Results of our latest investment round, with notable investors from Murray Beckett, Group Marketing Director of Boohoo and Huw Crwys-Williams, CEO of Wiggle.
Online PR News – 08-September-2021 – UK – Prop-tech company Solo60 has secured 120% of their investment target to support its expansion plans to takeover London. After such a demand from investors, the company made the decision to increase the funding amount to £600K, after gaining interest from the likes of Murray Beckett, Group Marketing Director of Boohoo and Huw Crwys-Williams, CEO of Wiggle.
The company has raised £1 million to date and intends to use the funds to assist in opening 10 new sites, with 6 launched by the end of the year. The investment will help build out its leadership team growing headcount by 5 x within the next month and establishing the company’s HQ in Central London.
PT entrepreneur, Ben Alderton founded the company in August 2019 after wanting to scale his PT business further without the rising rates and subscription costs of a conventional gym model. With two sites already established and a 400% growth in 8 months, Solo60 transforms unused retail and office space into beautiful, smart micro-gyms in convenient locations to book on-demand.
Ben Alderton, CEO and Founder of Solo60, explained, “The investment will unlock the most exciting new site roll out. We’ve got some crazy plans for new tech and a huge line up of products, which will redefine the identity of a gym and the possibilities for those that use them.”
Huw Crwys-Williams, CEO at Wiggle, commented, “Solo60 is a highly innovative business that is rapidly scaling in a very exciting new prop-tech category in the UK.
Solo60 is at the forefront of the innovation with leading technology, locations and products, empowering consumers with more choices in flexibility and commitment fees.
Personally backing Solo60 as a member of the Covesta investment network, I have a long-term personal investment approach and national network of expertise which I look forward to supporting the highly-ambitious management team at Solo60 to scale and expand further.”
Murray Beckett, Group Marketing Director at Boohoo, commented, “I was impressed with Solo60’s disruptive business model which enables personal trainers and other health professionals to run their business autonomously and flexibly whilst providing a superior user experience for their clients”.
Solo60 delivers a solution to the slow and outdated model of a conventional gym, whilst leasing small, unused offices and retail units and transforming them into high-end private micro-gyms in convenient locations to book on-demand. You can workout solo, with friends or train clients exclusively from 60 minutes.