Leading health and fitness employee experience app GoJoe has announced its latest €2.8 million financing round to grow in the digital health and fitness market.
Led by Venrex Partners, this latest round of investment is supported by Amrock Ventures and includes follow-on investment from Hellen’s Rock Ventures. GoJoe is also supported by Superbet Ventures as well as angel investors including Olympian Alistair Brownlee MBE, and footballer and coach Michael Carrick.
Active in more than 150 countries, GoJoe was developed on the idea that social connections drive better health. The app uses gamification and social accountability to motivate and inspire users to achieve better physical, mental and social health, whilst helping businesses across the globe address challenges and rising costs relating to employee wellbeing.
With innovative in-app features and functions including gamified virtual team-based challenges, a market-first weighted points system across 50 different activities, live tracker maps and the ability to train virtually alongside celebrities and professional athletes, GoJoe breaks down barriers of location, language, technology and physical ability to offer a truly global and inclusive benefit for companies anywhere – while also providing Employee Assistance Programmes and health insurance, all from one central place.
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.”
GoJoe’s product has demonstrated a significant impact on health, especially with users who were previously relatively inactive. Individual enterprise clients have seen over 61% of their people reporting a sizeable improvement in their physical, mental and social health, with these trends most pronounced in the sedentary and slightly active cohorts, with GoJoe – in some cases – seeing previously sedentary users increase their activity levels by up to 800%.
Intended to address the changing physical and mental health needs of global, dispersed and diverse workforces, GoJoe is now working with leading health insurers to quantify the impact of its product on lower incidences, claims and premiums, as well as integrating with Human Capital Management systems to quantify the impact on reduced absences brought about through mental and physical health.
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 sports-related startups, such as Ellipse Data and Revolut. The team embodies many of the characteristics of the most successful founders we’ve partnered with at Venrex.”
