The capital increase led by Primomiglio SGR S.p.A. with participation from LVenture Group will boost the startup’s growth on the international market.
PunchLab, the startup that digitizes combat sports training with its app by simply connecting users’ smartphone to the punching bag has raised €300,000 in a seed funding round led by Barcamper Ventures Lazio and Barcamper Ventures – investments funds managed by Primomiglio SGR S.p.A. –with participation from LVenture Group S.p.A., a VC holding company listed on the Stock Exchange and Italian leading startup accelerator.
The PunchLab app brings combat sports into the future, turning the punching bag into an interactive device that detects, measures, and reacts to athletes’ punches, tracking shots and providing real-time statistics and historical series of progress made. PunchLab use is extremely simple. The addition of any hardware components is not needed: just download the app and apply the smartphone to the punching bag with an elastic band and the combat sports training will move to the next level.
Thanks to PunchLab it is also possible to connect multiple bags wirelessly to enable gyms for group lessons and challenges based on gamification, with a centralized ranking showing scores and progress in real-time. The ease of use, together with the various training plan offered, are PunchLab’s strengths compared to competitors, sensor-based solutions, very expensive and impossible to update.
The startup, accelerated by LVenture Group, in just a few months since its launch is now used by combat sports enthusiasts in 65 countries all over the world, with a large demand in the United States. The Covid-19 emergency did not slow down the startup’s growth, which in the last months has quintupled sales.
“Since our first meeting, we have been impressed by PunchLab team members for their strategic vision, the excellent knowledge of the market and the ability to develop their product. Fitness is one of the industries that have suffered the most from the impact of the current Covid-19 emergency and in the future online platforms will play a fundamental role in providing personalized experiences“, said Franco Gonella, member of the Board of Directors of Primomiglio SGR.
“PunchLab has been able to intercept a fast-growing trend, the digital transformation of sport and fitness and today the startup can play a leading role in the digitalization of combat sports. The startup has shown since the beginning a highly scalable solution and we are convinced that, thanks also to this capital increase, it will continue its expansion process on the international market“, said Luigi Capello, CEO of LVenture Group.
“With the support of Primomiglio and LVenture Group we are ready to challenge booming markets such as that of home-fitness, with our specific focus on combat sports. Thanks to this funding round PunchLab will grow further to scale up on the international market“, said Valerio Raco, CEO of PunchLab.