29 Apr 2020
Glofox raises US$10m – launches digital platform to help gyms offer online workouts
BY Tom Walker
Gym management software provider Glofox has launched a new digital platform, enabling gyms and health clubs to deliver live streaming and premium on-demand content.
The new platform has been provided to help Glofox's partner gyms to continue operating remotely and keep members engaged during the COVID-19 lockdown.
Alongside the launch of the new service, Glofox revealed it had secured additional investment worth US$10m (€9.2m, £8m), bringing the total amount of funding the company has secured to date to US$23m (€21.2m, £18.5m). The additional investment was made by a new undisclosed investor and joins previous funding which was led by Octopus Ventures and also included Notion Capital, Partech, Silicon Valley Bank and Tribal VC.
Ireland-based startup Glofox was launched in 2014 and currently has partnerships with gyms in 48 countries.
Commenting on the new digital platform, 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 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, a member of the investment team at Octopus Ventures, added: “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.”
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