GoJoe, a London-based social fitness app created for both work and play, snaps £1.2M. The round was led by Romanian VC Superbet Ventures.
Hellen’s Rock, a European early-stage venture capital investor, Animoca Brands, a global web3 and gaming business, and professional athletes, including former Manchester United captain Michael Carrick, contributed to the round.
The UK business will use the money to expand both its B2B and B2C product lines and strengthen its position in its main markets. (UK, US, and Canada). GoJoe also has plans to hire more people, especially in the sales and marketing departments.
According to Will, Phil, Costi, and Mihai, co-founders of GoJoe, “as a hybrid consumer and workplace product, we are also incredibly excited to enter into several brand partnership deals with some exciting consumer brands, which will enable us to reach new audiences.”
The money will also be used to support the organization’s continuing partnership with Stanford University in the US and its plans for the data and psychology sides of the project.
Will, Phil, Costi, and Mihai, four co-founders of GoJoe, established the company in 2019.
When Will Turner (CEO) and Phil Steele (COO), who shared a house while in college, realized there was a need for a more social product to inspire and make exercise more enjoyable for the masses of “ordinary joes” around the world, they decided to create an annual sporting event with teams of friends.
According to the event’s creators, everyone who attended enjoyed it and it quickly became a yearly tradition.
According to the team, “friendly team-based competition boosts exercise. It also increases motivation and enjoyment with known people.”
They teamed up with technological co-founders Costi Predescu and Mihai Bucse to develop the GoJoe app.
Connecting to users’ wearable technology, GoJoe is an AI-based, gamified network. Additionally, it is a hybrid B2B and consumer software that supports workplace connectivity and employee engagement.
Instead of outdated step challenges and overpriced, underutilized corporate wellness platforms, the program offers a better solution. GoJoe worked with Stanford University on psychology, data, and gamification to develop the app.
People can socialize through solo exercise and stick to their fitness and wellness journeys with the social fitness app platform. It combines wearable technology, professional and celebrity material, and team-based activities.
The corporate product of GoJoe has grown a lot. It expects 400% yearly growth in 2022 with big clients.
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The UK company also notes that businesses utilizing its platform have noticed increases in employee engagement (up to x4 higher than regular employee engagement platforms), social connectedness (over 91% of employees feel more socially connected), and positive intent (over 84% of employees) toward their employers. (which positively impacts retention).
And out of that, there are 30% women and 70% men. Additionally, 11% of GoJoe’s workforce comprises BAME people.
We are a global organization with people at our core, said Bev White, CEO of Nash Squared, a global provider of professional services. GoJoe has provided a special, memorable method to connect our coworkers and promote well-being.
“We are very pleased to invest in GoJoe, which sits at the intersection of gamification, community, and fitness,” said Yat Siu, executive chairman, and co-founder of Animoca Brands. “GoJoe motivates and rewards creators and users. Its B2B success shows a big opportunity in the B2B2C market.”
