. . World News – GB – Silofit Announces $ 3. 5 million seeds, add two locations in Toronto

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Montreal-based startup Silofit has announced a $ 3 ad. 5 million seeds were extended on Monday, in addition to the $ 1 million raised in 2019 through the initial funding round.

The startup also opened two new mini-gym locations in Toronto, and now operates eight locations in Montreal and Toronto..

« While most gyms are contracting due to the pandemic, we are speeding up expansion plans due to the demand we are seeing for our space..

The extension, which included Toronto-based Alate Partners and the current investor, NFL’s Tampa Bay Buccaneers, Ndamukong Suh, closed significantly in February. Silovet noted that Alate Partners, which supports companies in the real estate technology market and is backed by major Canadian developer Dream, has signed up as a strategic investor..

The original financing was led by Whitecap Venture Partners and Courtside Ventures, with additional participation from Suh. Silofit claims to have raised a total of $ 4. 6 million funding since its inception in 2018.

The startup is transforming small, unused office space into private small gyms that can be booked by fitness coaches or individuals on demand or by the hour using the app.. . Gyms feature cardio equipment such as bike, rowing machine, and weight options including squat stand, cable machine, weights, blood vessels, medicine balls, and TRX. The app helps locate and enables users to choose the date, time and duration of a fitness session, while providing a unique access code to open the door to the mini gym.

Silofit planned to open the Toronto sites earlier in the year, however, in an interview with blogTO, the company’s marketing director Charlotte Hamburg stated that the pandemic had delayed construction. Silofit’s first location opened in Toronto last month. The startup claims the venue has been fully booked since it opened, while the two new locations have been fully booked within the next two weeks..

Toronto is currently in Ontario’s COVID-19 Response Framework Red Control Level, limiting capacity in gyms with weights or exercise machines to less than 10 trailblazers.. COVID-19 safety protocols are in place at Silofit sites, including disinfecting every space between uses.

“We launched our business in 2018 with the goal of disrupting the outdoor fitness industry,” said Wilfred Valenta, Co-founder and CEO of Silofit.. «  Today, while most gyms are contracting due to the pandemic, we are accelerating expansion plans due to the demand we see for our space..

Earlier this year, Silofit opened three locations in Montreal, adding to the smaller gyms that opened in Montreal in 2019.. This year, the startup increased its team from four to 21 employees, and claimed that it will use the funding to expand to 20 locations across Montreal and Toronto, with a focus on opening a location in a major US market in 2021.. Funding will also be used to build the Silofit software platform and provide services to personal trainers.

Valenta said: “In the last year, our silos have grown from two to eight. And now, with additional financing and strategic support from our investors – who operate in the technology, sports, and real estate sectors – we are very well positioned to continue down this path..

Update 11/16/2020: Funding amounts in this article have been updated based on updated information shared by a Silofit spokesperson. Silofit was previously reported to have raised $ 2. 5 million seeds.

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Initial Funds, Fitness, Toronto, Venture Capital, and Funding

World News – GB – Silofit Announces $ 3. 5 million seeds, add two locations in Toronto
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