payasUgym.com, a UK-based pay-as-you-go gym network, raised £976k (approximately US$1.5m) in funding.
Backers included the Envestors network, the subsidiary of Braveheart Investment Group plc (BRH), the AIM-listed investment management group specializing in venture capital investments and investment services to business angels, high net worth individuals, family offices and public sector organisations, which invested a total of £250k.
The company intends to use the funds to continue to grow in the UK and across other sports verticals.
Launched in 2011 by Jamie Ward, CEO, payasUgym.com allows customers to purchase discounted gym passes throughout the UK, without having to pay for membership or joining fees. It offers customers gym passes over a variety of time periods, from one session to three months, to a wide range of fitness facilities leisure centre gyms, swimming pools and luxury spas.
It currently works with over 1,000 gyms.
Marketing partners include Tesco Clubcard and O2.
This investment could be part of the same round announced in March 2013 by Supremum Capital (read here).