BoxVR Studio FitXR Raises $7.5M Funding to Develop VR Health
FitXR, the studio behind VR fitness app BoxVR, announced today that it has raised $ 7.5 million to expand its activities and VR fitness offerings.
After its initial raise of $ 1.25 million in late 2018, FitXR added another $ 7.5 million runway to its VR fitness ambitions. The grand total comes from a Series A investment of $ 6.3 million and a loan of $ 1.2 million through a UK-based UK innovation fund.
The Series A investment was led by Hiro Capital. The fund has also invested in VR startup LIV, which focuses on capturing mixed realities for VR experiences (including BoxVR). BoostVC, Maveron and TenOneTen Ventures also took part in the round.
The $ 30 BoxVR app is available for the Oculus Quest, Rift, Steam, and PSVR and is currently the company’s only product offering. It is a rhythmic boxing game specially designed for fitness. The track-based levels – including punching, crouching, tilting, and blocking – range from the length of a typical song to longer, endurance-focused levels that last up to 60 minutes.
FitXR plans to use its recent investments to expand and “accelerate” its European and North American operations [the] Introducing several exciting new products and services for people to keep fit in virtual reality. “
While BoxVR is currently structured as a one-time purchase (with optional DLC), we wouldn’t be surprised if that investment were used to convert the app (or its successor) to a subscription-based model to take advantage of the latest digital fitness trends and the infinite replayability of the app.
Competing VR fitness app Supernatural made waves earlier this year as the first VR fitness app to be entirely based on a subscription model.
While BoxVR doesn’t have the same popularity as Beat Saber, for example, the latest investment suggests the app has promising usage metrics (like consistent usage and long sessions) that investors are excited about.