BurnAlong Secures $1.5M Seed Funding to Expand Online Fitness Course Offerings and Files IPO Prospectus

VCBeat (WeChat ID: vcbeat) recently learned that the U.S. fitness company BurnAlong has completed a $1.5 million seed funding round. This round of financingFunded by Baltimore AngelsLed by the lead investor, with Brown Advisory and Machem Capital participating as co-investors.

Since its establishment in 2016, BurnAlong has raised over $5 million in funding, having completed its angel and seed financing rounds in 2016 and 2017, respectively.

Financing History (Source: Crunchbase, VCBeat)

BurnAlong is a startup based in Maryland, USA, founded by CEO Daniel Freedman. BurnAlong partners with hospitals, corporations, and insurance providers to deliver optimal workout classes and social experiences for customers at gyms, helping people improve their health. The company offers online coaching, allowing each member to choose from over 1,000 classes across more than 30 categories taught by hundreds of instructors.

As a winner of the 2019 real LIST (Most Promising Startups), BurnAlong aims to provide companies and organizations with a fitness social platform by partnering with their human resources departments, enabling these entities to offer the service to their employees. The company recently launched this platform in Maryland.

“This financing presents a great opportunity for our team to expand the company’s media outreach and increase the number of fitness classes offered,” said Daniel Freedman. “BurnAlong currently has only 16 employees, and we plan to further expand our management team. The company will soon relocate to its new office in Pikesville.”

BurnAlong’s main competitor is Wellbeats, led by Jason Von Bank. Founded in 2008 as a pioneer in online fitness, Wellbeats offers more than 350 classes and serves over 5 million customers worldwide, including Fortune 500 companies, health clubs, and schools.

Baltimore Angels is a U.S.-based venture capital firm specializing in early-stage investments in medical technology companies. Since its inception, it has invested in 25 companies. The firm hosts a monthly meetup in Baltimore to identify companies that have working capital and tangible products, and are ready to scale their operations.

Brown Advisory is an independent investment advisory firm founded in 1993 and headquartered in Texas, United States. The company is committed to providing premier services and strategic advice, primarily serving private clients, institutions, OCIOs, and intermediaries. In addition to managing equity investment funds, the firm manages equity, fixed-income, and alternative investment funds.

Machem Capital is a business consulting and angel investment firm focused on investing in B2B and B2C startups that leverage technology to improve lifestyles, with a global investment scope.

(Compiled by Yang Shaobo)