Irish gym management software company Glofox has raised $10 million (€9.2 million) in funding and announced a new live streaming platform for gyms as it focuses on helping the fitness industry navigate the pandemic.
The funding round includes backing from an undisclosed investor, and brings to $20 million in Series A funding in a a round led by Octopus Ventures, with participation from Notion Capital, Partech, Silicon Valley Bank, and Tribal VC. Glofox has now raised a a total of $23 million.
The company, which provides business management software to fitness studios and gyms, has developed the new platform to help gyms live stream classes and offer premium on-demand content to customers, a particular focus for fitness trainers during the pandemic. The new platform will allow fitness businesses to keep operating remotely during Covid-19.
“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,” said Glofox chief executive Conor O’Loughlin.
Innovation
“We are enabling gyms and fitness studios in 48 countries to transform their businesses by adding live workout streaming and on-demand content. After the crisis, local businesses that project a digital presence and can deliver complementary online and offline experiences will attract and retain more members.”
A number of fitness businesses have turned to video platforms such as Zoom to offer their clients fitness classes as restrictions imposed to help slow the spread of coronavirus led to the temporary shuttering of gyms.
Marieke Christmann, Octopus Ventures, said Glofox's new platform showed the role that early-stage companies could play in mitigating the impact of Covid-19.
“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.”
Set up in 2014, the company was founded by Mr O'Loughlin, a former scrum-half with Connacht, Anthony Kelly and Finn Hegarty. Among the company's clients are Tough Mudder Bootcamp, SNAP Fitness, F45 training, Elite Bodyworks, Fit 7/8, 9Round, Greco Fitness and Switch Playground.
