UK fitness startup Magic AI raises $11M for US expansion, adds Soho House backer — TFN
UK fitness startup Magic AI raises $11M for US expansion, adds Soho House backer — TFN
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UK fitness startup Magic AI raises $11M for US ex
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UK fitness startup Magic AI raises $11M for US expansion, adds Soho House backer
Sofia Chesnokova
September 23, 2026
2 minute read
Image credits: Magic AI
Magic AI has secured $11 million in new funding, bringing its total raised since 2023 to about $20 million.
Beringea and IW Capital led the latest funding round as Magic AI prepares to expand into the US.
This funding comes as the US market has seen mixed results for rival fitness-mirror hardware.
Varun Bhanot
built his first prototype after losing a quarter of his body weight with a personal trainer he could hardly afford. Inspired by the lack of accessible support, he co-founded
Magic AI
. Five years, three funding rounds, and a King’s Award later, the company has now raised $11 million to target US customers.
The London-based startup produces the Magic AI Mirror, a wall-mounted screen that uses computer vision to correct form, count repetitions, and project a hologram trainer into the room. Trainers include former England cricket captain Sir Alastair Cook and former Manchester United winger Jesse Lingard. Beringea and
IW Capital
co-led the round.
PXN Group, Accelerate Ventures, and Ventures Together returned as investors, while Active Partners, known for backing Soho House, Rapha, and Leon, joined as a new backer.
With this round, Magic AI’s total funding reaches about $20 million. Previous rounds included a $9 million seed round in 2023, a $5 million round in 2024, and an angel round in October backed by Cook and Lingard. The company plans to use the new funds to grow its US operations.
A tough market for fitness screens
Raising money for home fitness hardware remains difficult. Lululemon shut down its Mirror business, and Tonal’s valuation reportedly dropped from $1.9 billion to $500 million as interest in connected fitness declined. Tempo, the top-funded US