Silofit secured $10.25M in Series A funding led by Whitecap Venture Partners.
Returning investors Courtside Ventures and Alate Partners joined the round, with participation from hospitality entrepreneur David Grutman and Fitt Insider*.
Of note, Silofit entered into a strategic partnership with Technogym, which becomes the exclusive equipment provider to Silofit facilities.
Building a network of private, on-demand fitness spaces, Silofit hopes to turn the concept of micro-gyms into a massive business.
The company’s 20 locations across Montreal and Toronto are used by fitness trainers, their clients, and individual gym-goers, translating to 12K users and 3K trainers active on the Silofit app.
Putting its new capital to work, Silofit will expand across the US, opening 50 new locations in five US cities, beginning with Miami and Chicago. The company is also continuing to build out its technology platform, letting users book a personal trainer while creating business management tools for trainers.
On the pod. Get the full rundown from Silofit CEO Wilfred Valenta on the Fitt Insider podcast.
Unbundling the Gym
Reinventing the gym experience for trainers and fitness seekers, Silofit taps a number of key trends.
Fitness seekers. A trend we detailed in Issue No. 122, the gym is being unbundled.
“Gyms and studios will no longer be the hub of a fitness seeker’s universe. Instead, they’ll be a spoke in the exercise ecosystem, giving way to a new kind of fitness bundle.”
Whether they’re supplementing their at-home workouts or looking for a flexible gym membership, Silofit is well-positioned to be the on-demand, in-person option for exercisers.
Personal trainers. A step further, the company could create a new model for personal trainers.
A product of the pandemic, fitness professionals were forced to fend for themselves. While some trainers transitioned online, leading to the fitness creator boom, others preferred in-person sessions with clients.
However, long before COVID, the personal training profession had already been stagnant. As we wrote in our report, The Future of Personal Training:
“From earning potential and career advancement to basic necessities like consistent hours and healthcare, the field had already been rife with challenges. Now, as COVID-19 threatens to alter the landscape indefinitely, rethinking the role of fitness professionals is paramount.”
Beyond physical spaces, Silofit has the potential to empower personal trainers, helping them retain a larger portion of their per-session rate, manage their business, and attract more clients.
*We invest in early-stage health, fitness, and wellness companies. Learn more, and get in touch, here.