Striiv Raises $6 Million in Funding to Make Fitness Fun
REDWOOD CITY, Calif., Sept. 7, 2011 /PRNewswire/ — Striiv, the Silicon Valley-based start-up that just last week revealed its first product of the same name, today announced it has raised $6 million in Series A funding. The round was led by Dr. Ronald Chwang with iD Ventures, with angel participation from Colin Angle of iRobot, Dado Banatao of Tallwood Ventures (private investment), along with other angel investors. The financing will be used to support the October launch of the new Striiv device and further support the company’s mission to take active gaming outside of the living room to turn everyday activities into fitness opportunities.
In conjunction with the financing round, Striiv also announced both Chwang and Angle have joined Striiv’s Board of Directors. Chwang is chairman and president of iD Ventures America, as well as general partner of iD SoftCapital. He has managed $250 million in venture capital investments in innovative technology start-up companies representing consumer electronics, gaming, and semiconductors, including iRobot, Harmonix Music, and Artx, among others. Angle, founder and CEO of iRobot, is an industry pioneer with more than two decades of mobile technology and consumer electronics experience. As one of the leading authorities on mobile robots, he guides the strategic direction of iRobot and also sits on the board of Zeo Inc.
“We welcome Ronald and Colin to the Striiv board and thank Dado for his personal investment in our company,” says David Wang, CEO and co-founder of Striiv. “Their wealth of experience in bringing groundbreaking products to market is invaluable as we prepare to launch our first product which takes a completely new approach to motivating fitness by blending mobile, social and gaming technology.”
According to Chwang: “There is huge potential for health and wellness-related applications, and Striiv’s innovative approach puts the company right at the forefront. By combining sensor technology with social and game mechanics and then adding just the right blend of motivation tools, we believe Striiv will reach mass consumer adoption.”
Striiv offers a playful approach to fitness. A sleek, portable fitness device, Striiv motivates activity throughout the day via games, personal goals, and donation opportunities — all powered by physical activity. Whether it’s a real workout or simple daily interactions like walking to lunch, taking the stairs, or shopping — with Striiv any activity is transformed into an opportunity to get fit, give back, and have fun. Striiv ships in mid-October for $99.
Based in Redwood City, Striiv is comprised of a team of world-class game designers, artists, and cutting-edge technologists. Founded in 2010, the company is focused on integrating seamless gaming mechanics across everyday life activities and experiences, especially those that need an infusion of fun to motivate and inspire, like exercise. Their first product, Striiv, launches in October 2011 and aims to start a movement around movement by taking active gaming outside the living room to motivate fitness. For more information, visit www.striiv.com. Find Striiv on Facebook (www.striiv.com/facebook) or follow on Twitter @Striiv.