‘BoxVR’ Developer Studio FitXR Raises $7.5 Million in Series A Venture Round
The studio behind the VR fitness hit BoxVR, FitXR, has raised $7.5 million to be channeled in expanding its operations and in VR fitness offerings.
FitXR’s first fundraising at the close of 2018 had netted it $1.25 million. Now the company has raised six-fold that amount to power its VR fitness aspirations. $6.3 million of the new funds came via a Series A investment while $1.2 million came from the UK innovation fund, a government-based startup funding initiative.
The Series A funding was led by Hiro Capital, a fund that has already invested in the virtual reality startup LIV with a focus on mixed reality capture for virtual reality experiences. Other funds that participated in this Series A funding round were Maveron, BoostVC and TenOneTen Ventures.
The VR fitness app BoxVR retails for $30 and is available on a number of platforms including Oculus Quest, PSVR, Rift and Steam. BoxVR is a rhythm-based virtual reality boxing game which unlike Beat Saber, has been specifically built for fitness. It features track-based levels with various actions including punching, crouching, leaning and blocking. The track levels vary depending on the length of a typical song but there are also the longer and more endurance-focused levels that can last up to 60 minutes.
FitXR has stated that the new investment will go into expanding its North American and European operations. The funds will also be channeled into expanding the studio’s “launch of several new exciting products and services” that help people keep fit in VR.
Currently, the BoxVR app is available as a one-time purchase although there is also the option for a DLC. The new investments could also go into transitioning the app or its potential successor into a subscription-based model that will see the studio capitalize on the recent digital fitness trends as well as the endless re-playability of the VR fitness app.
BoxVR faces competitors such as Supernatural which has been making lots of waves this year as it is the first virtual reality fitness app that is entirely built on a subscription model.
BoxVR may not be as popular as Beat Saber but the latest infusion of investments may be an indicator that the app is already seeing encouraging usage metrics such as long sessions and consistent usage that have piqued the interest of investors.