Expresso Fitness(R) Receives Additional $14 Million in Funding Capital to Drive Growth of Company’s Portfolio
supplier and developer of interactive cardio fitness systems, announced today
that it has completed a debt and equity funding event for a total of
The capital will be used to fuel Expresso’s revenue growth by expanding the
company’s product portfolio and market reach. Silicon Valley Bank opened a
new
joined by all existing investors including Sierra Ventures, Physic Ventures,
and Enterprise Partners Venture Capital.
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“Silicon Valley Bank is pleased to support Expresso Fitness as its long
term partner,” said
Bank. “The company has tremendous potential, as evidenced by the robust
revenue growth the company has seen in a difficult economic climate.”
added, “Expresso has continued to deliver very strong revenue growth by
providing outstanding business value to fitness establishments in both good
and challenging economic times. They are one of the fastest growing companies
in the Sierra portfolio, and we believe they have a very bright future.”
With the introduction of the S3 line in October, which offers enhanced
features and functions on both the upright and recumbent bike, Expresso
Fitness has had a strong year with increased revenue growth — specifically
with the recumbent models. Recumbent sales have gone from 0% to 40% of the
company’s entire sales volume since Q2 2008.
“We are pleased to have a great investment team that has supported
Expresso throughout its development, and we welcome Silicon Valley Bank as an
integral part of this growth,”
“We are now better armed financially to capture more market share from our
competitors.”
To date, riders of Web-enabled Expresso Bikes have logged 20 million miles
and burned 700 million calories at leading fitness facilities across the U.S.
About Silicon Valley Bank
Silicon Valley Bank is the premier commercial bank for companies in the
technology, life science, venture capital/private equity and premium wine
industries. SVB provides a comprehensive suite of financing solutions,
treasury management, corporate investment and international banking services
to its clients worldwide. Through its focus on specialized markets and
extensive knowledge of the people and business issues driving them, Silicon
Valley Bank provides a level of service and partnership that measurably
impacts its clients’ success. Founded in 1983 and headquartered in
Clara, Calif.
offices and international operations in
Kingdom
Financial Group (Nasdaq: SIVB), with SVB Analytics, SVB Capital, SVB Global
and SVB Private Client Services. More information on the company can be found
at http://www.svb.com.
Silicon Valley Bank is the
banking operation of SVB Financial Group. Banking services are provided by
Silicon Valley Bank, a member of the FDIC and the Federal Reserve. SVB Private
Client Services is a division of Silicon Valley Bank. SVB Financial Group is
also a member of the Federal Reserve.
About Sierra Ventures
Sierra Ventures, founded in 1982, is a privately held venture capital firm
focused on investments across all areas of the Information Technology sector
from semiconductors to enterprise software. Sierra Ventures has managed nine
venture capital partnerships and currently has more than
capital under management. Some of the firm’s investments include 360Commerce
(acquired by Oracle), Active Software (acquired by WebMethods), AmeriGroup
(AGP), Authentec (AUTH), Centex (acquired by WorldCom), ConvergeNet (acquired
by Dell), FatBrain (acquired by Barnes & Noble), Frontbridge (acquired by
Microsoft), Healtheon (merged with WebMD), Interact Commerce (acquired by
Sage), Intuit (INTU), Micromuse (acquired by IBM), OnAssignment (ASGN), OnLink
(acquired by Siebel), Quinta (acquired by Seagate), StrataCom (acquired by
Cisco), Sourcefire (FIRE), Sychip (acquired by Murata Manufacturing) and
Teradata (acquired by NCR).
About Enterprise Partners Venture Capital
Enterprise Partners was founded in 1985 and is the largest venture firm
headquartered in
management. Enterprise focuses on seed, early stage and promising later stage
companies across a broad spectrum of technologies and the life sciences.
About Physic Ventures
Physic Ventures, founded in 2007 and based in
capital firm committed to “investing in keeping people healthy.” Physic
Ventures partners with entrepreneurial teams to build leading businesses in
consumer-driven health and sustainable living. Physic Ventures has invested in
such firms as Dreamerz Foods, Elixir Pharmaceuticals, Novomer, and Pharmaca
Integrative Pharmacy.
About Expresso Fitness(R)
Expresso Fitness(R) was founded in 2003 with the mission of satisfying an
exerciser’s need for an engaging and effective cardiovascular fitness
experience. The company leverages the benefits of superior interactive
technology at an affordable cost to provide the health, sports and fitness
industry with fully integrated, commercial-grade virtual reality-enhanced
cardio fitness systems that are revolutionizing indoor exercise. Expresso
systems are sold to fitness facilities and consumers in
and select international locations.
http://www.expresso.com / http://www.expresso.net
SOURCE Expresso Fitness