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"Silicon Valley Bank is pleased to support Expresso Fitness as its longterm partner," said Teresa Li, senior relationship manager, Silicon ValleyBank. "The company has tremendous potential, as evidenced by the robustrevenue growth the company has seen in a difficult economic climate."
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Jeff Loomans, Sierra Ventures partner and Expresso Fitness board member,added, "Expresso has continued to deliver very strong revenue growth byproviding outstanding business value to fitness establishments in both goodand challenging economic times. They are one of the fastest growing companiesin the Sierra portfolio, and we believe they have a very bright future."
With the introduction of the S3 line in October, which offers enhancedfeatures and functions on both the upright and recumbent bike, ExpressoFitness has had a strong year with increased revenue growth -- specificallywith the recumbent models. Recumbent sales have gone from 0% to 40% of thecompany's entire sales volume since Q2 2008.
"We are pleased to have a great investment team that has supportedExpresso throughout its development, and we welcome Silicon Valley Bank as anintegral part of this growth," Brian Button, CEO of Expresso Fitness, said."We are now better armed financially to capture more market share from ourcompetitors."
To date, riders of Web-enabled Expresso Bikes have logged 20 million milesand burned 700 million calories at leading fitness facilities across the U.S.
About Silicon Valley Bank
Silicon Valley Bank is the premier commercial bank for companies in thetechnology, life science, venture capital/private equity and premium wineindustries. SVB provides a comprehensive suite of financing solutions,treasury management, corporate investment and international banking servicesto its clients worldwide. Through its focus on specialized markets andextensive knowledge of the people and business issues driving them, SiliconValley Bank provides a level of service and partnership that measurablyimpacts its clients' success. Founded in 1983 and headquartered in SantaClara, Calif., the company serves clients around the world through 27 U.S.offices and international operations in China, India, Israel and the UnitedKingdom. Silicon Valley Bank is a member of global financial services firm SVBFinancial Group (Nasdaq: SIVB), with SVB Analytics, SVB Capital, SVB Globaland SVB Private Client Services. More information on the company can be foundat http://www.svb.com.
Silicon Valley Bank is the California bank subsidiary and the commercialbanking operation of SVB Financial Group. Banking services are provided bySilicon Valley Bank, a member of the FDIC and the Federal Reserve. SVB PrivateClient Services is a division of Silicon Valley Bank. SVB Financial Group isalso a member of the Federal Reserve.
About Sierra Ventures
Sierra Ventures, founded in 1982, is a privately held venture capital firmfocused on investments across all areas of the Information Technology sectorfrom semiconductors to enterprise software. Sierra Ventures has managed nineventure capital partnerships and currently has more than $1.5 billion ofcapital under management. Some of the firm's investments include 360Commerce(acquired by Oracle), Active Software (acquired by WebMethods), AmeriGroup(AGP), Authentec (AUTH), Centex (acquired by WorldCom), ConvergeNet (acquiredby Dell), FatBrain (acquired by Barnes & Noble), Frontbridge (acquired byMicrosoft), Healtheon (merged with WebMD), Interact Commerce (acquired bySage), Intuit (INTU), Micromuse (acquired by IBM), OnAssignment (ASGN), OnLink(acquired by Siebel), Quinta (acquired by Seagate), StrataCom (acquired byCisco), Sourcefire (FIRE), Sychip (acquired by Murata Manufacturing) andTeradata (acquired by NCR).
http://www.sierraventures.com
About Enterprise Partners Venture Capital
Enterprise Partners was founded in 1985 and is the largest venture firmheadquartered in Southern California, with over $1.1 billion in capital undermanagement. Enterprise focuses on seed, early stage and promising later stagecompanies across a broad spectrum of technologies and the life sciences.
http://www.epvc.com
About Physic Ventures
Physic Ventures, founded in 2007 and based in San Francisco, is a venturecapital firm committed to "investing in keeping people healthy." PhysicVentures partners with entrepreneurial teams to build leading businesses inconsumer-driven health and sustainable living. Physic Ventures has invested insuch firms as Dreamerz Foods, Elixir Pharmaceuticals, Novomer, and PharmacaIntegrative Pharmacy.
http://www.physicventures.com
About Expresso Fitness(R)
Expresso Fitness(R) was founded in 2003 with the mission of satisfying anexerciser's need for an engaging and effective cardiovascular fitnessexperience. The company leverages the benefits of superior interactivetechnology at an affordable cost to provide the health, sports and fitnessindustry with fully integrated, commercial-grade virtual reality-enhancedcardio fitness systems that are revolutionizing indoor exercise. Expressosystems are sold to fitness facilities and consumers in North America, Europeand select international locations.
http://www.expresso.com / http://www.expresso.net
SOURCE Expresso Fitness
