New venture capital firm XT Ventures looks to invest in fitness, sport and wellness

A new venture capital firm, XT Ventures, has announced the creation of a new fund to invest in fitness, sport and wellness start-ups.

With leading health insurer HCF among the first companies to invest into the fund, Fund General Partner Andrew Fagan is confident that its activities will give new ventures a significant boost.

Fagan, who brings more than 25 years of experience in the sports industry and insights and operational leadership experience, spent nearly a decade with the Australian Institute of Sport, followed by 20 years running large professional clubs in rugby and AFL.

Most recently Chief Executive of the Adelaide Crows Football Club.

Fagan explains “aside from social media, digital fitness is creating the largest online global communities.

"Innovation in the fitness and wellness sector in Australia is seeing incredible growth and demonstrates significant exit opportunities now available for growing Australian companies."

Fagan cites how the last 12 months have seen the sale of fitness app Centr by Chris Hemsworth, now reportedly worth US$200 million, and Sweat by Australian Kayla Itsines - which sold for $400 million to US connected fitness software company iFIT.

Vitruvian, a connected-fitness start-up that launched in 2020 also recently raised a further $15 million.

XT Ventures is an Australian headquartered global investment firm with a mission to support exceptional founders and their companies operating at the intersection of sport, fitness, wellness, health and technology.

Click here to visit the XT Ventures website.