Keith Rabois is investing in the financial sector with some sweat equity.
The Venture Capitalist, who has invested in companies like PayPal, LinkedIn, Square and Yelp, is supplementing Zoom meetings with sweatworking incorporating fitness and networking as COVID- 19 vaccinations become more widespread. He is teaching an upcoming high-intensity interval training workout class at Barry's in Miami this month, where he 'll be joined by a number of tech scions, many of whom have made the mass exodus from South Florida to Silicon Valley during the pandemic.
You see the same people in class all the time, you tend to form the same community and network, Rabois tells FOX Business of forming a fit-tech coalition of sorts with like-minded entrepreneurs and class goers.
For the first time in over a year, my calendar started shifting to real-world meetings- for interviews, for investor pitches- and it's been incredibly invigorating. Rabois says that Engaging in person is much more useful than a Zoom call, Rabois emphasizes IRL over remote work meetings.
Rabois had a productive 2021 since Miami moved to during the pandemic last year. According to Axios he founded the startup OpenStore that will buy up small e-commerce companies and he has opened up new offices for the venture capital firm Founders Fund, which is invested in companies like buy-now pay-later company Affirm and Airbnb among many others. Rabois is also an investor in Tempo, a home fitness company with interactive coaching, weights and equipment he says is the next Peloton on the fitness front.
While many Americans invested in at-home workout gear and maybe jumped on the ubiquitous Peloton Bandwagon of stationary bikes and treadmills with streamed workouts, Rabois believes the future of fitness will be a combination of at-home meets in-person workouts in a post-pandemic world.
I think the future will be a hybrid; resistance training is a critical ingredient for everybody's workout and it's very difficult for people to do strength training at home. People need both guidance and form correction; I think some people will use some time to train at home just for convenience, then people like to get inspired by in-person classes- seeing other people lifting dumbbells encourages you to run faster; running on a treadmill encourages you to lift heavier weights, plus you 're in a community meeting new people and engaging with new people. Some people run one or two classes a week and then exercise on their own, he says. Rabois, who bought a$ 28.9 million Miami Beach Mansion last year, The Real Deal reported, has been an avid promoter of the move to the Sunshine State. Rabois told Fortune in November that he was moving out of San Francisco, his home for two decades because it was so improperly run and managed that it is impossible to stay here.
TECH TITAN FLEES SAN FRANCISCO FOR FLORIDA, SAYS CITY IS POORLY MANAGED. The pandemic, coupled with the rising cost of living, prompted what some have called a tech exodus from Silicon Valley to cities like Miami, Austin and Denver luring in major tech and finance companies from PayPal's Peter Thiel, Palantir's Alex Karp and Joe Lonsdale and other companies like Citadel and Blackstone which are slated to open offices in Silicon Valley.
Sources tell Bloomberg that Goldman Sachs is also considering moving some of its offices to South Florida.
The mayor of Miami, Francis Suarez, has encouraged big tech companies to make the move to the sunshine state using Twitter in December to promote his city. It's become this new meeting place where virtual founders, VCs venture capitalists and even engineers are totally rallying around this kind of marketing campaign, he told FOX Business Network in December after the Bell.
It's something that has created a tremendous amount of momentum for our city, which we 're going to capitalize on.
After the closing of the COVID 19 related shutdowns as early as June, biz industry insiders in Miami have noticed an uptick in interest in bookings, particularly among tech-savvy companies as corporate offices continue to sprout up. Get FOX BUSINESS ON THE GO WITH THIS LINK HERE!
All of these companies have moved here; classes have now become a business meeting.
People come to class just to meet Keith because they hope to do business.
It turns into an actual work affair, said James Provencher, a partner at Barry's Miami. Rabois'50- minute Barry class, scheduled for April 9, will feature incline running to the soundtrack of an EDM pop-heavy playlist. Proceeds from the class will be donated to Code Fever Miami, a nonprofit that aims at teaching coding to underprivileged minorities.