Digital Fitness Company FitStar Attracts Early Funding from Prominent Investors in Round Led by Google Ventures
Advancit Capital and FLOODGATE Fund Anchor Initial Investment
SAN FRANCISCO, December 19, 2012-- FitStar, a company dedicated to blending the power of mobile technology and immersive fitness content, has closed a financing round led by Silicon Valley investment fund Google Ventures. A short list of early investors include high profile technology, entertainment and sports leaders and funds such as Advancit Capital, the venture capital firm launched by Viacom Inc. and CBS Corporation vice chairman Shari Redstone, and FLOODGATE Fund, a leading business and technology investment firm managed by tech pioneer Mike Maples, Jr. FitStar raised a seed round of $1M which will be used to grow the team and support the company’s first product, a video-based iPad app releasing in the first half of 2013.
FitStar is led by interactive entertainment veteran Mike Maser. Prior to forming FitStar, Maser held executive leadership positions at AOL, Electronic Arts and Digg. Mike’s co-founder is Dave Grijalva, who serves as the vice president of engineering. Most recently, Dave was the director of platform technology at ngmoco. The growing FitStar team boasts more than 50 years of experience developing and marketing interactive experiences that have touched more than 100 million consumers.
“We are passionate about improving the health of millions of people by creating a new technology platform to power health and fitness apps that are engaging, entertaining, and which adapt to each user’s capabilities,” said Mike Maser, CEO, FitStar. “We’re extremely proud that our mission for the company is endorsed by some of today’s most influential and visionary business leaders who want to help us make a difference in people’s lives.”
“The rapid rise of obesity and health care expenses over the past decades has forced us to bring healthy living and wellness to the forefront of society,” said Kevin Rose, general partner, Google Ventures. “FitStar sits at the intersection of technology, fitness and entertainment. They have the team, passion and track record to build out a platform that delivers the next level of fitness apps.”
A recent study* showed that obesity in America is now adding an astounding $190 billion to the annual national healthcare price tag, eclipsing smoking as public health enemy number one when it comes to cost. In response, FitStar endeavors to address the health epidemic by providing a robust slate of interactive apps to motivate people to live stronger, healthier lives.
FitStar Labs, Inc. is headquartered in San Francisco. The company’s mission is to build a digital health and fitness platform to inspire people to live healthier lives. Founded in 2012, the company is backed by several prominent angels and venture investors including Google Ventures, Advancit Capital, FLOODGATE Fund, Founder Collective, MESA+, Neil Young and Bob Stevenson’s LLL Capital, Ronnie Lott and Ed Zander. For more information, please visit www.fitstar.com.
About Google Ventures
Google Ventures provides seed, venture and growth stage funding to the most innovative and promising entrepreneurs across a variety of stages. Founded in 2009, Google Ventures helps its entrepreneurs succeed by providing access to uniquely hands-on and dedicated resources such as its Design Studio, Marketing, Recruiting, and Engineering Teams, and Startup Lab. The Google Ventures team has extensive entrepreneurial experience, deep technical knowledge and expertise in building high growth, scalable products and companies. Among its 100+ investments are Nest, Kabam, HomeAway, DocuSign, ngmoco, and WhaleShark Media. Google Ventures is headquartered in Mountain View, Calif. with offices in Cambridge, Mass., Seattle, Wash. and New York, N.Y. For more information, please visit www.googleventures.com.
* Healthcare study by Cawley and Chad Meyerhoefer of Lehigh University in January in the Journal of Health Economics, as reported by Reuters.
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