11 Aug 2020
Minimfit aims to raise €150,000 through crowdfunding in a bid for international expansion
BY Steph Eaves
Home fitness startup minimfit has recently been undertaking a new financing round for an amount of 150,000 euros, with the aim of launching its interactive virtual gym and expanding internationally.
The company has chosen to go down the route of crowdfunding, which allows any type of investor to become a shareholder. The platform chosen for raising capital is British Crowdcube. The company's pre-money valuation stands at 1.75 million euros.
minimfit has a recording studio in the center of Madrid and is developing its interactive virtual training platform, which it says will soon be launched to the public. In 2017, The company was part of the Lanzadera acceleration programme, promoted by the Spanish businessman, Juan Roig. In 2018 it raised 250,000 euros, allowing it to open a boutique studio in Madrid.
Juan Vilarrasa, founder and CEO of minimfit, says: "The current market is betting on home fitness, and the situation experienced with COVID-19 reinforces the initial bet of the company, which began a few months before confinement.
"Our value added comes from the quality of the content, the interaction and competition between users and the structure of the programmes, differentiating it from other channels such as YouTube or Instagram. In addition, we provide the extensive experience of a team that has been working for years in the sector."
Vilarrasa continues: "With this round of financing, in which anyone can become a shareholder, what we will tackle is the entry into new markets, with the aim of being present in 13 countries by 2021."
minimfit is committed to a subscription model, with access to on-demand and live sessions.
"Current and potential customers have little time to go to the gym and prefer to train from home, but in a connected and monitored way through their smartwatches. Now, safety will be valued in the health section," says Vilarrasa.
minimfit's model allows it to know the preferences of its subscribers. "The time of day that they train, their preferred disciplines, instructors, music and the duration of the sessions," explains Vilarrasa. "This provides us with the information that allows us to suggest personalised content, improving the user experience, as Netflix does through your preferences."
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