Expresso Fitness raises $12M for exercise technology

Expresso Fitness, which has created a more interactive experience for users looking to shed pounds on a stationary bike, has raised $12 million in the second part of its third round of funding. That comes on top of $9 million already raised for this round a year ago.

Among other things, Expresso Fitness allows you to race your bike on a virtual course while competing against an onscreen “ghost” who represents your best time. Expresso offers two bike models that you can ride on 30 interactive courses. It has a neat metric for measuring its success, too — the Sunnyvale startup says it has helped customers burn almost 350 million calories.

The funding was led by new investor Physic Ventures, with participation from existing investors Sierra Ventures and Enterprise Partners Venture Capital.