08 Feb 2016
Irish fitness tech start-up secures funding for US expansion
BY Jak Phillips
Boutique fitness software solutions provider Glofox has secured a major cash injection as the firm revs up for an expansion into the US market.
The Dublin-based firm, which supplies business management software to around 170 boutique fitness studios in Europe, has raised €500,000 (US$560,000, £385,000) in an early stage funding round to support US market entry and further development of their product. The round consisted of €250,000 (US$280,000, £192,000) in funding from Enterprise Ireland’s High Potential Startup Unit (HPSU) – co-matched with an additional €250,000 from private investment firm, Growing Capital.
The brainchild of former professional rugby player turned entrepreneur Conor O’ Loughlin, Glofox is a booking, payment and membership management platform for gyms and fitness studios.
Co-founder and CEO O’Loughlin believes the simplicity of the software will serve it well in US market, which has been the catalyst for the global boom in boutique fitness concepts.
“Members can book and pay for services with ease via a mobile app, with their app customised for each individual studio,” he said.
“This drives revenue, assists greatly with retention and reduces the significant administrative cost of manually managing exercise classes. It also mitigates lost revenue in 'no shows' for class bookings.”
Glofox, which charges clubs a monthly retainer fee of between €80 (US$90, £62) and €150 (US$168, £115), currently employs 10 full-time staff, with plans to grow the team to 16 in the next 18 months to support the company’s growth.
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