BoxVR Studio FitXR Raises $7.5M Investment to Grow VR Fitness

The Entire VR Industry in One Little Email

The Daily Roundup is our comprehensive coverage of the VR industry wrapped up into one daily email, delivered directly to your inbox. 

FitXR, the studio behind VR fitness app BoxVR, today announced that it has raised $7.5 million to expand its operations and VR fitness offerings.

Following its first raise of $1.25 million at the end of 2018, FitXR has just added another $7.5 million worth of runway to its VR fitness aspirations. The total comes in the form of a $6.3 million Series A investment and a $1.2 million loan through a government-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 mixed reality capture for VR experiences (including BoxVR). BoostVC, Maveron, and TenOneTen Ventures also participated in the round.

Available on Oculus Quest, Rift, Steam, and PSVR, the $30 BoxVR app is presently the company’s only product offering. It’s a rhythm-based boxing game designed specifically for fitness. Its track-based levels—which include punching, crouching, leaning, and blocking—range from the length of a typical song to longer endurance-focused levels going as long as 60 minutes.

FitXR says it plans to use its latest investment to expand its European and North American operations, and to “accelerate [the] launch of 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 to see this investment used to transition the app (or its successor) to a subscription-based model to capitalize on recent digital fitness trends and the app’s never-ending replayability.

Competing VR fitness app Supernatural made waves earlier this year as the first VR fitness app to be fully built around a subscription model.

While BoxVR doesn’t have the same popularity as, say, Beat Saber, the latest investment suggests that the app is seeing promising usage metrics (like consistent usage and long sessions) that have investors excited.

Source: Read Full Article