Physic Leads $12M Investment in Expresso Fitness®

SUNNYVALE, Calif., /PRNewswire/ – Expresso Fitness, the leading developer and supplier of interactive, Web-enabled cardio fitness systems for the commercial health club market, announced today that it has raised $12M in a Series C-2 round of funding. The financing will be used to expand the Company's product portfolio and market reach, driving its revenue growth.

San Francisco-based Physic Ventures, a new investor to Expresso Fitness, led the Series C-2 funding, and was joined by existing investors, Sierra Ventures and Enterprise Partners Venture Capital. Andy Donner, Director at Physic Ventures, joins Expresso's Board of Directors. Physic Ventures and Expresso Fitness share a mission of helping people to get healthy and stay healthy. "Physic Ventures sees the potential for Expresso Fitness to become a leading health management platform addressing childhood and adult obesity, type II diabetes, heart disease and sedentary lifestyles," said Mr. Donner. "The Company has already been very successful with health clubs and we believe its interactive software and data management can drive positive health outcomes and reduce costs for both individuals and institutions."

Brian Button, Expresso Fitness president and CEO, added: "Physic Ventures brings a new perspective to Expresso's leadership. They've convinced us that our charter can be bigger than it is. I'm truly excited to have them on board."

Jeff Loomans, Sierra Ventures partner and Expresso Fitness board member, noted, "Expresso Fitness has made major progress since we invested a year ago. Consistently fast-growing revenues prove this is a great consumer product whose time has come. Sierra believes this additional capital will help Expresso Fitness exploit its clear technology advantage in the global fitness market."

The Expresso Upright Bike, and the new Expresso Recumbent Bike, continues to captivate the commercial fitness industry and its membership. Exercisers can ride over 30 interactive courses, including off-road games, compete and win prizes in ongoing contests and events, and log on to expresso.net to view their fitness results and track their progress. The Company's virtual-reality based routes bring the excitement of biking outdoors to indoor fitness facilities, and its personalization tools help members stay involved and motivated. As a result, riders of Internetconnected Expresso Bikes have logged over ten million miles and burned almost 350 million calories to date.