British Startup Fiit Is Crowdfunding To Open The UK’s First Connected Gym Experience

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LONDON, United Kingdom – British connected fitness brand Fiit is raising equity through crowdfunding platform Crowdcube this month, with a £1m target for a 2.68% share of the business that would return a pre-money valuation of £36.27m. 

Following the well-trodden path of British fitness brands 1Rebel, Mindful Chef, WIT and Hussle, the London-based company is raising capital to open an industry-first connected gym experience.

Plans also include developing a new product line of connected equipment with integrated screens, purpose-built for the global functional fitness community.

World’s best-and-first connected functional fitness experience
The company’s pitch on the crowdfunding platform outlines why now is the right time to invite its 100K-strong community to invest, following two years that have seen its membership jump by over 700%. 

“The fitness app market is worth $13 billion, with forecasts of $30 billion by 2025. And with Fiit named ahead of Peloton and Apple Fitness+ by Men’s Health and Wired, we’re in a strong position,” it says. 

“We’ve seen 1mil+ downloads, 8mil+ completed classes, signed with Sky, Samsung and Amazon, and welcomed users in 200 countries. Our members are the heart of our mission… so we’re inviting you to join our community, invest in our future and help us make fitness a habit for every body.” 

Fiit has hinted at further partnerships with US brand Assault Fitness following the launch of connected AssaultBike workouts at the start of the year. Connected AssaultRunner workouts are incoming, with the pitch deck suggesting workouts for the Assault Fitness rowing machine will come next. 

“By integrating the world of hardware, wearable technology, and software expertise, for the first time, Fiit members can now see live stats tracked both on and off the AssaultBike as they work out,” read a statement from Fiit. 

“The additional funds will fuel continued innovation in this realm and support Fiit’s ambitious growth plans as it sets out to develop the world’s best-and-first connected functional fitness experience.” The Crowdcube pitch also notes the raise would help accelerate plans to open connected studios in the UK and US.

“Tidal wave of digital disruption”
Since its launch in 2017, Fiit has raised over £13 million of venture capital, with investors including Connect Ventures, EXOR Seeds, JamJar Investors, Breega and Supermode Global. The company reported revenue growth of over 800% between 2019 and 2021, with last year’s revenue totalling £6.8m and an EBITDA of -£4.1m. 

“With a world-class team of fitness and tech fanatics, we saw the tidal wave of digital disruption that came to the fitness industry, as the past two years redefined what the future of fitness entails,” said Fiit CEO Dan Shellard, commenting on the crowdfund. 

“Now, through smart innovation, we are in a position where we’ve not only tested the UK’s first Connected Gym model with WIT London and The Gym Group, but also outlined plans to facilitate building a range of industry-first interactive functional fitness experiences – those that facilitate the new normal and future hybrid of digital and in-gym workouts.”

As of Monday 14 March, the company has raised 45% of its stated target, having invited its community of more than 100K members to register for early access. Full access to the wider public is expected to be granted later this month.

Shellard added: “As we enter this public phase of the raise, we hope we can continue this momentum as we look to expand the core product offering.”

Equity crowdfunding
Since Crowdcube was founded in 2011, crowdfunding on the platform has become a popular financing strategy for startups and growing businesses, as the platform enables anyone to invest in them through a number of different equity, debt and investment fund options.

Seven years ago boutique London gym chain 1Rebel raised £1.5 million on Crowdcube, followed by a further £2.9 million a year later. Since then recipe box brand Mindful Chef (£1.9), sports retailer WIT (£1.3) and fitness marketplace company Hussle (£1.4) have all used the platform to propel their growth.

This is the first time Fiit has used the platform, having raised Seed funding of £2.4 million in 2017 and £6.6 million for its Series A in 2019. For this round on Crowdcube, investment begins at £10 and rises to £100K+, with backers who pledge £1,000 and up rewarded with a lifetime Fiit membership. 

Equity investors aren’t able to sell their shares until the company exits, meaning Fiit’s backers will only see returns on their capital if it is acquired, they are bought out by a venture capital firm or the brand goes public. 

 

 

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