PunchLab has created an app downloaded by over 350,000 people in more than 70 countries, which allows you to train in combat sports without any additional equipment, using only smartphone motion sensors.
PunchLab, a startup that has developed a home fitness app for effective and simple training, has closed a new investment round of 840,000 euros. Primo Ventures, AZ ELTIF – ALIcrowd (Azimut Group), LVenture Group and Sport Horizon Holding participated in the operation, concluded at the end of 2021.
Their app exploits smartphone motion sensors to make users carry out interactive and engaging workouts, inspired mainly by boxing and other combat sports. Enthusiasts, beginners or experienced athletes rely on a vast offer of trainings created by the best boxing coaches in the world. Training with PunchLab requires very little space and no additional equipment: all you have to do is to replicate the boxing blows suggested by the app.
Combining the smartphone with a punching bag through a simple elastic band, PunchLab multiplies its potential, transforming the bag into an interactive device for precision training. The app can precisely record the punches delivered, measuring and reacting to their power and speed.
The startup had been accelerated at the end of 2019 by LVenture Group and it had already closed a first investment round of 300 thousand euros by Barcamper Ventures and Barcamper Ventures Lazio, a co-investment fund entirely subscribed by the Lazio Region, through the Fare Venture initiative, in May 2020. The operation was financed by the European structural funds of the POR FESR 2014/2020, created by Lazio Innova.
PunchLab has grown internationally since the beginning, attracting thousands of combat sports enthusiasts around the world. Today it has been downloaded by over 350,000 users in 70 different countries. As a matter of fact, more than 90% of their incomes come from abroad, with a growth of + 300% in 2021.
“We are delighted to participate in this round together with such new important investors. Punchlab has identified a global segment of combat sports enthusiasts and it is offering them an extraordinary experience, both on the app and offline with the bag. While consolidating their structure, Punchlab will be able to express its full growth potential”, declared Franco Gonella, member of the Board of Directors of Primo Ventures.
“Since its inception, PunchLab has demonstrated a great international vocation and scalability, quickly establishing itself abroad, especially in the United States. The effects of the pandemic are driving the home fitness app market, which is estimated to reach $ 26 billion globally in 2030, with an annual growth rate of 21%. After a record 2021, this new investment round will allow the startup to further grow internationally”, said Luigi Mastromonaco, Head of Investments & Growth of LVenture Group.
“2021 was a year of great results: we revamped the product and expanded the team, launched two new warehouses in Europe and enhanced marketing operations in the UK and Ireland. This new round of investment will boost our growth strategy, which is already proving highly scalable on international markets”, said Valerio Raco, CEO of PunchLab.