Recoup Fitness founder and CEO Matt Hyder has partnered with WeFunder, a US regulation crowdfunding portal, for his company’s first capital raise. The Colorado-based fitness company aims to raise $1.07 million, having quickly secured over $20K from 7 investors. Funding will be used to increase manufacturing and distribution and add new products including a hot ball for pre-workout and pain relief.
“It’s really exciting to give people the chance to join us and become a part of our journey at Recoup Fitness,” explained the 24-year-old entrepreneur Hyder. “I am confident in our team, our ability to scale and continue to innovate with new products in the pipeline. With the potential investors we will meet through WeFunder, we can be the leading name in injury and sports recovery.”
Hyder turned an $8 prototype into a multi-million-dollar company when he launched Recoup Fitness in 2015. Recoup’s flagship product, the Cold Roller, is a two-in-one recovery/massage tool for relief from bodily aches and pains that Hyder helped develop after recovering from a basketball injury. How it works: roll the Recoup Cold Roller over sore muscles for concentrated self-myofascial release, toss it in the freezer for up to six hours of cold massage, or combine the two for faster overall recovery.
“As both an experienced personal investor and physician, my wife and I are proud to be investors in Recoup Fitness. We saw the potential early on and have been nothing but pleased to see the fast growth and success from this team over the past 6 months,” cited Recoup Fitness investor Duane Dunn, MD on the campaign. “My wife is a long-time marathon runner and uses this product every single day to keep healthy and pain-free. As a physician I have seen countless sports injuries and overuse injuries that could have been prevented by using the Recoup Cold Roller. I am confident in Matt’s vision, decision-making and innovation, and in the team’s ability to completely redefine the pain and recovery market.
Recoup Fitness aims to help athletes and everyday individuals recover more quickly from injury, combining the benefits of cold massage therapy and foam rolling to reduce inflammation and aid in post-workout recovery. The cold, steel surface releases metabolic waste products and toxins, while relaxing the muscles. Since its inception, the product has been crucial for top-caliber athletes and trainers, in optimizing the recovery process, while minimizing recovery time.
Company highlights and sector stats:
- Beat 2016 sales in Q1 of 2017
- Men’s Fitness Holiday Gift Guide. Featured on The Doctors TV show
- NHL, NBA, NFL & MLB teams are official customers
- Rehabilitation market is a $30 billion industry
- 60.7 million runners in the US alone
- 1 out of 10 Americans will suffer from Plantar Fasciitis
WeFunder uses a provision in the 2012 JOBS Act which allows unaccredited investors to provide equity for entrepreneurial undertakings. The Recoup Fitness raise begins with a $100.00 investment, including investor perks ranging from the Cold Roller ($100) to a signed jersey and VIP Broncos game with Hyder ($25,000). To date WeFunder has connected 108,544 investors with 163 startups with over $43 million in funding.
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