PayasUgym.com closes £976,000 Envestors-led funding round
Latest investment brings total raised by pay-as-you-go gym service to £2m
Venture capital network Envestors has announced the successful closure of a further round of funding into payasUgym.com, raising a total of £976,000.
The current investment round was led by £250,000 of Envestors’ funding, bringing the total raised since launch to around £2m.
It marks the second time the investor network has backed the firm following a first round of funding shortly after launch.
Founded in 2011, the company offers an online service allowing users to purchase passes for gyms across the UK on a pay-as-you-go basis, ranging from one session to three months.
It claims its offering allows greater flexibility and ease-of-use than the traditional monthly subscription model, where customers are normally tied to one particular gym.
Since launch the firm has grown rapidly, adding more than 1,000 gyms to its network and concluding marketing partnerships with well-known names such as Tesco Clubcard and O2.
The investment will be used to back further UK-wide growth for the business.
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Jamie Ward, chief executive and co-founder of payasUgym.com, said: “Our business has been steadily increasing since launching in 2011.
“Our pay-as-you-go model now gives customers access to over 1,000 gyms in the UK and we are helping to grow the health and fitness industry by helping people get back into gyms. With this further help from Envestors we are powering ahead with our growth plans.”
Nick Taylor of Envestors added: “We started working with payasUgym.com in 2010 and this is the second time we have assisted with raising funds for them. “We believe payasUgym.com has great potential.”