Los Angeles, Calif – 28th April 2020: Glofox, the gym management software company, today announces the launch of a new platform that enables gyms and fitness studios to deliver live streaming and premium on-demand content. The company also announces additional funding of $10M, bringing total funding for the company to date of $23M.
The new platform and funding will enable fitness businesses to keep operating remotely and fulfill their customer fitness needs online during COVID-19 and thrive in a new fitness industry with a stronger digital element in the future.
The additional investment from a new undisclosed investor, brings the total Series A funding to $20M in a round led by Octopus Ventures. Notion Capital, Partech, Silicon Valley Bank, and Tribal VC also participated.
Glofox CEO, Conor O’Loughlin, said: “COVID-19 has transformed the fitness industry. Many gyms have made the leap to delivering virtual experiences overnight. Consumers have learned how to consume fitness content digitally and are beginning to feel comfortable with that. Businesses are adapting fast, and those that adopt new tools will survive now and be able to add new revenue streams coming out of this pandemic.”
“We are enabling gyms and fitness studios in 48 countries to transform their businesses by adding live workout streaming and on-demand content. Working remotely has allowed fitness entrepreneurs to learn new skills, enabling them to build better businesses in the future. After the crisis, local businesses that project a digital presence and can deliver complementary online and offline experiences will attract and retain more members.
Marieke Christmann, Octopus Ventures commented: “Glofox’s continued innovation is providing pioneering ways for gyms to adopt the online models they need to both thrive as a business in these challenging times, and help their customers stay fit. This highlights the crucial role played by early stage tech companies in mitigating the economic and social impact of COVID-19. In a time when we are restricted to our homes, it’s more important than ever to support consumers so they can exercise and stay healthy. Glofox is at the centre of this trend in the fitness industry; we are excited to see the continued success of this talented team and to support them on their growth journey.”
The Impact of COVID-19 on the Fitness Industry – A Glofox Report
Gyms and fitness studio owners including Tough Mudder Bootcamp, SNAP Fitness, F45 Training, Elite Bodyworks, Fit 7/8, 9Round, Greco Fitness, and Switch Playground are bringing their workouts online, retaining members, building communities, and managing all aspects of their businesses with Glofox.
Founded in 2014, Glofox is the gym management software helping fitness entrepreneurs build successful businesses and improve the health of people worldwide. Built to enable fitness businesses to deliver best-in-class physical and digital fitness experiences, the platform enables studio and gym owners to deliver content and manage bookings, memberships, payments, scheduling, lead generation, sales, and retention. With a client base that spans 48 countries across the globe, Glofox is shaping the fitness industry and ensuring owners and their customers have the best fitness experience.
About Octopus Ventures
Octopus Ventures helps pioneers change the world. The pioneers we back dare to reimagine the future of health, money and deep tech. With £1.2 billion under management, Octopus Ventures is one of the largest VCs in Europe. Our typical investment is from £1 million for Seed to £10 million for Series B and we can follow our investment from a few hundred thousand right up to £25 million. Our team is based in London and New York with Venture Partners in San Francisco, Singapore and China. The companies we back become a part of this network, with access to a formidable resource of experience and expertise.
Octopus Ventures has backed the founding teams of nearly 100 companies including Zoopla, Secret Escapes, Elvie, Depop, Sofar Sounds and Cazoo. Some of our portfolio companies have gone on to join forces with the world’s largest businesses including Google, Amazon, Microsoft and Twitter.
Our investment team is focused on the three areas we believe have the most potential to change the world for the better:
- Future of Health – Helping the pioneers who are improving lives through digital health, tackling ‘taboo’ issues and creating essential software to power health systems.
- Future of Money – Backing the companies that will transform the way we exchange and allocate resources as a society.
- Deep Tech – Focusing on the tools and technologies that will power the next industrial revolution. These include human computer interaction, edge computing, robotics and synthetic biology.