Success story at Freeletics: Founders Mehmet Yilmaz, Joshua Cornelius and Andrej Matijczak are selling their shares in the company to CEO Daniel Sobhani and American investors.
Former Ludwig Maximilian University students Mehmet Yilmaz, Joshua Cornelius, and Andrej Matijczak founded Freeletics in 2013, financing the company solely from their own pockets and cash flow. According to the company, nearly 30 million people already use the sports company's services. In 2016, the startup recorded revenue of 20 million euros.
Now, Freeletics CEO Daniel Sobhani and FitLab, a US venture studio led by former top executives from Nike and New Evolution Ventures, have bought the company from the founders. According to Faz.net A “high double-digit million sum” was transferred. Daniel Sobhani says:
"The investors bring extensive knowledge of the sports industry, expertise in supporting companies in the technology and media sectors, and strategically valuable networks. Equally important, they share Freeletics' vision. We look forward to a successful future with our new partners and are confident of their success."
Mike Melby, Managing Partner at FitLab, comments:
"We were fans of Freeletics from the start because of its authenticity and strong image. Only later did we learn about the company's remarkable success not only in terms of revenue growth, but also in user engagement and retention—with metrics we'd never seen before in this industry. This is one of the most exciting opportunities we've ever had."
“We are convinced that this company is destined for greatness”
The founders now want to devote themselves to new projects.
"We are very proud of what we have created and the success Freeletics has achieved so far. After our difficult decision to sell the company, we are delighted to have found the perfect partners for Freeletics. We are happy to be placing the company in such capable hands and know that it will continue its success story and growth thanks to its outstanding team and strong investor group."
say Joshua Cornelius, Mehmet Yilmaz and Andrej Matijczak.
"We look forward to seeing Freeletics continue its success. We are convinced that this company is destined for greatness,"
the trio continued.
