PEAR Sports Announces Second Round Of Funding Of $5M Proceeds will further invest in PEARS' fast-growing Mobile APP and white label platform services businesses
IRVINE, Calif., May 5, 2014 /PRNewswire/ -- PEAR Sports (www.pearsports.com), designer of innovative and personalized coaching technologies, announced today its second round of funding in the amount of $5 million. Existing investors (Innovate Partners and Nordic Ventures) lead the round along with a number of private and family office investors. Joining as a strategic investor is VIZIO, Inc., America's no. 1 smart TV1 and sound bar2 company, a leader in the consumer electronics industry.
With the proceeds, PEAR will expand the sales and marketing for its rapidly growing Mobile App and related hardware, as well as the company's white label platform services business. Developed to be highly scalable and easy to deploy, PEAR's fully functional white label "Powered by PEAR" product was announced in November.
In speaking about the white label product, Bob Allison, PEAR's co-founder and CEO stated, "With 'Powered by PEAR' we provide numerous brands, companies and many other verticals the opportunity to build a full customer engagement strategy around personal coaching and training. While using PEAR's patented technologies to deliver a highly interactive training, coaching content platform and related hardware, these verticals have full control of the conversation with their customers."
In commenting on the addition of VIZIO as a strategic investor, Allison said, "Adding VIZIO to the investor group is a significant step in PEAR's development, validating the brand's rapid growth."
Continues Allison, "VIZIO will join our already remarkable board of directors and will assist us in gaining greater access to new technologies and distribution partnerships. We're excited to welcome the brand to our group of investors."
PEAR is currently working with several athletic brands, social activity platforms, training organizations, events, wellness and weight loss companies to build a fully interactive bio-feedback APP for use with their specific customer sets.
1 The NPD Group / Retail Tracking Service, 2013 Flat Panel TV units with Apps included
2 The NPD Group / Retail Tracking Service, units sold, Jan 2010 – Dec 2013
About PEAR Sports: PEAR Sports is a designer of innovative coaching technologies that adapt to the user's heart rate and fitness level. Through real-time, interactive coaching their next generation applications help people reach their fitness goals and empower them to train smarter for better, faster results. Currently, over 500 workout plans are available to users, many of which were designed by some of the world's most talented athletes and coaches. Visit: www.pearsports.com | @pearsports
SOURCE PEAR Sports