Last week we hosted an incredible conversation with Sam Cole, Founder and CEO of FitXR. He's raised nearly $30,000,000 for his company, and has become one of the leading players in XR Fitness. You can watch the full recording of our conversation below:

​

​

How did Sam Cole come up with the idea of fitness in virtual reality?

Sam explained his interest in VR and AR (referred to as XR) began around 2013-2014, particularly with companies like Magic Leap and Oculus. He mentioned, "I remember thinking one of these devices, or both, are going to be the next computing platform, and people are going to exercise radically differently when that happens." His foresight led him to explore how virtual environments could transform fitness routines.

What challenges did Sam face while pitching this idea to investors?

Sam highlighted that fundraising for a new concept, especially in an emerging field like XR, was tough. Investors were hesitant, not fully understanding how VR fitness could capture a market. However, he emphasized the importance of persistence, stating, "When you're in a space like this, where the market hasn’t caught up yet, it’s crucial to keep showing how your vision solves a real problem, even if investors don’t fully see it yet." Sam's success eventually came by staying committed to his vision and demonstrating measurable outcomes.

What fundraising metrics did Sam find most effective for XR?

Sam explained that when it comes to fundraising for an XR company, focusing on engagement metrics rather than traditional fitness metrics was key. He mentioned, "Investors care about how many people are using the platform consistently and what kind of retention numbers you're seeing." For example, he shared, "When we saw a 40% month-on-month user growth early on, that got attention fast." Highlighting user retention and community growth were essential for proving the concept's viability.

What’s the best way to stand out in XR fundraising?

Sam advised focusing on innovation in both hardware and software. He said, "You need to show that you are thinking ahead not just in terms of where XR is today, but where it’s going. For us, it was not just about VR fitness—it was about how we could integrate wearables and AI to create smarter workouts." This forward-thinking approach positioned his company as a leader in the evolving XR space, which attracted investors interested in long-term growth.

​

p.s. If you've read this far, please RSVP for the private fundraise conversation I am hosting on Wednesday where I'll answer questions from a small audience of founders related to your current pitch, fundraise pipeline, and investor network.

​

-Don Stein