Where does a Canadian fitness company go after raising millions in new capital? Miami, of course.
Silofit on Thursday announced it will establish a U.S. headquarters in the Magic City after raising $10.25 million in a Series A funding round.
The startup, headquartered in Montreal, operates a network of private, on-demand gyms that can be rented by the hour using its app. Silofit currently has 20 locations across Montreal and Toronto and plans to open 50 new gyms across five U.S. cities, beginning with Miami and Chicago.
The Series A financing was led by Toronto-based Whitecap Venture Partners, with participation from New York-based Courtside Ventures, Toronto-based Alate Partners, hospitality entrepreneur David Grutman and Fitt Ventures, a venture fund affiliated with fitness publisher Fitt Insider.
“This is an exciting time for Silofit with three investors returning for this round of funding, plus the strategic and influential support of notable new investors such as David Grutman as we establish Miami as our U.S. headquarters and the first city for our U.S. expansion," said Silofit co-founder and CEO Wilfred Valenta.
The company did not specify where it will locate its Miami office or how many employees will be based at the space. A representative for Silofit was unable to confirm those details as of this writing.
Grutman isn't the only recognizable name with ties to the startup: Zumba Fitness founder Alberto Perlman and Harley Pasternak – a celebrity trainer and nutritionist who counts Lady Gaga and Kim Kardashian among his clients – joined Silofit as strategic advisers, the company reports.
On top of the venture capital, Silofit received $2 million in debt financing from Silicon Valley Bank.
Silofit transforms small office spaces into high-end micro gyms available to individuals and fitness trainers and their clients. The startup plans to update the app to let gym-goers book fitness trainers at the same time they reserve a Silofit gym. It's also in the process of developing its Silofit Pro platform, which enables trainers to create profiles, keep track of clients and sell exercise and nutrition packages.
Silofit, founded in 2018, currently has 50 employees based in Canada and will add 25 new hires to its team over the next year.
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