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Friday
Oct102014

Fitness Industry Pair Look to Crowdfunding for Startup

Crowdfunding - funding a project or venture by raising contributions from a large number of people, typically via the Internet -  has paid off for two companies in the fitness sector.

1Rebel, a U.K. health club startup, had raised close to $1.7 million from investors within two weeks of its listing in early July on CrowdCube.com, and, as of Aug. 12, had raised about $2.3 million from 265 people, exceeding its goal of approximately $1.9 million. In return, 1Rebel had offered its investors 31.5% of the company’s equity.

With 13 days of its offering still to go on the site, 1Rebel was 121% funded. The largest single investment was for $966,690.

The brainchild of James Balfour, the son of Mike Balfour, the founder of the U.K.’s Fitness First, and Giles Dean, a leisure startup specialist, 1Rebel plans to launch a chain of boutique fitness studios focused solely on high-intensity training.

The first studio is scheduled to open this month in central London. Members will be able to book classes online and via an app on a “pay-as-you-go” basis.

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