Personal training app Another Round has secured new investment from Pure Gym Group founder, Peter Roberts.
Using artificial intelligence, Another Round makes personal training more accessible and convenient.
Peter Roberts made his mark in the fitness industry with a low-cost chain that has grown into one of the UK's biggest. But the fitness industry has taken a huge drubbing due to Covid lockdowns.
PureGym lost 12% of its members in 2020, to 1.5mln, and described its losses for that year as "frankly awful" prior to recovering in 2021.
However, lockdown successes like Peloton Interactive (NASDAQ:PTON) and rival Tonal, which is backed by athlete Serena Williams, have endued tougher times since people have got back to their normal routines. In February, Peloton dumped founder John Foley and cut 2,800 jobs, while more recently Tonal slashed 35% of its workforce.
But with a reported six-figure investment in Another Round, according to the London Evening Standard, Roberts is moving into digital-first fitness, and will also join its board.
Other investees are Jacques de Bruin, former COO of Pure Gym, as well as other ex-senior Pure Gym team members.
The Another Round app was started in 2018 by former mixed martial arts (MMA) fighter Max Cotton.
"Now is the perfect time for Another Round to disrupt how personal training has traditionally been sold," said Roberts, who was with Pure Gym from 2008 to 2015, before a planned London IPO was shelved in 2016 and then a £600mln sale to LA private equity group Leonard Green & Partners was completed in 2017.
"Max’s background and attitude combined with the app’s member advocacy impressed me and I’m excited to be on the journey with them to build and lead the way in a new virtual fitness category."
As the online fitness market grows in line with hybrid working patterns, Another Round will utilise the proceeds of its capital raising to increase the number of coaches on its books.