VirZOOM
The future of fitness, in partnership with Facebook!
Overview
Raised: $1,476,203
Total Commitments ($USD)
Platform
Wefunder
Start Date
09/22/2021
Close Date
07/07/2022
Min. Goal
$100,000
Max. Goal
$4,497,094
Min. Investment
$500
Security Type
Equity - Preferred
Series
Series A
SEC Filing Type
RegCF
Price Per Share
$0.49
Early Bird Valuation
$24,274,839
Pre-Money Valuation
$30,499,157
Rolling Commitments ($USD)
Status
Funded
Reporting Date
07/31/2022
Days Remaining
Funded
% of Min. Goal
Funded
% of Max. Goal
Funded
Likelihood of Max
Funded
Avg. Daily Raise
$5,126
# of Investors
629
Momentum
Funded
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Year Founded
2015
Industry
Fitness & Wellness
Tech Sector
Hardwaretech
Distribution Model
B2C
Margin
High
Capital Intensity
High
VirZOOM, with a valuation of $30.5 million, is raising funds on Wefunder. The company has created the next generation of interactive and immersive in-house fitness through virtual reality. The customers get to engage in multiple virtual activities with a lot of fun. The active members of VirZOOM grew five times, and accounts grew six times after the Oculus Quest store launch in the second quarter of 2021. Eric Janszen and Eric Malafeew founded VirZOOM in 2015. The current crowdfunding campaign has a minimum target of $100,000 and a maximum target of $4,497,094. The campaign proceeds will be used for customer acquisition, hiring new staff, advertising and promotion, and rent and facilities.
Summary Profit and Loss Statement
| Most Recent Year | Prior Year | |
|---|---|---|
|
Revenue |
$372,537 |
$202,250 |
|
COGS |
$102,739 |
$161,459 |
|
Tax |
$0 |
$0 |
| ||
| ||
|
Net Income |
$-1,706,244 |
$-2,844,277 |
Summary Balance Sheet
| Most Recent Year | Prior Year | |
|---|---|---|
|
Cash |
$150,122 |
$49,586 |
|
Accounts Receivable |
$8,977 |
$20,574 |
|
Total Assets |
$211,553 |
$166,894 |
|
Short-Term Debt |
$2,458,507 |
$1,663,095 |
|
Long-Term Debt |
$1,123,188 |
$281,745 |
|
Total Liabilities |
$3,581,695 |
$1,944,840 |
Financials as of: 09/22/2021
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Raise History
| Offering Name | Close Date | Platform | Valuation/Cap | Total Raised | Security Type | Status | Reg Type |
|---|---|---|---|---|---|---|---|
| VirZOOM | 07/06/2023 | StartEngine | $45,758,966 | $142,595 | Equity - Preferred | Active | RegCF |
| VirZOOM | 07/07/2022 | Wefunder | $30,499,157 | $1,476,203 | Equity - Preferred | Funded | RegCF |
| VirZOOM | 11/22/2020 | Wefunder | $20,000,000 | $454,166 | SAFE | Funded | RegCF |
| VirZOOM | 04/14/2019 | Wefunder | $8,000,000 | $288,525 | SAFE | Funded | RegCF |
| VirZOOM | 05/31/2017 | Netcapital | $8,000,000 | $548,968 | Equity - Common | Funded | RegCF |
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Founder Profile
VirZOOM Founder Eric Janszen on the Future of Fitness
Regular exercise may be beneficial, but it can also require motivation. Most Americans have just about an hour and a half of free time a day. After a long day at work, the prospect of lifting weights or taking a jog can easily feel like a chore.By combining virtual reality (VR) and miles of Google Street View scenery, VirZOOM makes at-home workouts something to look forward to. Oculus Quest users only need to download the VZfit app and hop onto any stationary cycling machine, and they can speed across the virtual world alone or with friends. We reached out to co-founder and CEO Eric Janszen to hear more about the origins of the company and its goals for the future.
Note: This interview was conducted over phone and email. It has been lightly edited for clarity and length.
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