Jason Goldberg, best known for Fab, has raised $8 million in seed funding for virtual fitness startup Moxie from Resolute, Bessemer, Greycroft, others

Jason Goldberg Moxie

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Jason Goldberg has learned his lessons in running a startup, especially when to take on venture capital investment, how much to take, and when to say no, he told Insider.

Goldberg has founded a number of startups, with mixed results, and is best known for e-commerce startup Fab, which raised $330 million before it infamously shuttered in 2015.

His current company is virtual fitness platform Moxie. It just closed a $6.3 million second seed round on Thursday led by Resolute Ventures with Bessemer Ventures, Greycroft Ventures, Gokul Rajaram and others participating. This follows an earlier $2.1 million seed round, closed in October, bringing Moxie’s total seed funding raised to date to $8.4 million, the company said. 

While $8.4 million is quite a healthy raise for a seed investment, Goldberg said he was cautious before accepting.

“We’ve turned down a lot of people who offered us a lot of money,” Goldberg said. “We had to resist the urge to raise more capital and instead really focus more on our business.”

Moxie aims to be the “Patreon of fitness,” it said, luring instructors away from popular fitness studios such as Barry’s Bootcamp, Orangetheory, and SoulCycle to teach virtual classes to people in the comfort of their homes, with classes ranging from $5 – $25 and various subscriptions packages available. And the pandemic has been good for growth. In March alone, instructors taught 8,000 classes and logged 1 million class-minutes on the platform, the company said.

Goldberg said Moxie saw significant growth at the beginning of the year which then led to talks with investors on raising again, but it had to be right.

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Resolute cofounder Raanan Bar-Cohen, a former exec at Automattic, won the round because Goldberg felt Resolute understood what it was like to operate a startup, “It was less about the …read more

Source:: Businessinsider

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