Endomondo, the company developing a mobile sports tracker application by the same name, has announced its $2.3 million financing round from Denmark based SEED Capital. Endomondo was launched in September 2008. The company’s mobile app has gained substantial traction since February, when we reported it reached a previous significant milestone of 2 million downloads.
SEED Capital is a Denmark based early stage investor that last year raised a 530 million DKK (about 71 million euro) fund from various Danish institutional investors. The company has invested earlier into Endomondo as well and this is a follow-on investment based on good traction and execution.
The company plans to extend operations in the US and open an office in the San Francisco Bay Area. It also aims for profitability by the end of 2012.
“We believe Endomondo is in a unique position to lead the mobile fitness tracking market based on among others their growing and active user base and the superior rating of their app,” says Lars Andersen, General partner, SEED Capital. “Since our initial investment in Endomondo, the team has performed beyond our expectations and we are thrilled to be a part of realizing their significant growth potential – both in the US and on a global scale.”
Also check out our Startup Crib episode with Endomondo some time back.