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News : Expresso Fitness Secures $4.5 Million in Series B Financing
SUNNYVALE, Calif, July 7 2005 -- Expresso Fitness, the leading supplier of interactive software for Internet-enabled cardio fitness systems, announced today that Enterprise Partners Venture Capital, the La Jolla-based venture firm, will lead a Series B round with $4.5 million. Bill Stensrud, a Managing Director with Enterprise Partners, will join the Expresso Fitness Board of Directors.
Expresso Fitness provides networked and interactive software and cardio equipment for the multi-billion dollar fitness industry. The company has significant customer traction with its initial product, the Spark fitness bike, being installed on the West and East Coasts. Discussions are underway to license the software to major equipment providers.
Commenting on the company, Bill Stensrud said, "Expresso Fitness has developed a compelling product that addresses a very attractive demographic in a large and expanding market. We are excited about the viral growth potential of Expresso's interactive products and the long term prospects of the company."
Brian Button, co-founder and CEO of Expresso Fitness, said, "The additional capital from Enterprise Partners will allow us to step up production and delivery of our initial product line and accelerate deployment of our interactive multiplayer gaming technology into other types of cardio fitness products."
The Spark, which debuted in March at the International Health, Racquet & Sports Club Association (IHRSA) Convention in San Francisco, utilizes the latest entertainment-based software to engage exercisers as never before. Because Sparks are all Internet-connected, they provide the user with the ability to compete against or play with others. Back-end software provides Internet-based capabilities for planning and organizing fitness programs.
About Expresso Fitness:
Sunnyvale, CA-based Expresso Fitness was founded in 2003. The company leverages interactive and multiplayer gaming technology at an affordable cost to provide the health, sports and fitness industry with fully integrated, virtual reality-enhanced cardio fitness systems. Expresso Fitness's first product is the Spark, which brings together virtual reality and stationary bike equipment into a single, networked cardio fitness system. (www.expressofitness.com)
About Enterprise Partners Venture Capital
Enterprise Partners Venture Capital was founded in 1985 and is the largest venture firm headquartered in Southern California with more than $1.1 billion in capital under management. The firm focuses on investments in wireless technologies, digital media, software, semiconductors and the life sciences. www.epvc.com
(source : biz.yahoo.com)
