Harry Kane, Wayne Gretzky Participate In OxeFit’s Series A2 Round

Soccer star Harry Kane and hockey Hall of Famer Wayne Gretzky are among the investors who participated in the latest fundraising round for OxeFit, a company that manufactures and sells high-end fitness training systems.

Mohammed “Rab” Shanableh, OxeFit’s co-founder and chief executive, said the company raised more than $20 million in the Series A2 round, bringing its total funding to more than $45 million.

Shanableh would not disclose the company’s valuation, but he claimed it was higher than last year after OxeFit closed its Series A1 round. He would not say how much revenue the company generates, either, but he expects sales to increase by 200% year-over-year.

“You’ve probably seen enough announcements where (companies) are dramatically going backwards (in valuation),” Shanableh said in an interview. “That’s not the case with us, and we don’t foresee that happening to us because the sales numbers are supporting the growth, as well. It’s not just the science. It’s actually being supported (by sales).”

Shanableh founded OxeFit in early 2020 with Peter Neuhaus, who is the company’s chief technology officer. Shanableh has spent nearly 30 years as an engineer, executive and startup founder, while Neuhaus has a Ph.D. in mechanical engineering from the University of California-Berkeley and specialized in robotics for nearly 17 years as a research scientist at IHMC, a nonprofit research institute in Florida.

Shanableh and Neuhaus spent more than a year developing OxeFit’s first product, XP1, which launched in April 2021. The company launched its second product, XS1, in December 2021.

The XP1 is geared towards fitness centers, rehabilitation facilities, sports training facilities, apartment buildings and other commercial customers. People using the system have access to more than 200 exercises, including strength and cardio routines. The XS1 is intended for use at people’s homes and offers more than 250 strength exercises and six cardio exercises.

The company did not disclose the products’ current prices, but last year the XS1 had an initial cost of $3,799, although that could be higher with upgrades. Users must pay a monthly fee to access the systems, too, which includes instructional videos, training programs, workout monitoring and other features.

Early on, OxeFit received some funding from Lydia Partners, a venture capital firm where Shanableh is managing partner. But since then, the company has relied on investments from family offices as well as athletes and celebrities.

Dallas Cowboys quarterback Dak Prescott and golfer Dustin Johnson are among OxeFit’s athlete investors who have participated in multiple fundraising rounds. Kane and Gretzky are first-time investors in the company, as is golfer Talor Gooch, who like Johnson joined the LIV Golf tour last year.

Gretzky is the NHL’s all-time leader in goals (894), assists (1,963) and points (2,857). His daughter, Paulina, is married to Johnson, a two-time majors champion who ranked sixth on Forbes’ list of the world’s highest-paid athletes that was released last month.

Meanwhile, Kane, a striker with Tottenham Hotspur, ranks second all-time with 213 Premier League goals, 47 behind Alan Shearer, who retired in 2006. Kane, who turns 30 in July, finished second in the Premier League this past season with 30 goals and could break Shearer’s record in the 2024-25 season.

Kane met late last year with Shanableh, who pitched him on becoming an OxeFit investor. Kane was able to see the OxeFit machines in-person for the first time on Wednesday while visiting New York. The company is sending him an XS1, which he plans on using for Pilates and for its gaming features, where he can compete against his wife and friends and compare their scores in various exercises.

“I was really impressed with the product first and foremost, but with (Shanableh), as well,” Kane said in an interview. “It’s something I feel strongly about. I definitely feel like it’s the way fitness and health is going in terms of having all the (artificial intelligence). A lot of the data they collect on the machines are very impressive.”

Kane said he has become more involved in the business world in recent years and invested in other U.S.-based startups, including JUST Water, which was founded by singer/actor Jaden Smith, and Safe + Fair, a plant-based food company.

“It’s been exciting,” Kane said. “It’s something I want to keep growing. I feel like all the products I’ve invested in are something I could relate to. They’re all healthy and (related to) fitness, whether that’s in food or whether that’s in the gym. They’re all something I’m interested in…I’m sure there will be a few more pop up. It’s something I’m excited about.”

Shanableh claims startups sometimes pay high-profile athletes or celebrities and grant them equity in the company in exchange for marketing purposes, but he said Kane and all of the other investors have actually invested their own money in OxeFit.

“I haven’t paid a nickel to a single athlete so far,” Shanableh said. “They’re all paying OxeFit to build and grow. They’re all looking at the big picture and long term view. They’re part of the family. (Kane) is going to help us with feedback, what soccer athletes look for and what sort of things we can tweak to make it even more and more compelling for the soccer community to use it in every day training.”

OxeFit plans on using the funds from the Series A2 round on product development as well as upgrading its manufacturing and shipping capabilities. The company claims more than 100 sports teams, fitness centers, rehabilitation facilities and other businesses use the products. Shanableh said OxeFit will likely launch fundraising for its Series B round late this year and close it early next year.

“It’s no rush to go out there and (raise the Series B),” he said. “We’ve been very selective in this part of it. We want people who want to be part of it. I’m an investor myself. I wrote the first check, so we’re all in it for the long run. I think we have something special here and I think it’s gonna really disrupt the space for the long run. Everybody that’s been part of it, they feel the same way.”