Endomondo, a service that helps to keep track of sports data and evaluate workout performance over time, is back to Copenhagen and ready with a model that will help to monetize the business, reports TrendsOnline.
Back in 2011 Endomondo had 625,000 users and no clear business model. However, the company has managed to receive a number of investments for business development. The potential for Endomondo was revealed with Apple’s launch of iPhone with built-in GPS that made it clear that the company was on the right track all along, which was followed by new rounds of investments, particularly from SEED Capital.
Now, two years later, Endomondo has 18 million users and it is one of the most downloaded training apps. It has also become clear that being located in the US is not as beneficial for the company.
“It turned out to be extremely expensive to attract the right developers, and we were up against Facebook, Google and Apple. So we had neither brand or monetary capacity to attract the right people . So we have gone off again and now we are gathered here,” says Mette Lykke to JP.dk
This year Endomondo has reached its first surplus of 200,000 danish kronor and equity of 16 million which makes the company one of the major success stories for its investors.