Naardic AS

Naardic AS

Norway's largest and best online training studio!.

HQ location
Oslo, Norway
Website
Launch date
Employees
Enterprise value
$8m
Company register number
922896666
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DateInvestorsAmountRound
-investor investor

€0.0

round
investor

€0.0

round
investor investor investor

€0.0

round
N/A

NOK7.0m

Valuation: NOK63.0m

26.8x EV/Revenue

Seed
Total Funding000k

Financials

Estimates*

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Revenues, earnings & profits over time
NOK2020202120222023
Revenues0000000000000000
% growth-300 %(13 %)(36 %)
EBITDA0000000000000000
Profit0000000000000000
% profit margin(33 %)(105 %)(59 %)(82 %)
EV0000000000000000
EV / revenue00.0x00.0x00.0x00.0x
EV / EBITDA00.0x00.0x00.0x00.0x
R&D budget0000000000000000

Source: Company filings or news article

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More about Naardic AS
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Naardic AS operates as a digital fitness-at-home provider in Norway, positioning itself as an online training studio. The company was founded in 2019 by the husband-and-wife team, Arnulf and Annema Refsnes, alongside notable Norwegian fitness profile Yngvar Andersen and Dr. Ole Petter Hjelle. Arnulf Refsnes brought previous entrepreneurial experience from his venture Brødboksen, a food delivery service. His wife, Annema, a personal trainer, was inspired to start the company by her background in a family of entrepreneurs and a desire to make fitness more accessible through technology.

The company's business model is centered on a subscription-based service, providing members access to a wide array of live, interactive group training sessions. This model generates revenue through membership fees and also includes a partnership program with physical gyms, offering a supplementary digital service to their members through a revenue-sharing agreement. Naardic's core market consists of individuals seeking flexible and accessible workout solutions they can use from home, on business trips, or whenever they have a spare moment. The service caters to all fitness levels, from beginners to experienced individuals.

Naardic’s primary service is its online platform which streams over 100 live classes per week, from early morning to late evening. A key feature is the interactivity; trainers can see and provide real-time feedback and motivation to participants, who are displayed on a large screen in the trainer's studio. This two-way video conferencing capability is powered by a proprietary system developed in-house. Classes are capped at 47 participants to maintain a personal feel. In addition to live sessions, all classes are recorded and made available in a video library for up to 30 or four weeks, allowing members to train on-demand. The platform's technology stack includes computer vision for providing personalized feedback and tracking exercise repetitions.

The company launched a pilot in May 2020 and officially went live in August of the same year. It secured its first seed funding round of $450K in August 2020 from investors including Agilis and LinkVC. In July 2021, Naardic announced a funding round of NOK 12.6 million from investors including Link Venture Capital. Following a post-pandemic downturn in membership, the company has since reported a recovery in its customer base. In early 2025, Jakob Bronebakk took over as CEO, with co-founder Arnulf Refsnes departing the company.

Keywords: online fitness, interactive training, live streaming workouts, home fitness, digital gym, subscription fitness, virtual group training, personal training online, on-demand fitness, two-way video workouts, Norwegian fitness tech, workout from home, corporate wellness, Annema Refsnes, Arnulf Refsnes, Ole Petter Hjelle, Yngvar Andersen, Agilis, WebRTC fitness, computer vision exercise

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