Silofit raises $10.25M to fund expansion. Miami will be its US base.
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.
“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. They will play an important role by helping us with real estate and attracting trainers,” said Wilfred Valenta, Silofit’s CEO and co-founder, in a statement.
Silofit may need that help as rapidly rising real estate prices in Miami may be a surprise. Silofit has not signed any leases yet and is looking for gym locations in South Beach, downtown Miami and Wynwood, Valenta told the Commercial Observer. For its office HQ, Silofit is looking for 5,000 square feet in Brickell or South Beach to house 25 employees, while currently working out of WeWork Brickell City Centre, the Commercial Observer reported. Founded in 2018, Silofit currently has 50 employees in Canada.
Fitness, of course, is not a foreign concept to the Miami area. South Florida is home to headquarters of Zumba, the global dance fitness company. Alberto Perlman, Zumba’s CEO and co-founder, in fact has joined Silofit as a strategic advisor . South Florida is also the HQ for Orangetheory, and Barry’s Bootcamp, a favorite of #MiamiTech, has expanded throughout the Magic City. It even held a workout on the roof of One Thousand Museum building during Miami Tech Week this spring.
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