Insider Brief
- Ladder, a strength training app, has secured a $12 million Series A funding round led by Tapestry VC and LivWell Ventures.
- The app has experienced significant growth in 2023, with a 500% increase in membership, now exceeding 50,000 paying members and 4 million completed workouts.
- Ladder differentiates itself by offering progressive, structured workout programming across various strength training styles, such as Pilates, HIIT, bodybuilding, and kettlebell training, with each ‘team’ led by a world-class coach and the app also integrates gamification elements like badges and streaks to enhance user engagement and features like the Ladder Journal for progress tracking.
PRESS RELEASE — AUSTIN, Texas /December 6, 202/(BUSINESS WIRE) — Ladder, the app for strength training for people who are serious about fitness, today announced that it has closed a $12 million Series A round led by Tapestry VC and LivWell Ventures.
2023 has been a breakout year for Ladder, with the company tracking to 500% growth in its membership, now exceeding 50,000 paying members and 4 million completed workouts.
While most products offer a content library of cardio workouts, Ladder delivers progressive, structured workout programming across various strength training modalities. Before Ladder, members were seeking an easier way to plan their workouts and to maintain a consistent strength training routine.
“Ladder members know exactly what workout to do each day based on their goals and preferred training styles,” says CEO Greg Stewart. “The experience is built on the core tenets of personal training…high-quality workout programming designed by an expert so you don’t have to think, coaching that provides guidance and answers to your questions, and accountability that’s delivered through shared experiences with other members from around the world doing the same workouts as you.”
Each Ladder program, or ‘team’ as they are called, is led by a world-class coach, each coach focuses on a specific strength-training style, such as pilates, HIIT, bodybuilding, and kettlebell training. Each team has its own set of suggested equipment, with some that are designed for people working out at home, and others made for people training at the gym. The company will introduce a new team in January that focuses on a combination of yoga and strength training.
“Every feature of the Ladder app has been created to help members stay consistent. We want our members to be excited to work out,” says Stewart. “We use gamification elements like badges and streaks to make it fun, and features that remind you that your effort is yielding results, most notably the Ladder Journal which makes it easy to track and visualize your progress.” Members have logged nearly 20 million entries in the Ladder Journal since the feature launched in January of this year.
Unlike many fitness companies, Ladder’s growth started to accelerate post-Covid. More than half of Ladder’s members are using the Ladder app at the gym, with many now working out in multiple locations, including at home.
Despite its rapid growth, the company hasn’t had to grow its headcount, instead opting to build a suite of proprietary software tools and AI-powered capabilities to support its growing membership base.
With the new capital and looking ahead to 2024, Ladder will continue to focus on growth and keeping its members working out and achieving their goals. Today Ladder best serves people who are already working out, though the company has long-term plans to expand its core user personas to include anyone looking for help with their workouts, including those new to fitness.
Investor Perspectives on Ladder Series A Funding Round
“We’ve been really impressed by Greg and Tom [Tom Digan, co-founder & President] and their understanding of the fitness consumer. This is a really difficult category to find long-term traction in and Ladder is proving that first-principles-led innovation can win in a big way,” said Patrick Murphy of Tapestry VC. “Ladder has built engagement levers similar to social apps, but instead of selling your attention to advertisers, they’re genuinely helping you by keeping you excited to work out. We think it’s only a matter of time before Ladder is a household name in consumer fitness.”
“While many companies prematurely added headcount and detached themselves from business fundamentals, Ladder has stayed focused on the needs of its members and has created a durable foundation for long-term success,” said Doss Cunningham of LivWell Ventures, who is also the founder & CEO of Nutrabolt, the maker of C4 Energy Drink. “That focus is paying off in both explosive member growth and the best retention we’ve seen in any mobile fitness product.” Cunningham was previously a seed investor in Ladder and joined the company’s board of directors.
Ladder is available to iOS users as a $29.99 per month app subscription with a 7-day free trial that doesn’t require a credit card. Ladder holds a 4.9 App Store rating across more than 17,000 reviews and was awarded Women’s Health 2023 Best Strength Training Program, Women’s Health 2023 Best App For Unlimited Personal Training, and CNET 2023 Best Strength Training App.
For more information and to start a 7-day free trial, visit joinladder.com.
About Ladder
Headquartered in Austin, Texas, Ladder is a strength training app for people who are serious about fitness. Ladder makes it easy to plan and maintain a consistent strength training routine by giving you a plan for each day. With Ladder, workouts are new each week and designed by an expert strength coach, with each Ladder coach focused on a specific strength-training style, such as pilates, HIIT, bodybuilding, and kettlebell training. Ladder offers a free quiz to find the right training plan for you. Ladder maintains a 4.9 rating on the App Store across more than 15,000 reviews. Try it completely free for 7 days, no credit card required. Learn more at joinladder.com.
About Tapestry VC
Tapestry VC is an early stage venture capital fund that invests in repeat and technical founders across the US and Europe. They are early-stage investors in breakout technology companies such as Builder AI, Crossbeam, Manna Aero, Nothing Electronics, Pitch, Standard AI and over 30 more. The firm is headquartered between San Francisco, CA and London, UK. Learn more at tapestry.vc.
About LivWell Ventures
LivWell Ventures is a family office venture firm championing health, performance and wellness. We invest in a spectrum of visionary better-for-you brands across consumables and technology. We partner with passionate entrepreneurs who live their brands, fueling business with our unique advantage, experience and insight to help people Live Well. Learn more at livwell.vc.
Contacts
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Will Kruisbrink
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