![](\"https:\/\/i1.wp.com\/www.denverpost.com\/wp-content\/uploads\/2021\/06\/6.1D-CLMBR-lady-scaled-1.jpg\")
<\/p>\nAvrum Elmakis might have 99 problems, but a lack of investors ain\u2019t one.<\/p>\n
The founder and CEO of CLMBR, a Denver-based startup making an 8-foot-tall vertical climbing machine, closed last month on a $13.5 million funding round involving 29 investors — including celebrities like Jay-Z.<\/p>\n
While Elmakis declined to name all the investors, he said participants included Pitbull, entertainer Ryan Seacrest, tennis player Novak Djokovic, celebrity fashion stylist June Ambrose, and YouTube co-founder Chad Hurley, along with the rapper known for his song \u201c99 Problems.\u201d<\/p>\n
\u201cProfessional athletes and entertainers are typically paid by companies to endorse a product. So, in my opinion, it\u2019s rare to see them personally investing,\u201d Elmakis said \u201cThis is pretty unique considering the level of folks that participated.\u201d<\/p>\n
Elmakis said he built up the network of investors, none of which are institutional, through friends, family and board members.<\/p>\n
He plans to use the $13.5 million to double his staff of 30 by the end of the year, invest in inventory and technology and open a new Denver headquarters. Since February, the company has been operating out of 8,000 square feet in the ANB Bank building at 3033 E. 1st Ave. in Cherry Creek.<\/p>\n
The entrepreneur introduced CLMBR to the market in April 2020. The machine uses both the upper and lower body for a high-intensity cardio workout combined with resistance training. It features a library of on-demand, instructor-led classes and climbing challenges that are subscription based. CLMBR is being sold to both consumers, as well as commercial gyms.<\/p>\n
<\/p>\n
\u201cAt-home fitness is a big topic and an emerging trend in the U.S.,\u201d Elmakis said. \u201cAnd from an athlete\u2019s perspective, climbing on a CLMBR is more efficient because it takes less time to burn calories, safer because it\u2019s in an aligned up-right position, and it takes up very little room.\u201d<\/p>\n
Last year, CLMBR raised $1.3 million and sold 600 machines through a crowdfunding campaign on Indiegogo. Elmakis said since then, the company has sold several thousand additional units.<\/p>\n
No machines have actually been shipped from the company\u2019s manufacturer in Taiwan, but Elmakis said that should start at the end of June.<\/p>\n
\u201cCOVID-19 has done a number on the global supply chain for everybody,\u201d he said. \u201cIt doesn\u2019t matter what you\u2019re shipping.\u201d<\/p>\n
Customers can purchase the climbing machine for $2,500 on the CLMBR website. Come July, they can test it out at the startup\u2019s\u00a0upcoming showroom in the former Corner Beet location at 165 St. Paul St. in Cherry Creek\u00a0or at the B8ta store in the Cherry Creek Shopping Center.<\/p>\n
Elmakis has also converted his\u00a0Highlands Rise Nation franchise into a studio for CLMBR, filming tutorial and workout videos for the machine\u2019s user interface. He still owns one Rise Nation franchise next to the Cherry Creek showroom.<\/p>\n
Elmakis, who called CLMBR \u201cthe next Peloton,\u201d said it will be \u201csome time\u201d before the company is able to experience a traditional inventory situation.<\/p>\n
\u201cYou never know as an entrepreneur how your idea or vision will be received externally until you put it out there and the reception has been nothing short of astonishing,\u201d he said.<\/p>\n