One undisclosed financial backer bought $1 million worth of equity offered by Fitwall Ventures. According to the filing, it was a little over a week ago that 11% of the $9 million non-brokered offering was subscribed. An additional $8 million in funding is to be raised until the offering draws to a close in March 2015. Until this disclosure Fitwall Ventures had raised an estimated $3 million in unregistered securities via one previous financing round.
The company is behind the branded fitness studios that developed the 40-minute, vertical workout on proprietary walls designed for strenght, cardio and flexibility. Users can do 900 different moves on the wall and north of 9,000 with accessories. Users can monitor their heart rate and measures performance on iPads while connecting with other Fitwall athletes via social tools. The company has currently two studios in La Jolla and Solana Beach in California.
Joshua Weinstein (CEO) leads the Portland OR based company which was registered in 2012. Fitwall Ventures elected to keep its revenues undisclosed.
The executive team includes Anthony Webb and Joseph Bergeron.
The board of directors includes Anthony Westreich, Douglas Brendle and Ethan Penner.
The company has raised an estimated total of $4 million via private unregistered security offerings.
Status: First close
Company: Fitwall Ventures
Amount offered: $9 million
Amount placed: $1 million
First sale: 03-26-2014
Data as of: 04-04-2014