Posted August 04, 2021
On the heels of raising $10.25 million in funding, Montreal-based fitness startup Silofit announced it is flying south, choosing Miami as its US corporate headquarters for its North American expansion. The company also plans to establish its first five US gym locations in the Magic City, part of a network of 50 it plans in Chicago and other cities.
Silofit turns small office spaces into high-end micro-gyms (they call them Silos) used by fitness trainers and their clients, as well as individual gym-goers. Silofit doesn’t offer monthly subscriptions as most gyms do, but instead it rents the spaces on a per-use basis, typically $20 to $40 an hour, the Commercial Observer reported. Silofit currently has 20 Silos across Montreal and Toronto and more than 12,000 users and 3,000 trainers who are active on the Silofit app, the company said.
Silofit’s Series A financing was led by Whitecap Venture Partners and included Courtside Ventures, Alate Partners and Fitt Ventures. The startup also received $2 million in debt financing from Silicon Valley Bank. The Series A round also has some Miami connections: A new investor was Miami nightlife mogul David Grutman.
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