Aaptiv Closes Series C with $52 Million Raised to Date; Amazon Alexa Fund and Warner Music Group among new investors

By PRNewswire On Jun 22, 2018

This Investment is Largest Round to Date for Aaptiv

Aaptiv Inc., a leading provider of premium digital health and wellness content that has garnered nearly 200,000 paying members in two years, has raised $22 million in its Series C funding. Launched in 2016, Aaptiv’s audio-guided fitness classes have been streamed more than 14 million times. Total funding for the company is now over $52 million.

The round was led by Millennium Technology Value Partners, a growth equity firm that has previously invested in Spotify, Facebook, Alibaba, among others. Joining them is 14W, a venture capital firm with a portfolio that includes Wallapop, Glossier, Lyst, and Goop. Existing investor Insight Venture Partners also participated in the financing, bringing Insight’s total investment in Aaptiv to over $30 million.

Strategic investors include the Amazon Alexa Fund, Disney, Warner Music Group, and NWS Holdings. Aaptiv will be joining the Disney Accelerator this summer.

Ethan Agarwal

“We are honored to be supported by the world’s leading investment firms and technology companies,” said Ethan Agarwal, founder and CEO of Aaptiv. “Aaptiv is now uniquely positioned to continue its dominance in the rapidly growing digital wellness content market. This capital – along with the support from our strategic investors – will allow us to continue to improve the world-class product experience we build for our hundreds of thousands of members.”

Ray Cheng

“We are most excited by how fast Aaptiv has established itself as a category leader in the wellness and fitness space,” said Ray Cheng, Partner at Millennium. “The company’s growth and user engagement metrics over the past two years are some of the best we have seen and we believe a large opportunity awaits as Aaptiv continues to deliver the best in class workout experience.”

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Alex Zubillaga

“Aaptiv is at the helm of shaping the future of fitness and reinventing how people work out,” said Alex Zubillaga, Managing Partner of 14W. “We are proud to invest in a company that has created the fastest-growing mobile fitness product on the market and is changing the way people think about how to live a healthier life.”

“As evidenced by their strong growth, Aaptiv is running toward becoming the next big name in the fitness tech market, due substantially to a rather advanced technology strategy and approach to growth,” said Harley Miller, Vice President, Insight Venture Partners. “We are thrilled to further our investment in Aaptiv and look forward to working together to continue scaling their innovative product.”

Paul Bernard

“Connected fitness is emerging as a compelling new domain for consumers,” said Paul Bernard, director of Amazon’s Alexa Fund. “We’re excited about Aaptiv’s voice-first approach to personal training, and look forward to helping them explore innovative ways to bring that experience to Alexa.”

This investment is Aaptiv’s largest round to date and funding will be used to further the company’s technology innovation, product growth, and customer acquisition.