Silofit, a Montreal, Canada-based network of private, on-demand fitness spaces, raised $1m in seed funding.
The round was led by Whitecap Venture Partners and Courtside Ventures, with participation from NFL player Ndamukong Suh.
The company intends to use the funds to expand its reach, grow the team, add new facilities to its portfolio, and enter new markets.
Led by Wilfred Valenta, co-founder and CEO, Silofit leases small office spaces and turns them into private gym studios (silos) that can be booked by fitness trainers or individual gym-goers, on-demand, and by the hour, using its app on the App Store and Google Play.
The app is used to locate a space, and select the date, time, and duration for a fitness session. Ahead of the booked session, users receive instructions for using the “Silo,” including a unique access code to unlock the door.
Since its launch in January 2018, the company has developed its reservations app and established two micro-gyms in downtown Montreal, both of which get fully booked on a weekly basis. To address the demand for its facilities, Silofit plans to open two more studios in Montreal. In early 2020, it is bringing its network of private fitness spaces to Toronto. The company has also signed two leases for spaces in the downtown core and plans to open these new locations in Q1 2020. Silofit will be expanding to the U.S. market in 2020.