Norwalk, CT – FitLinxx, Inc., a global leader for providing technology that assists customers in reaching health and fitness goals, today announced that it has secured a US$2.5 million venture loan from MMV Financial Inc (“MMV”).
FitLinxx will use the proceeds from financing for expansion of its sales and marketing efforts and to complete its merger with FitSense Inc., a leader in monitoring fitness activity outside of the gym. FitLinxx is installed in over 700 gyms worldwide, and is used by over 650,000 people on a monthly basis. Customers include YMCAs and leading private and governmental fitness and healthcare facilities worldwide.
“The MMV team had a clear understanding of the tremendous opportunity that exists in the health and wellness market” said David Crampton, Chief Executive Officer of FitLinxx. “This investment will allow FitLinxx to expand our reach into the market with additional products to assist people with reaching their fitness and health goals.”
FitLinxx is a computerized system that attaches directly to existing fitness equipment. FitLinxx learns users' programs, coaches them individually through their workout for better form, safety and confidence during every exercise, and tracks their progress over time.
“People are looking to take more personal control over their health”, said Marc Pavlopoulos, Senior Vice President, MMV Financial Inc., “FitLinxx has found a way to track fitness activity in a way that’s motivational to the end user. The fitness report is available to the user at their gym or via the web. Additionally, FitLinxx’ merger with FitSense will help them drastically cut costs of their current product suite and expand their offerings of products for the health and wellness market.”
The Company is venture-backed. Current investors include North Atlantic Venture Fund and Ironwood Equity Fund.
About FitLinxx Inc.
FitLinxx is the endorsed industry standard and recognized global leader for providing technology that helps people reach their fitness goals. FitLinxx helps users exercise properly and stay motivated to stick with their fitness programs, and is endorsed by nearly every major commercial fitness equipment supplier, which have collectively certified the compatibility of more than 1000 models of fitness equipment for use on the FitLinxx Network. Based on the dramatic success of its customers, FitLinxx has been listed in the Top 100 of the Deloitte and Touche Technology Fast 500 three times, and is the largest independent technology company in the fitness industry. The company is headquartered in Norwalk, Connecticut, with regional offices throughout the United States and European headquarters in the United Kingdom. For more information about FitLinxx, please visit http://www.fitlinxx.com/, or contact:
John D. McCarthy
About MMV Financial Inc.
MMV Financial is a Toronto-based specialty finance company providing creative debt solutions directly to technology and life sciences companies across North America. MMV is backed by top U.S. and Canadian private equity firms and financial institutions including CCP Equity Partners, Caisse de dépôt et placement du Québec, NewStar Financial, Inc., and Wells Fargo Company. For more information visit www.mmvf.com, or contact:
Senior Vice President
MMV Financial Inc.