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GLOFOX RAISES $10M FOR US EXPANSION AND PRODUCT DEVELOPMENT
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Los Angeles, Calif. – May 14, 2019 – Glofox, the only management platform specifically tailored to the needs of boutique fitness studio owners and their members, today announces the closing of a $10M Series A. The funding round was led by Octopus Ventures, with additional investment from Partech, Notion Capital and Tribal VC.
Glofox will use this investment to continue its expansion efforts in the US, continuing to build out its Los Angeles HQ, as well as allocating these new funds to product, developing additional innovative solutions for the enterprise/franchise market. The company will also use the funds to increase marketing efforts and fill key leadership positions.
Glofox enables boutique fitness studio owners to create and maintain authentic relationships with their members at every phase of the life cycle and at scale, whether they own one studio or 1,000. The software’s intuitive interface and complete package of features benefits a rapidly increasing roster of independent studios and large fitness franchises across 43 countries, with 10M classes booked through the platform each year - and growing. With Glofox, boutique fitness studio owners including F45 Training, Elite Bodyworks, Fit 7/8, 9Round, Switch Playground, etc. - are able to more easily schedule classes, manage memberships and leads, and run their business.
Marieke Christmann of Octopus Ventures said: “Glofox enables fitness entrepreneurs to run their businesses successfully and efficiently so they can focus on their passion: to help their customers get fit and stay healthy. At the moment boutique studios have to battle with a number of not-for-purpose and isolated applications; with Glofox, boutique studios can manage key business functions and provide a premium customer experience seamlessly.
“While traditional membership gyms are growing at 5%, the boutique market is up 25%, which gives us confidence that the team can transform this startup into a large software player. We are excited to welcome Glofox to the Octopus portfolio and be part of this brilliant team’s journey.”
The speed and agility of Glofox’s product roadmap and customer service offers a unique advantage to both independent, small boutique fitness studios, and larger, global franchise operations. Glofox makes onboarding and supporting franchisees simple and uniform, while also aiding the success of each unique location. Glofox empowers boutique fitness owners at all levels to gain critical insights into what members want and need, streamlining administrative processes while attracting and retaining members.
“The fundraise is a really exciting step for the company,” said Glofox founder and CEO Conor O’Loughlin. “We’ve spent years optimizing Glofox for boutique fitness studio owners, and we’re planning to use the funding to ensure Glofox can scale with our partners as they grow their business, while continually offering the features they need to maintain authentic relationships with customers.”
For more information and to request a demo, please visit glofox.com.
For press images and other visual assets, please visit our Dropbox.
Founded in 2014, Glofox is the management software helping fitness entrepreneurs improve the health of people worldwide. Built to specifically address the intricacies that come with class-based fitness management, the platform enables studio and gym owners to seamlessly manage booking, payments, new leads and memberships. With a client base that spans 43 countries across the globe, Glofox is taking group fitness to the next level and ensuring owners and their customers have the best fitness experience.
About Octopus Ventures
Octopus Ventures, part of Octopus Group, is a leading European venture capital firm that helps pioneering entrepreneurs change the world by taking ideas from inception to international scale-up. Where there is change there is huge entrepreneurial opportunity, particularly in three key areas; industry, money and health. We’ve refined our focus towards these specialisms to discover the next generation of innovators. Octopus Ventures is headquartered in London and New York, withVenture Partners in San Francisco, Shanghai and Singapore who offer exclusive insight and advice to our portfolio companies looking to expand into new markets. Octopus Ventures has supported over 100 outstanding entrepreneurs that are leading the way in disrupting their industries. Companies backed in recent years include allplants, Elvie, Depop, Big Health, graze.com, Eve, Magic Pony, Secret Escapes, Sofar Sounds, Swiftkey, Swoon Editions, tails.com and Zoopla Property Group.
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