Lenexa-based Rack Performance has raised a seed investment round that will fuel the exercise tech startup’s sales and development.
Rack Performance has raised $300,000 from perceptiveEQUITY, a new early-stage investment firm that’s managed by three former executives at Lenexa-based Perceptive Software, which was purchased by Lexmark International for $280 million in 2010. Lexmark recently sold the software business to Thoma Bravo, a private equity firm.
The tech startup built a web-based, weight room and group fitness platform to help coaches and trainers efficiently manage large teams while exercising. The platform’s audio-visual timers help team members quickly transition between exercises, giving such information as the time to spend on an exercise, how to do it and when to change exercises.
Rack Performance CEO Matt Sellers said that his firm is working with about 400 high school and college strength coaches around the United States, mostly in the Midwest. Sellers said about 150,000 athletes are currently using the platform.
A former football coach, Sellers said the round is significant for the company’s future growth.
“It gives us additional fuel to make our product even better for coaches and to spread the word further and faster,” Sellers said. “We are really excited about launching many more features on our app that will leverage coaches even more control while allowing them to focus more time on coaching their athletes.”
Founded in 2014, Rack Performance has eight full-time staff members. The company has now raised more than $550,000 in capital.
Sellers said he’s enjoyed working with the perceptiveEQUITY team and is thankful for the local support.
“Working with and learning from Tim, Cary and Scott has been incredible,” Sellers said. “It is awesome to work with Kansas City guys and grow our business here.”
Launched in January of 2017, perceptiveEQUITY is led by former Perceptive Software CEO Scott Coons, former executive vice president Tim Helton and former chief marketing officer Cary DeCamp.
perceptiveEquity is a limited partner in Kansas City-based venture capital fund Firebrand Ventures and has invested in Vendorful, a Lexington, Kentucky, ed tech startup.
“We have experience as hands-on operators,” the trio’s website reads. “We know what it takes to achieve notable growth – on a consistent and predictable basis – and what it takes to manage that growth. It is challenging. We bring meaningful experience, contacts and influence to portfolio companies.”
The perceptiveEquity team looks for Kansas City or Lawrence-based startups under $1 million in revenue, a cloud-based focus, a valuation under $5 million and a need for $150,000 to $350,000 in capital. Here’s more on what perceptiveEquity looks for.