24 May 2018
PayAsUGym secures £6.5m investment following rapid expansion
BY Tom Walker
Online gym pass provider PayAsUGym has secured a £6.5m investment from Albion Capital as part of its expansion plans.
PayAsUGym enables gym users to access a national network of health clubs, gyms, exercise classes and spas on a pay-as-you-go basis. It also offers a premium reciprocal membership to the wider network, enabling customers to work out near home, near the office, or wherever they require.
The company has rapidly expanded its range of leisure venues since launch and now provides access to more than 2,700 sites, with at least one venue in 96 per cent of all UK postcodes.
According to COO and co-founder, Neil Harmsworth, the funding will be used to build the team and "further enhance the product" for both consumers and for participating gym operators.
"Over the past 24 months the fitness industry has really started to embrace new ways to reach new customers and PayAsUGym has become a leading platform in that respect," Harmsworth said.
"This investment means we will continue to increase the revenue we generate for our gym partners whilst further enhancing the B2B data and insight platform we provide.”
Albion Capital first invested in PayAsUGym in 2014 as part of a seed round.
The latest, Series A funding round, is taking place following strong trading in Q1 2018, which saw PayAsUGym increase gym payments by 91 per cent year-on-year and grow total users to more than 500,000.
Will Fraser-Allen, deputy managing partner at Albion Capital, said: “PayAsUGym has built a formidable position as the market leader in the flexible fitness market.
"The company has scaled its offering impressively in recent years and is now the largest fitness marketplace in the UK by both revenue and supply.
"This Series A funding round follows a strong start to the year and we are delighted to continue to support the PayAsUGym team with further investment.”
Close Window