Estonian sports technology start-up Robus Athletics has begun preparations for an initial public offering (IPO) of its shares and has applied for admission to trading on the First North alternative market of the Nasdaq Tallinn Stock Exchange. The proceeds from the IPO will be used for international expansion and product development.
Established in 2020, Robus Athletics, which last year successfully raised the funds needed to start the production of training equipment on Kickstarter, expanded its activities in February this year by launching a unique online training platform. On the monthly subscription-based digital platform Robus Athletics, top Estonian coaches are helping you achieve gym-like results through video training. Sports fans from all over the world can join the platform, and Robus already has coaches in 40 countries. The development of Robus technologies and the production of training equipment protected by a design patent take place in Estonia.
This week, Robus Athletics applied to the Nasdaq Tallinn Stock Exchange to start the procedure for admitting the company’s shares to trading on the First North alternative market. Robus Athletics intends to disclose the IPO volume, share subscription price and other details at the start of the subscription period.
“We are an early-stage start-up offering investors the opportunity to become a part of our growth story. We want to be the next success story of the Estonian start-up sector in the export of services. It is about investing in a mission: Robus’ goal is to bring training opportunities closer to people and thereby promote a healthy lifestyle,” said Mikk-Alvar Olle, founder and CEO of Robus Athletic.
“The funds raised will help implement our plan: we will finance international expansion and further development of technologies and products. Our market is global – the demand for smart home workouts is growing all over the world. According to Research Dive, the global virtual fitness market size was $6.6 billion in 2019 and is projected to reach $59.6 billion by 2027. Robus will be the first and only company in this field on the Baltic stock exchange,” added Mikk-Alvar Olle.
Robus has already successfully raised funds through Kickstarter and two rounds of business angel investing. The lead investors in the latest round of funding were Madis Müür, as well as well-known entrepreneurs Tarmo Hõbe, Rami Ryhänen and Kristjan Novitski, who are also members of the Robus’ council.
According to the company’s co-founder Karl-Markus Antson, with Robus it doesn’t matter if you are an experienced athlete or just taking the first steps: the Robus Athletics training environment allows you to choose the activity that you like from an ever-expanding list of training videos. “Our innovative platform is available to everyone, and the monthly fee is lower than the cost of a pizza and a soft drink. A feature of Robus is that the training equipment is easy and convenient to carry with you, and the help of a trainer is always at a distance of a few clicks of a smart device. We offer a gym-like experience and results for everyone from beginners to advanced athletes,” said Karl-Markus Antson.
Robus trainers include, among others, personal trainer Igor Burdin, Olympic athlete Kalev Ermits, triathlete Sandra Luik, fitness athlete Elisabeth Atamanski, and one of the most successful bodybuilders in Estonia, Peep Reinart. To start training, you need to purchase a GymBars training kit, and after the end of the trial period, to pay a monthly subscription fee.
Ellex Raidla acts as the IPO advisor.