Magic AI secures $5m led by IW Capital to scale operations and expand internationally
The London-based home fitness startup raised $5m in a round led by IW Capital to scale operations and expand into new markets.
≈ £4.0M at $1 = £0.7975 on 25 Nov 2024
Magic AI develops advanced fitness technology including the award-winning holographic fitness mirror. The company combines artificial intelligence with elite coaching to deliver personalised home workouts.
London-based home fitness technology company Magic AI has secured $5m in an investment round led by IW Capital. The financing also saw participation from Baleen Capital, SFC Capital, Ventures Together, and senior executives from companies such as TikTok, Meta, Stripe, and Spotify.
The capital will be directed towards scaling operations, enhancing product offerings, and pursuing international expansion, including a potential entry into the United States market. This follows a previous investment round secured by the company last year.
The firm develops the Magic Mirror, a hardware and software system that tracks user movements and form to provide customised workout routines with virtual coaches.
Investor perspective
"Magic AI serves the home fitness market with unique and proprietary AI fitness technology. The company has a loyal user base, a unique technology proposition, and an exciting roadmap ahead."
Tariq Attia
CEO, IW Capital
Use of funds
- 01Scale operations
- 02Continue product development
- 03Expand into international markets
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