Less than a year after raising a $2 million funding round, Boulder personal training software startup TrueCoach has been acquired.
TSG, an Advent portfolio company and provider of business management software to the health and fitness industry, announced that it has acquired TrueCoach. Terms of the deal were not disclosed.
TrueCoach’s SaaS platform gives coaches and gym owners access to workout planning, video exercise libraries, fitness assessments and much more. Coaches can also track client progress and answer questions all on the app.
Since its founding in 2015, TrueCoach has grown to over 15,000 active coaches delivering 4 million workouts monthly.
The acquisition comes less than a year after the company closed a $2 million funding round that, at the time, would support a doubled headcount at TrueCoach. In July 2019, the company had approximately 20 employees and around 10,000 coaches on the platform.
Co-founder and CEO Casey Jenks said the acquisition will help more rapidly expand TrueCoach's offerings.
"We're excited to partner with TSG to bring their deep payments expertise as we work to roll out our payments solution and having the backing of Advent is a huge win for our customers so we can continue to invest in our platform and growth," he said. "Joining forces with the other companies in the portfolio enables us to focus on what we do best while growing to our full potential as part of a world-class software platform."
With the acquisition, Jenks will continue to run TrueCoach, while co-founder and CMO Robert Jack will take on a broader demand generation role across the portfolio.
TSG said this acquisition in the boutique fitness space is part of a larger effort to build world-class software platforms.
"Digital fitness services have enjoyed significant growth in recent years, and we are actively offering TrueCoach to our gym owners in the United Kingdom, Australia and New Zealand. The power and flexibility of the TrueCoach platform is precisely attuned to our vision of Empowering Passionate People," said TSG Group CEO Floris de Kort in a statement.
This builds on a couple of other health and fitness acquisitions TSG has made in Colorado in the last two years.
In February of this year, TSG announced that it acquired Zingfit, a Boulder-based software company powering boutique fitness brands.
Prior to that move, in March 2019, private equity firm L Catterton agreed to sell Denver's CorePower Yoga, a yoga fitness studio operator, to TSG. The financial terms of the deal were not disclosed.
