The company behind the popular fitness app Endomondo Sports Tracker announced that it has raised $2.3 million in funding from SEED Capital. The new money will be used to increase staff needs (hire more developers), expand in the U.S. by adding an office in the San Francisco Bay area, and creating scalable revenue channels to secure profitability by the end of 2012.
At the same time, Endomondo also reached an important milestone, surpassing 5 million downloads. What’s more, they have also released some cool data, suggesting that social factor makes exercises easier. For instance, Endomondo users with 10 friends or more are three times more active than users flying solo within the Endomondo community. When people compete with small groups of friends in the tens of thousands of challenges created by Endomondo users, “it’s the fun kicking in.”
Finally, we have the words of SEED Capital’s Lars Andersen – he said: “We believe Endomondo is in a unique position to lead the mobile fitness tracking market based on among others their growing and active user base and the superior rating of their app. Since our initial investment in Endomondo, the team has performed beyond our expectations and we are thrilled to be a part of realizing their significant growth potential – both in the US and on a global scale.”