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Expresso Fitness(R) Receives Additional $14 Million in Funding
Date:12/8/2008

SUNNYVALE, Calif., Dec. 8 /PRNewswire/ -- Expresso Fitness(R), the leading supplier and developer of interactive cardio fitness systems, announced today that it has completed a debt and equity funding event for a total of $14M. The capital will be used to fuel Expresso's revenue growth by expanding the company's product portfolio and market reach. Silicon Valley Bank opened a new $7 million working capital line with Expresso. The equity round was joined by all existing investors including Sierra Ventures, Physic Ventures, and Enterprise Partners Venture Capital.

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"Silicon Valley Bank is pleased to support Expresso Fitness as its long term partner," said Teresa Li, senior relationship manager, Silicon Valley Bank. "The company has tremendous potential, as evidenced by the robust revenue growth the company has seen in a difficult economic climate."

Jeff Loomans, Sierra Ventures partner and Expresso Fitness board member, added, "Expresso has continued to deliver very strong revenue growth by providing outstanding business value to fitness establishments in both good and challenging economic times. They are one of the fastest growing companies in the Sierra portfolio, and we believe they have a very bright future."

With the introduction of the S3 line in October, which offers enhanced features and functions on both the upright and recumbent bike, Expresso Fitness has had a strong year with increased revenue growth -- specifically with the recumbent models. Recumbent sales have gone from 0% to 40% of the company's entire sales volume since Q2 2008.

"We are pleased to have a great investment team that has supported Expresso throughout its development, and we welcome Silicon Valley Bank as an integral part of this growth," Brian Butto
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SOURCE Expresso Fitness
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