MyYogaTeacher closed on $3 million in seed funding to tap into the in-home fitness industry that gained traction in the past year.
The seed round was led by TSVC with participation from Leonis Partners, Weekend Fund, All Access Fund and Bertelsmann Digital Media Investments.
Jitendra Gupta, co-founder of restaurant loyalty program provider Punchh — which was sold to PAR Technology for $500 M in April — founded the Cupertino, California-based company in 2018 to provide on-demand group and one-on-one yoga lessons taught by expert instructors.
“It started with Punchh, where the job was often stressful,” Gupta told Crunchbase News. “People would be talking to me about their day, and I would be a zombie. Yoga helped me be present, but I needed a live teacher for that human connection.”
MyYogaTeacher’s app streams interactive lessons directly to students in the US from more than 120 experienced teachers in India. Nearly every type of yoga is offered, as well as personal classes where a long-term relationship can be built with a teacher, while also tracking progress.
The funding comes as MyYogaTeacher experienced massive membership growth that drove a 15x increase in revenue over the last year, Gupta said. He estimates that in addition to the 35 million that practice yoga, there is opportunity to reach another 40 million Americans with chronic neck and back pain, as well as those who may have tried a studio, but found it to be too awkward or embarrassing.
“We’ve doubled our team in the last five months,” Gupta said. “There is a massive opportunity to reach people with that human connection, and the new funding will help us execute and build out that vision.”
He expects to triple his growth metrics by the end of the year. (Source: crunchbase.com)