Multi-Million Dollar Funding Rounds Galore for CrossFit in 2022
Over the past several months, there has been a growing trend in the CrossFit industry of companies securing large, sometimes multi-million dollar funding rounds to fuel growth.
A brief timeline: All told, there have been five major financial moves in the last nine months.
- In September 2022, 2x All-Pro safety for the Arizona Cardinals, Budda Baker, invested an undisclosed but “significant” sum in LIFEAID Beverage Co.
- In September 2022, WIT Fitness announced an upcoming crowdfunding campaign, however, they didn’t specify how much they were seeking to raise. Their 2017 campaign raised 1,258,970 GBP.
- In August 2022, gym management company PushPress secured an $11 million Series A funding round.
- In August 2022, beverage company Yerbaé announces intentions to IPO on the Toronto Stock Exchange. They simultaneously offered stock to retail investors through a crowdfunding campaign that raised $145,682 from 107 investors. Their previous campaign brought in $1,069,782.
- In January 2022, beverage company O2 raised $1,592,282.46 in a Series A crowdfunding campaign. One notable investor was Spartan founder Joe De Sena who personally invested in the company.
The big picture: While these five investments are only the most recent examples, they’re part of a growing chorus of major money being invested in CrossFit endemic brands which is something of a new trend. Investments of this kind are a signal that the industry continues to mature, and appeal from non-CrossFit investors is a healthy sign of interest from outside the industry.