PayasUgym raises additional £1.6m in deal led by Albion and MMC Ventures
2013 and 2012 Startups 100 company to launch fitness class comparisons and bookings
‘Pay-as-you-go’ gym start-up PayasUgym, featured in the Startups 100 for the last two years running, has closed £1.6m in a round led by Albion Ventures and MMC Ventures, taking its total funding to date to £3.5m.
Leading angel investors also participated in the round including Andy Phillips, founder of booking.com and chairman of Reevo and YPlan, Karen Hanton of Toptable, Olaf Siedler, investor in Toptable, Harm Tegelaars, founder of Canons Health Clubs, and Mark Ferguson, son of Sir Alex Ferguson.
Launched in September 2011 by Jamie Ward and Neil Harmsworth (pictured), 2013 Young Guns to Watch, Fulham-based PayasUgym is an online service which lets users search for, and buy, a discounted pass to a local gym which they can use on a ‘pay-as-you-go’ basis by ‘topping up’ their credit as you would for a prepaid mobile phone.
In just three years, the company claims to have become Britain’s largest fitness network with over 1,700 UK gyms and health clubs available on its site, including Virgin Active and Pure Gym, and over 100,000 registered users.
It intends to use this latest investment to increase marketing and to launch new products and services, including a fitness class comparison and bookings tool.
As part of the deal investor Phillips will join the company’s board alongside Albion Ventures’ deputy managing partner Will Fraser-Allen.
The round builds on recent investment from venture capital network Envestors which backed £976,000 last year to support UK-wide growth.
PayasUgym CEO, Ward, commented: “We’ve built a strong and dedicated network of angel investors who have loyally supported us so far and now we are entering a new stage in the life of PayasUgym that requires ‘next-level’ investors.
“I’m delighted to welcome Albion and MMC to the party not only for the funds but also the guidance and support they can offer us from their extensive networks and experience of scaling young companies.”
Fraser-Allen continued: “PayasUgym is an exciting and innovative company with a tremendous future ahead of it.
“The company already has a significant web presence and with a third of health and fitness clubs in the UK already signed up, is well placed to capitalise on its first mover advantage.
“We are looking forward to working with the PayasUgym team to build a significant business in a sector we know well.”