January 2nd, 2009
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Expresso Fitness Receives Additional $14 Million in Funding
Capital to Drive Growth of Company’s Portfolio
| Sunnyvale, Calif. – Expresso Fitness®, a supplier and developer of interactive cardio fitness systems, announces that it has completed a debt and equity funding event for a total of US$14 million. |  |
The capital will fuel Expresso’s revenue growth by expanding the company’s product portfolio and market reach. Silicon Valley Bank opened a new $7 million working capital line with Expresso.The equity round was joined by all existing investors including Sierra Ventures, Physic Ventures and Enterprise Partners Venture Capital.
With the introduction of the S3 line in October, which offers enhanced features and functions on both the upright and recumbent bike, Expresso Fitness has had a strong year with increased revenue growth – specifically with the recumbent models. Recumbent sales have gone from 0% to 40% of the company’s entire sales volume since Q2 2008.
Popularity: 14% [?]
