Campaign of the Week: i-workout

By AltFi on Friday 1 August 2014

Savings and Investment

A mumpreneur duo has produced a fitness timetable to revolutionise the £4 billion UK fitness market – and the lives of everyday working women.

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.
  • Business travellers.
  • 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.

Campaign Breakdown

Amount raised so far: £5,070

Percentage raised: 4%

Target amount: £120,000

Tax Relief: SEIS pending

Equity offered: 20%

Days left: 44

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