Expresso Fitness(R) Announces $6M Series... ( SUNNYVALE Calif. Au...)

Expresso Fitness(R) Announces $6M Series D Funding

Date:8/18/2009

SUNNYVALE, Calif., Aug. 18 /PRNewswire/ -- Expresso Fitness(R), a leading developer of commercial grade, cardio fitness systems including the Expresso Fitness Virtual Reality Bike, announced today that it has closed a Series D equity investment in excess of $6 million from Sierra Ventures, Physic Ventures, and Enterprise Partners Venture Capital. The new funding will enable the company to enhance and accelerate new features and functionality to its leading edge interactive cardio fitness systems, as well as expand sales efforts and support marketing initiatives.

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In addition, David Grenewetzki has been named CEO and President of Expresso Fitness. In this role, Mr. Grenewetzki will be responsible for maintaining Expresso's aggressive growth, while improving business fundamentals.

"Expresso remains committed to our vision of revolutionizing cardio exercise," states Mr. Grenewetzki. "Even in this economy where our competitors are seeing 30% declines in sales, Expresso has increased revenue by nearly 50% year over year which is great testament to our products and our people."

According to board member and Sierra Venture's partner Jeff Loomans, "We believe that Dave's extensive track record in software and interactive entertainment, his proven ability to lead companies from expansion stage to a successful outcome, and his five years on Expresso's board, make him a perfect fit for the next stage of the company's growth."

To further bolster the company's management expertise, another board member, William Potts, former president of Precor, will be stepping up his involvement in the day-to-day operations of the company as a senior advisor to Mr. Grenewetzki.

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Expresso Fitness(R) Announces $6M Series...( SUNNYVALE Calif. Au...),Health