Canadian bike-tech startup MyVeloFit secures seed funding to scale up its operations, expand service offering
Canadian bike-tech startup MyVeloFit secured seed funding with Shopify's former Chief Technology Officer Cody Fauser leading the investment. The company plans to use this funding round to scale up its operations and allow them to expand their service offering and move more boldly in the North American and international markets.
MyVeloFit delivers a mobile-based AI video analysis tool that helps cyclists adjust their bike to improve comfort, performance and reduce injury. Their emergence in the market comes at a time when both indoor and outdoor cycling are experiencing unprecedented booms, alongside a shift to direct-to-consumer bike sales.
An avid cyclist himself, Fauser saw the gap in the market to bring bike fitting to a wider audience: "I've experienced great benefits from having my bikes fit, but the industry has been slow to move on providing an accessible and scalable option for the growing number of riders. MyVeloFit is a really easy way to get a bike fit wherever you are," he said.
MyVeloFit has also expanded its executive team, bringing on Jérôme Cornet as Chief Technology Officer. A veteran of the software industry, including serving as an early Director of Engineering at Shopify, Cornet brings a deep experience of scaling up rapidly growing SaaS products. "Having worked with the team for the past few months and seen firsthand the growth in demand, I'm looking forward to bringing MyVeloFit to even more customers around the world," he said.
MyVeloFit Co-founders Jesse Jarjour and Justin Goulding are excited about these developments, and confident bringing in expertise from big-tech will help position them ahead of the rest of the cycling industry. "Jérôme's experience and expertise is going to be a stand-out asset for our company and we know he'll be a driving force to ensure our technical offering is best-in-class. With this round of funding we will be investing further in growing our service offering," said Jesse.
With the indoor cycling season picking up as winter approaches across the northern hemisphere, the team anticipates a surge in the number of riders looking to rethink their position on the bike to get the most out of their rides. Since launching earlier this year, MyVeloFit has steadily grown their presence across the bike fit world, rapidly gaining traction across North America, Asia and Europe.