevant in the long-run-something which many of its competitors are struggling to achieve.
Visit the GOQii website here for more information.
