Yahoo Finance GoJoe: Fitness app gets cash injection worth £2.4m from Revolut and Just Eat investor
Employee engagement and wellbeing app GoJoe has secured a cash injection worth more than £2m from the investor behind brands including Revolut, Just Eat and Charlotte Tilbury, as it looks to expand its corporate offering.
The Liverpool headquartered business, whose app allows businesses to run team-based fitness challenges for their staff, has been awarded £2.4m by the venture capital firm Venrex Partners, supported by Amrock Ventures.
The company said the investment will be used to help expand the app’s corporate offering in the UK, US and Canada, and developing its direct-to-consumer and brand partnership offerings.
GoJoe, which was founded in 2019, is also supported by Superbet Ventures as well as angel investors including Olympian Alistair Brownlee MBE and footballer and coach Michael Carrick.
The investment follows a bumper summer for the start-up which saw it launch major campaigns with high-street bank NatWest and energy provider Centrica.
GoJoe co-founder Will Turner, said: “It’s really exciting to welcome investment from leading firms who have helped scale some remarkable businesses and build household brands. In recent years, we’ve demonstrated the huge value that a social product like ours can have on individuals and the companies they work for.
“This investment represents a huge opportunity for GoJoe and we’re delighted to have Redrice Ventures, Venrex Partners and Amrock Ventures join us on the next stage of the journey.
“Investment not only allows GoJoe to increase its resources to support its growth but also widen its reach in supporting businesses in the health and fitness challenges they face in the modern workplace.”
Alistair Russell, venture investor at Venrex, added: “We’re thrilled to be involved with GoJoe at the intersection of the sports and consumer sectors.
“We’re particularly excited to leverage our experience from investments in other successful consumer and/or sports-related startups, such as Revolut and Ellipse Data. The team embodies many of the characteristics of the most successful founders we’ve partnered with at Venrex.”
