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Healthy Boost 💪: Fitness & Wellness Startup Funding by the Numbers

Industry numbers and top Fitness & Wellness startups


With National Sports Day just around the corner, we decided to take a closer look at Fitness & Wellness startups that have secured funding through crowdfunding in the past five years, including both debt and equity.

Since the start of the COVID-19 pandemic, funding for Fitness & Wellness startups has jumped significantly, with an average of $11.9 million raised annually since 2021 (including YTD 2023). As the world entered wave after wave of COVID variants, people were forced to stay at home and find new ways to stay active and healthy. As a result, many new companies entered the fitness and wellness space, with a large number raising money in the online private markets.

Below is our selection of some of the biggest RegCF/RegA raises since 2019 in the Fitness & Wellness industry:

  1. Fisher Wallace 2021 StartEngine raise: $5.01 million. Fisher Wallace manufactures and markets wearable medical devices for the treatment of depression, anxiety, and insomnia.

  2. Sensate 2023 Wefunder raise: $2.54 million. Sensate uses the natural power of sonic resonance to calm your body’s nervous system, providing immediate relief and long-term benefits from regular use.

  3. Camp Gladiator 2023 Wefunder raise: $2.19 million. Turn-key fitness and nutrition platform for trainers and members, helping trainers and coaches grow their businesses and providing members with the most effective workouts and nutrition coaching.

  4. VirZOOM 2022 Wefunder raise: $1,476,203. Next generation of VR-based in-home fitness.

  5. Whipr 2021 StartEngine raise: $1.37 million (company is inactive). Portable ERG machine designed for Paddle, Row, Ski, Swim, Surf, Kayak, Canoe, Dragon Boat & multi-sport training.

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Brief: Matcherino introduces a proprietary tournament platform to resolve monetization challenges within the booming esports industry, predicted to hit $3.5 billion USD by 2025. As esports gains traction due to video game popularity and advances in AR and VR, event organizers grapple with revenue generation. Matcherino's solution delivers free tournament production and monetization tools for gaming creators, addressing this industry gap. It’s raising $617,999 at a pre-money valuation of $6.2M with a minimum investment of $299.

Key People: Chairman and Founder Grant Farwell. Farwell has extensive experience in the gaming industry, with a focus on esports and tournament production. He has successfully executed Matcherino's vision and built strong partnerships with elite clients such as Wizards of the Coast, ESL Gaming, and Supercell.

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Here's what we like: With a diverse revenue model and strong partnerships, Matcherino has successfully executed its vision and attracted elite clients such as Wizards of the Coast, ESL Gaming, and Supercell. Matcherino's platform provides free-to-use tournament production and monetization tools, empowering gaming creators and their communities.

The esports market has tremendous potential for growth, and Matcherino is well-positioned to capitalize. The company's ability to distribute $17 million in prizes to approximately 250,000 players globally showcases its strong standing in the industry. With a recurring revenue model and a track record of revenue growth, Matcherino has demonstrated its ability to generate consistent and increasing revenue streams.

Here's what we don't: Matcherino operates in a highly competitive market, and while it has established partnerships with prominent companies, it still faces significant challenges. The barriers to entry in the esports industry are relatively low, and new competitors could emerge with similar tournament production and monetization tools.

Matcherino's financial performance raises concerns. Despite achieving a revenue growth rate of 53.28%, the company reported a net loss of $694,254 in its most recent fiscal year. This indicates that Matcherino is struggling to generate sustainable profits and achieve profitability.

Matcherino's reliance on recurring revenue and transactional models may also pose challenges. While recurring revenue provides some stability, it may not be sufficient to sustain the company's growth and cover its expenses, as evidenced by its negative net income.

Would you invest in Matcherino?

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In this episode of Inside Startup Investing, Chris Lustrino talks with Oakland Roots co-founder and CMO, Edreece Arghandiwal. They dig into the world of soccer, discussing the emergence of Oakland Roots, its strategies in player development, revenue generation, and the influence of community and celebrities on the club's trajectory.

Listen to the full episode here


Coco Pago offers PagO, a platform simplifying remittances through stablecoin, enabling migrants to send money to Latin America swiftly. Earning $90,000 monthly and already profitable, the app allows users to transact using phone numbers and facilitates purchases.

  • Valuation: $10 million

  • Minimum Investment: $100

RAD AI harnesses data to automate influencer marketing, aiding small to medium-sized businesses in boosting targeted traffic and conversions. RAD AI has had a twofold revenue growth in 2022 and is anticipating a threefold increase by the end of 2023.

  • Valuation: $48 million

  • Minimum Investment: $250

SolarGaps offers innovative smart window blinds embedded with solar panels, addressing space concerns while harnessing solar energy. These blinds, which track the sun and generate power, utilize vertical space, keep interiors cool, and can reduce overall energy consumption by powering household appliances. Having secured over 20 distributors and completed 300+ large installations, SolarGaps has gained international accolades from SVIEF, Amazon, and The Smarter E for its groundbreaking solution.

  • Valuation Cap: $15 million

  • Minimum Investment: $500