Glasgow's TV.FIT raises £1.4m in crowdfunding
Glasgow-headquartered TV.FIT has raised £1.4m, 103% of its crowdfunding target.
The firm, which has a pre-money valuation of £19.7m, offers subscription-based access to workout videos, with over 100 hours of health and wellbeing content from global fitness experts and celebrities.
Incorporated in 2016, it is now accessed in 66 countries across six continents.
Its programmes are created by well-known fitness figures including George St-Pierre, Caroline Pearce, Gemma Atkinson and Pierre Pozzuto.
It also offers exclusive NHS-recommended mental-health-focused content from a medical committee.
The firm said it is now looking to partner with gyms to offer its content to members in addition to membership. Its existing partnerships include US franchise TruFusion and CoolEvents, one of America’s largest experiential events companies.
The firm said the new funding will be used to ramp up marketing and develop the brand internationally, while 22% will become capital reserve and 18% will be spent on new content production.
"Our platform is uniquely positioned to adapt to the current lockdown. In fact, we're seeing evidence that it's encouraging more people to try home exercise and fitness programmes," wrote CEO and founder David Weir on the firm's crowdfunding page.
"We strongly believe this will embed some healthy habits in the population and permanently grow the number of people who regularly exercise."