The i-workout mission is to make it easier to complete better workouts, more often – through a centralized, simple timetable. With over 7 million people holding memberships for fitness clubs or gyms in the UK, the product promises to offer a pay-as-you-go flexibility for users, saving them money and time via access to the best independent fitness studios and exercise classes.
In collaboration with MINDBODY – the leading booking software company for fitness studios – i-workout has developed a platform that aggregates the timetables of high-end London fitness studios into a single, intuitive timetable. Studios are now recognizing the many advantages of partnering with i-workout as a method of accessing highly mobile customers. With over 40 of London’s highest quality fitness studios signed up to the network, i-workout is ideally placed within one of the fastest growing segments of the UK fitness industry. The company predicts a 12.1% growth in pay-as-you-go fitness between 2013 and 2017.
The founders of i-workout, Katharine Hennigan and Genevieve Teevan, say that i-workout targets the following consumers:
Mothers who exercise during term-time but not school holidays.
Contract workers who often spend extended periods away from home.
Commuters who want access to venues near home and work.
Seasonal sport participants who use different fitness classes in intense periods depending on their other training.
Commuters who run or cycle to work and attend occasional yoga or strength classes.
The company is looking for funding to support the development of the business. I-workout indicated that the cash will be used as working capital to fund the following necessities prior to breaking even:
IT – upgrade the current functionality to allow increased marketing campaign tracking, additional user functionality such as class ratings, calendar entry and travel links.
Marketing – launch the i-scout programme and enhance the local rollout plan with a sustainable channel strategy.
Venue acquisition – reach outside the London market and commence regional roll-out using combination of telephone sales and e-marketing trading on booking software integration.
Amount raised so far: £5,070
Percentage raised: 4%
Target amount: £120,000
Tax Relief: SEIS pending
Equity offered: 20%
Days left: 44