Racefox completed a $1.6M from Spintop Ventures.

Norway Sweden Investments 17 May 2019
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Racefox, a Stockholm, Sweden-based rcompany developing a real-time digital coach for running and skiing, announced that it secured SEK 15M (1.6M) in capital funding.

The round was led by Spintop Ventures and included financial contribution from Walerud Ventures, Doberman Forward and the Norwegian cross-countri skier Tord Asle Gjerdalen.

The money will be used for marketing and business development.

Racefox was founded in 2013 under the WeMeMove name by Christer Norström and Magnus Jonsson, based on research from the Royal Institute of Technology (KTH) and the research institute SICS Swedish ICT.

The company developed a wearable that athletes need to wear while training and connected to the smartphone or smartwatch with the aim to provide real-time coaching data. As such, Racefox builds and sells personalized training plans for running and skiing that adapt as you train.

Racefox first launched a training tool for cross-country skiers, and later expanded its scope to running.

Prior to this deal, Racefox raised money from Almi Invest and Jane Walerud in 2016 and secured SEK 20M in a grant offered by the EU Innovation Fund Horizon 2020 in January 2019.