British startup NURVV, which manufactures wearable devices for runners, has secured a $9 million Series A funding round. The company, which makes smart insoles that track metrics and monitors technique and possible injury, received the injection from Hiro Capital, a Luxembourg-London fund with expertise in eSports and gaming.
Founded in 2016 by Jason Roberts and Ulrica Roberts, NURVV enjoyed critical success at this year’s CES in Las Vegas, where it won the USA Today Editor’s Choice award. Its new product has undergone 22m steps of research, in pursuit of a wearables market that is growing exponentially.
According to the International Data Corporation, an analyst, global shipments of wearables totaled 84.5m in Q3 2019, representing a year-on-year increase of 94.6%. Another analysis firm, Meticulous Research, claims the wearable devices market will reach a value of almost $63bn by 2025.
Running, one of the most popular physical activities worldwide, is enjoying a popularity boom. Around 60m people take part in running or jogging each year – almost a fifth of the population.