Silofit, a Montreal startup that rents small private gyms by the hour, has raised $1 million in seed financing from Whitecap Venture Partners and Courtside Ventures, with participation from veteran NFL defensive lineman Ndamukong Suh. The money will be deployed to grow the company, primarily through hiring and acquisition of new workout spaces to add to its portfolio.
For those unfamiliar with Silofit, it’s a very cool concept for those who are into fitness, and even for those who just wish they were. The company rents a small space in an ordinary commercial building. In that space you will find all the latest exercise equipment, HD TV, a Bluetooth audio system that connects to your phone, a shower, clean towels and all kinds of other amenities. It’s all contained in this small private space where you are all alone, and can workout in peace. Of course, you can bring a friend to workout with you, or even upgrade right on the Silofit app and have a personal trainer meet you at the site to give you a little extra motivation during your workout.
The company was also selected as a winner at the Fundica Roadshow this spring in Montreal.
“We are seeing a growing shift in the fitness market where fitness professionals, in particular, are moving away from traditional, large-scale gyms, and instead looking at using our well-equipped micro-gyms, which provide the space and equipment needed for a full-body workout, but without the high costs that both trainers and their clients pay to a gym,” said Wilfred Valenta, co-founder and CEO of Silofit. “With zero investment in advertising, our current facilities are already at capacity. With support from our investors, we are now very well positioned to build on this momentum we are seeing in the market and expand our operations to meet the growing demand.”
Since launching in January 2018, Silofit has developed its reservations app and established two micro-gyms in downtown Montreal, both of which are now at capacity. The company plans to open two more studios in Montreal, including a bigger studio that will provide space to host both fitness classes and group training sessions. Early next year they will bring the concept to Toronto, setting up two locations in the Six as well, before attacking the US market later on in 2020.