Silofit, a Toronto, Canada-based Micro-Gyms network company, raised $10.25M in Series A funding along with US$2m in debt.
The round was led by Whitecap Ventures Partners with participation from Courtside Ventures and Alate Partners, David Grutman, Fitt Ventures and Fitt Insider. Silicon Valley Bank provided the debt financing.
The company intends to use the funds to support its expansion to the U.S. market, which includes opening 50 new Silos across five U.S. cities, beginning with Miami and Chicago, and build out its leadership team adding 25 new hires over the next year to its current team of 50 employees based in Montreal and Toronto; and establishing its U.S. headquarters in Miami.
Led by Wilfred Valenta, CEO, Silofit provides private micro-gyms (“Silos”) that are used by fitness trainers and their clients, and individual gym-goers. Silofit will also continue investing in the development of a fitness marketplace that enables gym-goers to use the app to book a trainer at the same time as reserving a Silo or purchase a workout program. The company is also developing its Silofit Pro platform that enables trainers to create profiles, keep track of their clients, manage their schedule, and sell exercise and nutrition plans. Silofit currently has 20 Silos across Montreal and Toronto and more than 12,000 users and 3,000 trainers who are active on the app.
Concurrent with the funding, Silofit has also signed a commercial agreement with Technogym, the world’s leading brand in fitness and wellness products, services, and digital technologies and official supplier to the last eight Olympic Games. Under the terms of the agreement, Silofit will be exclusively using Technogym equipment in its Silos in alignment with its approach to creating and delivering a high-end fitness experience.
Zumba Fitness founder Alberto Perlman, and celebrity trainer and nutritionist Harley Pasternak have both joined the company as strategic advisors, providing counsel relating to personal training, gym design, and certification.
FinSMEs
29/07/2021