Quell announced raising $5.6 million from Tencent, Khosla Ventures, Heartcore and angel investors.

Quell, a London, UK-based fitness company, announced that it raised a seed funding round of $3 million.

The money was raised from a range of investors from USA and Europe, including institutional Tencent, Khosla Ventures, Heartcore, Social Impact Capital and JamJar Investments as well as angels Kevin Lin, Emmett Shear, Naval Ravikant, Josh Hannah. The deal values the company at $15 million.

[Later edit: the company later announced that the seed round was closed at $5.6 million]

Quell co-founder Doug Stidolph tells me they were initially raising at a valuation of $10 million; by the time they’d closed the final investors in this round, the valuation had increased to $15 million.

Quell, founded in 2020 by CEO Cameron Brookhouse, Lorenzo Spreafico, Douglas Stidolph and Martin Tweedie, developed an immersive fitness game where players get fit fighting their way through a fantasy world. The game is called Gauntlet, an environment allowing a player work out while using built-in sensors for measuring actions and related analytics including speed and accuracy. The company also sells low-cost wearable as addons which use smart resistance bands.

Quell previously was part of Y Combinator in the summer of 2020.